It wasn't a good day across a lot of sectors. The rise we saw in the 10-year Treasury spooked some investors today. With the yield curve flattening, it could translate into a slowdown in the housing market.
More Quotes from Paul Mendelsohn:
With expectations for the third quarter already built in, money managers have begun selling on the news and taking money off the table.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
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 yield curve is beginning to frighten people.
Paul Mendelsohn
We're back to the point where a good payroll number will be seen as bad, ... particularly since (Treasury) bonds have been setting up to sell off.
Paul Mendelsohn
The big problem for the market has been the news flow. Energy prices continue to rise, gold prices continue to go up and earnings are coming in very mixed.
Paul Mendelsohn
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