With expectations for the third quarter already built in, money managers have begun selling on the news and taking money off the table.
More Quotes from Paul Mendelsohn:
We're trying to get a little rally going short-term, but today was a bit nerve-wracking.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
Everyone is setting up for tomorrow's employment reports. It's a big mover of all markets, so people don't want to be caught on the wrong side. People want to go in neutral. We'll see this position squaring across the board ahead of that number.
Paul Mendelsohn
The big problem for the market has been the news flow. Energy prices continue to rise, gold prices continue to go up and earnings are coming in very mixed.
Paul Mendelsohn
We're at pretty high levels on the indexes, there's a lot of economic news coming out over the next few days, and Friday is a quadruple witching day, all of which is adding to the volatility and the pullback.
Paul Mendelsohn
Most traders will really be positioning for the October employment report. Economists are expecting that non-farm payrolls rose by approximately 50,000 during the month, providing evidence that with two straight months of employment growth, the jobs picture is finally turning around.
Paul Mendelsohn
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