Basically it's a buyers' strike and it's a market of individual stocks rather than the market as a whole.
More Quotes from Peter Cardillo:
I think the market is responding pretty well to the reports and also positioning itself ahead of the economic news due later in the week,Peter Cardillo
The economic news this morning was mixed. The leading indicators fell for the third straight month, which is certainly not a positive, but the decline was minimal.
Peter Cardillo
Unless he should say something really out of the ordinary, which is unlikely, I think his comments will likely have a limited effect on stocks,
Peter Cardillo
Across the globe there are a lot of problems out there. Putting pressure on the markets is the situation between India and Pakistan , gold is up on that news. Also, weakness in the dollar reflects nervousness in the financial markets.
Peter Cardillo
The market has so far been ignoring the good economic news, but it's just a matter of time before investors shake off the fear factor.
Peter Cardillo
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