The markets are deeply oversold and starving for good news,
More Quotes from Peter Cardillo:
We had negative unemployment data, but the market's not focusing on that. The market continues to focus on the news from Iraq. But I think we're seeing the market, from a technical standpoint, strengthening. Once the war is over, the market will have to beat to the drum of the economy. But, for now, it's dancing to the tune of war.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 market is going to be held hostage to corporate earnings and there is no real evidence that there is a turnaround. So we'll continue to have what we've been having -- people not really showing any willingness to participate.
Peter Cardillo
I think they're going to take a wait and see attitude.
Peter Cardillo
Energy prices, earnings and the fall of the euro all continue to add to that wall of worry and the market is trapped here in a sea of uncertainty, ... There are no buyers and the selling just feeds on itself.
Peter Cardillo
There's skepticism about earnings -- companies may report good earnings but they might have some negative comments to make about future revenue growth.
Peter Cardillo
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