The market is spooked. It's impossible for the market to move much higher until some of these issues are resolved.
More Quotes from 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
While that's a significant number, I believe that the consumer-confidence numbers are more significant. I'd be much more interested to see what the September numbers will be, so we can see what the damages on the economy from the hurricanes will be.
Paul Mendelsohn
There's a lot of information coming out next week, a lot on the economic side.
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
However, the market has already discounted first-quarter earnings, and maybe even second, ... The greater concern is about the economy going forward.
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
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