I just think they're very cheap. There's no core news for this to happen -- I just think a lot of these stocks have been badly beaten down and investors are starting to get around to looking at them.
More Quotes from Peter Cardillo:
The jury has been out over the last week or so over whether they will indicate that they are going to pause and I think that's what's been holding back the markets.Peter Cardillo
The selling in financials is an anticipation of lower earnings due to a slower economy. From the point of view of interest rates not going up, it's positive.
Peter Cardillo
Mr. Greenspan certainly left the door open about a possible hike. That whole testimony yesterday (Tuesday), while it relieved the market a bit, is being scrutinized today.
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
As a result of that, every now and then the market needs to remind investors that Wall Street is not a one way street, and things don't last forever and things don't go up forever. It is quite obvious that the Nasdaq was due for a correction.
Peter Cardillo
It's a cautious day at the end of an up quarter, ... I think we'll continue to see caution next week as we await the start of the third-quarter earnings reporting season, and look at some of the key economic numbers, particularly the unemployment number Friday.
Peter Cardillo
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