The HP news is clearly positive, particularly for technology, ... and if nothing negative happens overnight, you could have a higher open. But we have CPI tomorrow, and that's a big unknown.
More Quotes from Paul Mendelsohn:
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.Paul Mendelsohn
When oil moved up near 70 a barrel last time, it really stalled things. We're seeing those fears of a similar impact creeping again. With oil higher, there are fears of what future CPI and PPI numbers will look like.
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
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
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
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.
Paul Mendelsohn
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