It's one of those days where investors are looking at the strong economic news for what it says about the economy, rather than what it could mean for interest rates.
More Quotes from Peter Cardillo:
Cisco is the excuse today (Thursday) for the pullback, but we're also entering a period of reflection after the recent rally. I think we could see a 3 to 4 percent drop over the next few sessions, before we get back on track.Peter Cardillo
A bear market is just the opposite of a bull market, when everything that's positive seems to turn into a negative and stocks continue to fall.
Peter Cardillo
Basically it's a buyers' strike and it's a market of individual stocks rather than the market as a whole.
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
Next week begins the new month. You have all this economic news coming out, Colin Powell addresses the U.N., the war drums will start again. Whether Friday's advance can continue is not clear.
Peter Cardillo
The market is trying to rally again and that's encouraging. But whether yesterday (Wednesday) was really the big capitulation day remains to be seen. The market is probably going to drift in the next week or so as it finds its footing after the run-up.
Peter Cardillo
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