The economic numbers have been neutral to positive, but it's the end of the quarter and the market is not responding to the drop in oil and drop in gold.
More Quotes from 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
They (G7 countries) may whistle a different tune in terms of assisting different markets, but behind the scenes they're looking at the situation.
Peter Cardillo
The earnings period has been pretty good so far, ... But its having a limited impact on stocks because the market is discounting higher interest rates in the months ahead.
Peter Cardillo
If the Asian crisis deepens, that simply means that corporate profits are going to suffer.
Peter Cardillo
The market is playing follow the leader. Oil is higher now but not affecting things, but if the price shoots above 75 a barrel it will weigh on us. It's not about earnings anymore and something has to give, and at this rate it looks like it may be equities.
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
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