You probably just have some profit taking on people who've made some money on this move from 1,260 to 1,290 are on the SP 500.
More Quotes from Paul Mendelsohn:
For individuals, inflation has been an issue for a while, but for the market, it really wasn't. Over the last few days, the psychology changed.Paul Mendelsohn
This is the first crack in the home building area. Home building has really driven a large portion of this economic advance, and any drop in this area of the market would have very powerful ramifications for GDP growth.
Paul Mendelsohn
We're trying to get a little rally going short-term, but today was a bit nerve-wracking.
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
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.
Paul Mendelsohn
The G7 meeting is probably going to be pretty contentious. It remains to be seen if anything comes out of it that would influence the dollar on Monday.
Paul Mendelsohn
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