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.
More Quotes from Peter Cardillo:
People realize we have an employment number, and if it shows accelerating wage pressure, that would rekindle the fear that the Fed may have to raise (interest rates by half a percentage point),Peter Cardillo
The market is deadly afraid about what earnings are going to look like in the coming quarters,
Peter Cardillo
We've had a good week, and now we're seeing some profit taking, as the market positions itself for next week's economic news, and of course, the earnings,
Peter Cardillo
For many months, the 'old economy' stocks were out of favor, but now people are starting to take some money off the (technology stock) table.
Peter Cardillo
There is no question that the State of the Union message last night was very strong and very positive. Obviously the economy continues to do very well. Inflation is low and interest rates are still very low.
Peter Cardillo
Obviously, the market was disappointed in Apple and AMD and you also have to realize that Mr. Greenspan has been reiterating his stance on inflation and the need to stay ahead of the inflation curve,
Peter Cardillo
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