The two reports don't constitute a change of direction for the economy, but they are negative enough to make investors feel more cautious about the recovery.
More Quotes from 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
The market is playing follow the leader. Oil is higher now but not affecting things, but if the price shoots above 75 a barrel it will weigh on us. It's not about earnings anymore and something has to give, and at this rate it looks like it may be equities.
Peter Cardillo
Basically, what they're working on here is a smallpox drug. As you know, the vaccine does have a lot of side effects. And this small, tiny basically New York-based company, with its labs out in Oregon, is working on this drug, ... And they just recently announced a contract from the Army -- 1.6 million. It's obviously speculative and somewhere along the line the company is going to have to raise money.
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
What we're seeing is the opposite of two years ago, when every Tom, Dick and Harry was in the market. Now, everybody is shying away from that.
Peter Cardillo
Mr. Greenspan may have just given us some time here. I think within the next 10 to 12 days this market is probably going to consolidate and stay with a 300-400 point range. ... When we get another interest rate cut, then the market can sail above that 9,000 level.
Peter Cardillo
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