If the Asian crisis deepens, that simply means that corporate profits are going to suffer.
More Quotes from Peter Cardillo:
The deal is positive for the market as it helps clear the air. Obviously, restrictions are going to be tighter in the future.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
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
There are some good stories out there, and I think people are looking at them, ... You have the tech stocks doing better than the other, with chips up because of TI. There are also a few specific issues that continue to hold the Dow back again, as was the case yesterday.
Peter Cardillo
It's been all over the place today because the volume is low. And in that kind of environment, the market is more vulnerable to pulling back on geopolitical concerns and the weakness of the dollar.
Peter Cardillo
We saw that in the brokerage houses with the consolidation and that's exactly what's happening in the telecommunications sector. And I believe however that there are those companies out there either through perhaps future mergers that will make it and two of them that I like for the long-term is ATT and WorldCom, ... I think somewhere along the line they might be bought out by some major international concern but it think if you have those stocks it was good at these levels probably to begin to average out.
Peter Cardillo
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