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
More Quotes from Paul Mendelsohn:
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.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
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
In Europe, oil and commodity stocks were higher again and that seems to be the theme with crude oil above 74 this morning... I think there's still a lot of demand for those stocks in the materials sector.
Paul Mendelsohn
Investors appear to be taking profits in the technology, energy and materials sectors. In addition, financial stocks could come under pressure as rising yields on intermediate-term Treasuries begin to have a negative impact on the mortgage market and credit card debt.
Paul Mendelsohn
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