I think we're going to see the preliminary GDP show that this economy is flat or even negative. But that's old news. What the market needs to focus on is numbers that show us we are beginning to rebound.
More Quotes from Peter Cardillo:
The advance is on the heels of good economic numbers this morning. Chicago PMI in particular took people by surprise. You also had some good earnings news from Disney and Honeywell, ... That turned the dollar around, which in turn pushed some of the geopoPeter Cardillo
Sales ex-autos was almost equal to the top-line number, so consumers really are out there spending.
Peter Cardillo
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.
Peter Cardillo
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.
Peter Cardillo
But really, it's all about the Fed next week, ... The market will be treading water ahead of that.
Peter Cardillo
It's one of those days where investors are looking at the strong economic news for what it says about the economy, rather than what it could mean for interest rates.
Peter Cardillo
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