The earnings period has been pretty good so far, ... But its having a limited impact on stocks because the market is discounting higher interest rates in the months ahead.
More Quotes from Peter Cardillo:
Mr. Greenspan may have just given us some time here. I think within the next 10 to 12 days this market is probably going to consolidate and stay with a 300-400 point range. ... When we get another interest rate cut, then the market can sail above that 9,000 level.Peter Cardillo
Investors should be out there, picking up some stocks that are trading near their lows or have bounced off their lows and I think that have good futures. And among them ATT ( T Research , Estimates ) -- their wireless division came in on target, 25, 30 percent growth, and I think that's what is going to carry them. Stock is hovering around their lows here. I think it's a 'great buy.' And I think in the next market rally, that the stock will have a nice bounce.
Peter Cardillo
We continue to go down in full force and technology stocks are one total disaster. Fear of pockets of recession continue to grow in the market and, while disappointment over the Fed didn't help, that's just an excuse to sell.
Peter Cardillo
It is obvious that the economy continues to grow and that the job market is growing. Today's numbers are offering investors a sense of relief that perhaps the Fed may not have to be too aggressive in raising interest rates.
Peter Cardillo
The markets for the next couple of days will focus on some economic data, until the chief weapons inspector returns.
Peter Cardillo
You would think on a day when the bond market is very weak and the dollar is collapsing that technology would be weak. But, the weaker dollar is being interpreted as positive for the sale of technology abroad.
Peter Cardillo
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