We saw a breakdown in financial stocks today. Banking stocks ran into some selling as we tried to push higher. We also had a pullback from the earlier rally in the technology, semiconductors and oil stocks.
More Quotes from Paul Mendelsohn:
This morning we're being dominated by two factors -- positive news across the pond and a little bounce off of yesterday's sharp sell-off.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
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
Intel is going to have to have a very, very good report, or we could see more selling in that sector.
Paul Mendelsohn
The PPI is important because it's the first piece of real inflation data of the year. And while the PPI has been rising, the CPI has not been keeping pace. Corporate America must be getting squeezed in the middle.
Paul Mendelsohn
With expectations for the third quarter already built in, money managers have begun selling on the news and taking money off the table.
Paul Mendelsohn
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