The big question is whether the earnings growth is already built into the market, or can it help us move higher. It's very hard to answer that. Earnings should be the big driver of the market right now, but you seem to have this cross-current of events that are challenging that.
More Quotes from Paul Mendelsohn:
It's a big week on the international front and not just from our side. The Bank of England and the Bank of Canada will be making announcements next week plus the Bank of Japan says it's going to start draining liquidity from its system in advance of its first rate hike in years.Paul Mendelsohn
This correction is happening at an interesting time, coinciding with February's seasonal weakness and two events over the next few days that will be important both for interest rates and equity markets -- Friday's unemployment report and the G7 meeting this weekend,
Paul Mendelsohn
If we see a clear outcome in Iraq, then if the economic news kicks in and it's pretty good too, that could be our catalyst. If not, then the (recent) declines become more worrisome.
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
It's going to be a really busy day. All of this means you're probably going to see a lot of volatility.
Paul Mendelsohn
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