One of the recent themes has been the falling dollar, higher materials and commodities. If that is reversing, you could see a rotation out of materials and commodities. At the same time, oils are getting hit by falling crude prices.
More Quotes from Paul Mendelsohn:
There's been a lot of selling in the blue-chip area over the last two weeks, with a rotation into high tech, and that seems to be continuing today.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
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
Hopes for a good report on consumer confidence today is helping stock futures this morning. Any signs of higher confidence, which turn into higher spending, will be supportive to the markets.
Paul Mendelsohn
The market is still being buoyed by the energy sector. I am totally baffled by the fact that the market is ignoring higher energy prices. But at some time, higher energy prices will have an impact.
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
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