This correction is happening at an interesting time, coinciding with February's seasonal weakness and two events over the next few days that will be important both for interest rates and equity markets -- Friday's unemployment report and the G7 meeting this weekend,
More Quotes from Paul Mendelsohn:
In Europe, oil and commodity stocks were higher again and that seems to be the theme with crude oil above 74 this morning... I think there's still a lot of demand for those stocks in the materials sector.Paul Mendelsohn
There is so much uncertainty in the energy, metals and commodity markets and at the same time we're not getting a very clear picture on what 2006 is going to look like from fourth-quarter earnings.
Paul Mendelsohn
It's clear that employment growth this time around has been sub-par compared to previous economic recoveries. You need about the number of jobs that we're adding now just to stay even with the number of people entering the economy. It's very possible that we're going to continue to see sub-par growth.
Paul Mendelsohn
The big question is whether the earnings growth is already built into the market, or can it help us move higher. It's very hard to answer that. Earnings should be the big driver of the market right now, but you seem to have this cross-current of events that are challenging that.
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 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
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