However, the market has already discounted first-quarter earnings, and maybe even second, ... The greater concern is about the economy going forward.
More Quotes from Paul Mendelsohn:
This correction is happening at an interesting time, coinciding with February's seasonal weakness and two events over the next few days that will be important both for interest rates and equity markets -- Friday's unemployment report and the G7 meeting this weekend,Paul Mendelsohn
Everyone is setting up for tomorrow's employment reports. It's a big mover of all markets, so people don't want to be caught on the wrong side. People want to go in neutral. We'll see this position squaring across the board ahead of that number.
Paul Mendelsohn
Hopes for a good report on consumer confidence today is helping stock futures this morning. Any signs of higher confidence, which turn into higher spending, will be supportive to the markets.
Paul Mendelsohn
With lower-than-expected growth, it makes the job a lot easier for the Fed -- especially with its two new Bush-appointed members -- to pause from its rate-hiking plan.
Paul Mendelsohn
So far all of the news coming into the market today is negative.
Paul Mendelsohn
It's clear that employment growth this time around has been sub-par compared to previous economic recoveries. You need about the number of jobs that we're adding now just to stay even with the number of people entering the economy. It's very possible that we're going to continue to see sub-par growth.
Paul Mendelsohn
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