The selling in financials is an anticipation of lower earnings due to a slower economy. From the point of view of interest rates not going up, it's positive.
More Quotes from Peter Cardillo:
But if oil prices and gold prices continue to move higher, at any given time the market could turn on the negative side.Peter Cardillo
I think we're likely to remain in a broader trading range for the time being.
Peter Cardillo
Any time Philip Morris ( MO ) comes into some pressure, I like to accumulate it. I think we're looking at a stock that has a lot of value here. I think for investors that want a safe bet, Philip Morris is a great buy.
Peter Cardillo
Not everybody is getting the check at the same time, but of course it's a positive for the economy. However, it's already in the marketplace and we'd have to see it show up in the (economic) numbers or nationwide polls.
Peter Cardillo
The two reports don't constitute a change of direction for the economy, but they are negative enough to make investors feel more cautious about the recovery.
Peter Cardillo
If Friday's numbers show that we are beginning to see some change in the number of jobs being created, that could bode well for the market.
Peter Cardillo
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