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.
More Quotes from 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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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.
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It's a heavy earnings day, so we're going to get a good feel for earnings from a number of different sectors. So far earnings have been good, with 70 percent of companies beating expectations.
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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,
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
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