In the past five to six weeks, blue chips got battered somewhat. As we approach the end of the quarter, now that they've come down in price, institutions are focusing on them again.
More Quotes from Peter Cardillo:
I think the market will continue to trade in a tight range in no-man's land. It's not like we're collapsing but it's just going nowhere.Peter Cardillo
The ups and downs today were part of the process of consolidation. We're finally stabilizing today and it looks like the worst is over.
Peter Cardillo
The market remains technically weak, ... The story hasn't changed.
Peter Cardillo
I think volume is going to pick up to begin with and that the markets probably, by end of this week, are going to begin to get out of that resistance level, both the Nasdaq and Dow. And I think we're probably going to test the old highs by the end of year. Leadership, I think, will come from technology and telecommunications stocks. The economy is headed for a soft landing. All the fundamentals remain in place. And, last but not the least, there's been a tremendous amount of build up in cash reserves. That money is going to be put to use.
Peter Cardillo
UAL is certainly a negative for the market, but the news wasn't entirely unexpected, ... You're also seeing a combination of other negative corporate news and jitters ahead of tomorrow's November jobs number, despite the positive weekly numbers this morning.
Peter Cardillo
The rebound is due to many of the sectors moving higher and a big portion of this rise is due to Hewlett-Packard (on the Dow). What the market is telling us is, this morning we panicked but this is probably just an isolated situation and a temporary situation for Intel.
Peter Cardillo
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