That's what is putting a cap on the good news in the market.
More Quotes from 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
Next week begins the new month. You have all this economic news coming out, Colin Powell addresses the U.N., the war drums will start again. Whether Friday's advance can continue is not clear.
Peter Cardillo
The market now is trying to stabilize after having discounted higher inflation and interest rates and what most likely will be murky fourth-quarter outlooks.
Peter Cardillo
If things go well with a military strike, the market gives it a seal of approval and moves upward.
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
There's been a technical erosion and it continues to feed off of itself. The confidence number brought in some buying and cut some earlier losses, but the markets are basically still lower for all the same reasons they've been lower of late -- the poor earnings outlook, the prospect of war in Iraq, corporate mistrust.
Peter Cardillo
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