Energy prices are the reason for this. The crisis in the Middle East is obviously going to keep the price of energy at a strong level and that means this market is going to now be fearful of inflation exploding. We could be in for a further bumpy ride.
More Quotes from Peter Cardillo:
We had a very explosive rally yesterday, and gas prices are moving a little higher this morning.Peter Cardillo
Not everybody is getting the check at the same time, but of course it's a positive for the economy. However, it's already in the marketplace and we'd have to see it show up in the (economic) numbers or nationwide polls.
Peter Cardillo
I think this market now is basically trying to stabilize. The market will probably begin to focus on economic activity rebounding in the first quarter.
Peter Cardillo
Now that the market has made a tremendous upward move and the large cap stocks are at their highs, more people are looking at smaller companies for some better values.
Peter Cardillo
I think the market is now looking at earnings, ... I think we'll probably see earnings come in pretty good, but I think the market is also anticipating that corporate America will voice concerns about high energy costs.
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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