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.
More Quotes from Paul Mendelsohn:
The yield curve is beginning to frighten people.Paul Mendelsohn
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.
Paul Mendelsohn
With lower-than-expected growth, it makes the job a lot easier for the Fed -- especially with its two new Bush-appointed members -- to pause from its rate-hiking plan.
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
For individuals, inflation has been an issue for a while, but for the market, it really wasn't. Over the last few days, the psychology changed.
Paul Mendelsohn
However, the market has already discounted first-quarter earnings, and maybe even second, ... The greater concern is about the economy going forward.
Paul Mendelsohn
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Quite simply, federal laws already on the books aimed at stopping the flow of illegal immigration must be enforced. Furthermore, states must be given the resources necessary to confront the problem, which includes strengthening the border patrol.
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