The Chicago number showed manufacturing has been picking up in the Midwest. That bodes well for the national number Monday, all of which supports the idea of a recovery, which is what the market has been betting on.
More Quotes from Peter Cardillo:
The Dow tried twice yesterday to get past 10,000 and failed, but I think it's really just a matter of time. We could see that happen by the end of the year.Peter Cardillo
The market has so far been ignoring the good economic news, but it's just a matter of time before investors shake off the fear factor.
Peter Cardillo
Normally, with gold surging and the dollar down, you'd see that hurting stocks, but the market is ignoring that today, which is somewhat positive.
Peter Cardillo
As for Friday, the first day of the new quarter and the second half of the year tomorrow's trade will be impacted by the continued reaction to the Fed statement, ... We'll also be looking at the ISM index.
Peter Cardillo
For the market generally, a lot will depend on the guidance going forward, ... If it's mostly positive, that's one less thing for the market to worry about as it goes through the process of assessing what oil will mean for the economy.
Peter Cardillo
A good portfolio should be a mixture of sectors -- I don't see any one sector being hot again, ... I would favor more tech and telecom because when they do come back, they'll come back very strong because they got clobbered the most.
Peter Cardillo
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