The big problem for the market has been the news flow. Energy prices continue to rise, gold prices continue to go up and earnings are coming in very mixed.
More Quotes from 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
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 clear that employment growth this time around has been sub-par compared to previous economic recoveries. You need about the number of jobs that we're adding now just to stay even with the number of people entering the economy. It's very possible that we're going to continue to see sub-par growth.
Paul Mendelsohn
There is so much uncertainty in the energy, metals and commodity markets and at the same time we're not getting a very clear picture on what 2006 is going to look like from fourth-quarter earnings.
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
Everybody pretty much knows what they're going to do -- they're going to raise the fed funds rate, ... everybody's going to be looking at their policy statement to see what the future is going to bring.
Paul Mendelsohn
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