If the CPI core rate shows not much of a rise then the market will be able to just focus on good earnings, ... It will show that the Fed is staying ahead of the inflation curve, which is a positive for the market.
More Quotes from 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
You would think on a day when the bond market is very weak and the dollar is collapsing that technology would be weak. But, the weaker dollar is being interpreted as positive for the sale of technology abroad.
Peter Cardillo
The market is being held hostage by higher yields. But I think they are somewhat over extended at this time.
Peter Cardillo
In technology, it's just a lack of serious buying. The market needs to be convinced that the Fed will not raise (interest) rates for the remainder of the year. This is all part of the summer doldrums, but we see cyclical stocks doing a little better here.
Peter Cardillo
You see some individual companies reporting disasters while others are beating street expectations. So that's positive. That shows that the rut in that particular group is probably coming to an end.
Peter Cardillo
All in all, it's been a bad month for technology, but not so bad for other sectors. Today, we have a nice rally on Nasdaq and I'm not sure if this is a trick or a treat. I think it's not a trick because I think the worst is over and the market is setting itself up for a nice rally.
Peter Cardillo
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