It's been a pretty bad month, but today was a pretty good ending under the circumstances, considering that crude oil closed at a new high and that GDP numbers were so poor,
More Quotes from Paul Mendelsohn:
Intel is going to have to have a very, very good report, or we could see more selling in that sector.Paul Mendelsohn
This morning we're being dominated by two factors -- positive news across the pond and a little bounce off of yesterday's sharp sell-off.
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
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.
Paul Mendelsohn
The G7 meeting is probably going to be pretty contentious. It remains to be seen if anything comes out of it that would influence the dollar on Monday.
Paul Mendelsohn
Overall, the Intel mid-quarter update was quite bullish. I would suspect unless something major happens overnight you are looking at a higher opening based on the Intel news.
Paul Mendelsohn
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