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.
More Quotes from Paul Mendelsohn:
The employment situation is always a market mover because it is one of the Fed's favorite indicators when it comes to designing their policy statement.Paul Mendelsohn
It's interesting to see gold prices so high, it is certainly something traders will be paying some attention to.
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
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
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
Overall, the Intel mid-quarter update was quite bullish. I would suspect unless something major happens overnight you are looking at a higher opening based on the Intel news.
Paul Mendelsohn
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