What we're seeing is the opposite of two years ago, when every Tom, Dick and Harry was in the market. Now, everybody is shying away from that.
More Quotes from Peter Cardillo:
There's still very low volume, which leaves the bears in control, and the market remains sensitive to the war factor.Peter Cardillo
The market is very strong and it's a light week as far as economic data is concerned. The only thing that could derail this would probably be an attack on Iraq, and I think even that would be short-lived.
Peter Cardillo
The market is playing follow the leader. Oil is higher now but not affecting things, but if the price shoots above 75 a barrel it will weigh on us. It's not about earnings anymore and something has to give, and at this rate it looks like it may be equities.
Peter Cardillo
Any rally is going to be short lived because someone can say the wrong thing (about earnings).
Peter Cardillo
It's Fed watch day, so we're experiencing a bit of anxiety before the announcement. Of course, any indication that the Fed will end its tightening cycle could propel the stocks higher this afternoon. Hopefully we'll see an indication of some type of pause.
Peter Cardillo
We're looking at a slightly lower open as we see some consolidation. At the same time I don't expect the market to give up much of what it has gained over the last two days.
Peter Cardillo
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