It's going to be a really busy day. All of this means you're probably going to see a lot of volatility.
More Quotes from 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
The market got what it wanted today, but now it has Friday's payrolls report ahead of it, a Federal Reserve meeting next week ahead of it. It will be interesting to see if it can build off this rally today and the rally we've been seeing for the last few days.
Paul Mendelsohn
There's a lot going on next week. There's the OPEC and G8 meetings this weekend, and a bunch of economic reports that the market is going to be watching carefully.
Paul Mendelsohn
It's interesting to see gold prices so high, it is certainly something traders will be paying some attention to.
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
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
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