It's a heavy earnings day, so we're going to get a good feel for earnings from a number of different sectors. So far earnings have been good, with 70 percent of companies beating expectations.
More Quotes from Paul Mendelsohn:
It's interesting to see gold prices so high, it is certainly something traders will be paying some attention to.Paul Mendelsohn
The major problem weighing here this morning is Dell, ... They missed revenue projections by a lot, and their earnings were also at the low end of the target, so that is reminding market participants that there may be a consumer slowdown taking place.
Paul Mendelsohn
Imports rose to a record 177.2 billion, while exports also increased, to a record 111.5 billion. This creates a higher probability that the advance fourth-quarter gross domestic product will not be upgraded substantially higher, since a higher trade deficit subtracts from GDP.
Paul Mendelsohn
You probably just have some profit taking on people who've made some money on this move from 1,260 to 1,290 are on the SP 500.
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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
We're trying to get a little rally going short-term, but today was a bit nerve-wracking.
Paul Mendelsohn
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