It's a busy week in terms if earnings with three sectors of the technology sector reporting. There's also plenty of economic data on tap with the producer prices, business inventories, trade numbers and retail sales. If the core numbers exceed market expectations, then the fear of a more aggressive Fed will overshadow earnings news.
More Quotes from Peter Cardillo:
It's clear (from the rally) that sentiment has improved on hopes that this second-half recovery is starting to gain momentum.Peter Cardillo
Concerns remain that the economic data indicate the economy could slip back into a recession. Looking at technology, the fears are back in the market that third-quarter earnings may not live up to expectations.
Peter Cardillo
Now you have the Bank of Japan, the European Central Bank and the Federal Reserve all with the same interest-rate policy, and that's very positive. It's a strong indication that global central bankers will contain inflation and not necessarily choke off economic activity, which has been a big concern here.
Peter Cardillo
The fact that the Nasdaq breached 2000, an important psychological level, but managed to close above it several times now over the last week is a positive. But I think we're going to continue to see this consolidation for at least another week or so until more of the March economic reports start coming in.
Peter Cardillo
Across the globe there are a lot of problems out there. Putting pressure on the markets is the situation between India and Pakistan , gold is up on that news. Also, weakness in the dollar reflects nervousness in the financial markets.
Peter Cardillo
The good news is that we have a strong economy and there's no inflation, ... Investors are starting to realize the Fed may not need to be that aggressive.
Peter Cardillo
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