Obviously, this is going to raise the level of speculation and fear. And the news may impact oil prices, sending them higher, which would cap equities.
More Quotes from Peter Cardillo:
What the market is telling us is that's it's discounting solid economic growth over the next quarter, ... I think the market can over the next month or so approach the highs we hit last year.Peter Cardillo
The ISM news was positive, but the market is looking more to the non-economic factors, with people worried about Tyco and the action out of Pakistan and India.
Peter Cardillo
The market has been saying all along that the recovery is strengthening. The retail and ISM Institute for Supply Management news today confirms that. Now with the Thanksgiving holiday out of the way and recent fears of terrorism on the back burner again, people have come back from the weekend ready to buy again. This is probably the start of the year-end rally.
Peter Cardillo
The CPI was good news but still leaves that question mark about energy prices. The gasoline hike of the past three weeks was not included in it,
Peter Cardillo
We did get surprising oil inventory data, but it's still below that 60 range. The market is running against options expirations, which are causing technical difficulty.
Peter Cardillo
The economic numbers have been neutral to positive, but it's the end of the quarter and the market is not responding to the drop in oil and drop in gold.
Peter Cardillo
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