If we see a clear outcome in Iraq, then if the economic news kicks in and it's pretty good too, that could be our catalyst. If not, then the (recent) declines become more worrisome.
More Quotes from 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
We saw a breakdown in financial stocks today. Banking stocks ran into some selling as we tried to push higher. We also had a pullback from the earlier rally in the technology, semiconductors and oil stocks.
Paul Mendelsohn
It's hard to say how the market will react to this tomorrow. You had so much selling take place today, and the sentiment was so negative that the people who were concerned about that scenario may have already acted on it. The question is, did they push it far enough, so that we can have a bounce tomorrow, or were the sellers the smart ones, and are we going to have more declines tomorrow
Paul Mendelsohn
This is the first crack in the home building area. Home building has really driven a large portion of this economic advance, and any drop in this area of the market would have very powerful ramifications for GDP growth.
Paul Mendelsohn
The PPI is important because it's the first piece of real inflation data of the year. And while the PPI has been rising, the CPI has not been keeping pace. Corporate America must be getting squeezed in the middle.
Paul Mendelsohn
When oil moved up near 70 a barrel last time, it really stalled things. We're seeing those fears of a similar impact creeping again. With oil higher, there are fears of what future CPI and PPI numbers will look like.
Paul Mendelsohn
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