The G7 meeting is probably going to be pretty contentious. It remains to be seen if anything comes out of it that would influence the dollar on Monday.
More Quotes from Paul Mendelsohn:
We're at pretty high levels on the indexes, there's a lot of economic news coming out over the next few days, and Friday is a quadruple witching day, all of which is adding to the volatility and the pullback.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 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
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
We're back to the point where a good payroll number will be seen as bad, ... particularly since (Treasury) bonds have been setting up to sell off.
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
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