Any rally is going to be short lived because someone can say the wrong thing (about earnings).
More Quotes from Peter Cardillo:
All in all, it's been a bad month for technology, but not so bad for other sectors. Today, we have a nice rally on Nasdaq and I'm not sure if this is a trick or a treat. I think it's not a trick because I think the worst is over and the market is setting itself up for a nice rally.Peter Cardillo
Unless some real news comes out that could accelerate impeachment talks, it's probably already been discounted, ... Big deal, we're going to see the president get angry, say a few curse words.
Peter Cardillo
Today's rally set a different tone to the market because it's not suggesting another false start. That's because there was an improvement in the quality of buying. Money is moving into stocks from bonds. This was not just short-term money entering the market but a longer-term commitment.
Peter Cardillo
I just think they're very cheap. There's no core news for this to happen -- I just think a lot of these stocks have been badly beaten down and investors are starting to get around to looking at them.
Peter Cardillo
Volume is likely to remain light the rest of this week, and I would expect the market to remain volatile Thursday, ... But there's good news out there, and over the next few weeks, I think we'll remain in this trading range but edge up toward the higher end of it.
Peter Cardillo
All in all, I think we're looking at a mixed reading in economic data but pointing to growth ahead. I think it'll continue to support a bullish atmosphere. Right now we're just looking at cautious trading ahead of the numbers and due to Europe being a little soft.
Peter Cardillo
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