I think Mr. (Federal Reserve Chairman Alan) Greenspan is partially responsible for the latest decline in the market, because in his last testimony, he said something that was quite important, and I think he gave a wake-up call to the market. He said that they were - they had not made a decision yet about the August interest rates.
More Quotes from 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
Markets are basically in a holding pattern. We had some good economic numbers, but it's Friday ahead of a long Christmas weekend so people aren't going to make much a commitment.
Peter Cardillo
All in all, I think we're looking at a mixed reading in economic data but pointing to growth ahead. I think it'll continue to support a bullish atmosphere. Right now we're just looking at cautious trading ahead of the numbers and due to Europe being a little soft.
Peter Cardillo
For the market generally, a lot will depend on the guidance going forward, ... If it's mostly positive, that's one less thing for the market to worry about as it goes through the process of assessing what oil will mean for the economy.
Peter Cardillo
But really, it's all about the Fed next week, ... The market will be treading water ahead of that.
Peter Cardillo
The economy is already weak and this is adding to the woes. It's a lose-lose situation. If the situation is settled soon, we go back to the same soft economy. If the situation is not settled soon, we get an even softer economy.
Peter Cardillo
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