A strong payrolls number would be important for the market and could get the indexes moving as it would enhance hopes that the labor market is improving, which ties into consumer confidence and consumer spending.
More Quotes from Tom Schrader:
Lexmark was bad, 3M was good, and in general you've had that today, with the mix of earnings sort of canceling each other out, ... I think people are using this as a reason to take profits, particularly after the tremendous run we've had, and I don't think that's a bad thing.Tom Schrader
It seems to be some natural selling, an extension of last week ... Terrorist activity over the weekend in Turkey led to selling in Japan and selling here the earnings this morning were mixed, and you have no staggering economic news until Thursday, so people are taking some money off the table right now.
Tom Schrader
We have negative news coming out of the home builders this morning, and obviously that's been an area that has led the economy.
Tom Schrader
Sentiment had gotten so bad. People are wanting to start get back in.
Tom Schrader
We've had a really nice run. I think we need to see a little pullback before we go higher. There's not going to be much in the next two days to change that. Jobless claims tomorrow won't be a market mover. I think we'll probably see a little profit taking the rest of the week.
Tom Schrader
The concern is that we're very overbought right now.
Tom Schrader
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