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.
More Quotes from 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
If we see a clear outcome in Iraq, then if the economic news kicks in and it's pretty good too, that could be our catalyst. If not, then the (recent) declines become more worrisome.
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
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.
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
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
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