The retail sales are a real blow-out number. They show that economic activity is healthy but they will also ignite fears that the Fed will continue raising interest rates as it takes these numbers as a sign that the economy is still growing strongly.
More Quotes from Peter Cardillo:
We had negative unemployment data, but the market's not focusing on that. The market continues to focus on the news from Iraq. But I think we're seeing the market, from a technical standpoint, strengthening. Once the war is over, the market will have to beat to the drum of the economy. But, for now, it's dancing to the tune of war.Peter Cardillo
What we're seeing is typical of a market that is trying to make a bottom, but we're not necessarily there yet.
Peter Cardillo
Again, I think we're going to see a lot of revenue growth coming within the next quarter or so, and I believe that it's basically an infrastructure B2B for the Internet, where you can research engines, where you can create your own agents and what not, and management is doing a great job. I'm looking for this stock to really do quite nicely over the next six-to-18 months.
Peter Cardillo
I think we're going to see the preliminary GDP show that this economy is flat or even negative. But that's old news. What the market needs to focus on is numbers that show us we are beginning to rebound.
Peter Cardillo
The breadth of the market is extremely negative. The decline is accelerating. It's feeding on itself. What we're seeing here is a combination of some sell programs and people beginning to have second thoughts.
Peter Cardillo
Basically the market is responding to the latest earnings reports and waiting to see what happens with Apple Computer after the bell.
Peter Cardillo
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