There's skepticism about earnings -- companies may report good earnings but they might have some negative comments to make about future revenue growth.
More Quotes from Peter Cardillo:
The perception is turning toward the fact that the economy is slowing and we can still continue to grow even if the economy grows at 5 percent.Peter Cardillo
One of the three things worrying the markets for weeks -- namely, interest rates -- has diminished, today, ... But the geopolitical incidents and higher oil prices -- which are connected -- have sent a chill through global markets, creating this buyer's strike, and we're following suit.
Peter Cardillo
Short-covering has brought stocks back a little, but you've got very little volume and the rhetoric of the potential attack against Iraq and the September 11th anniversary hanging over markets.
Peter Cardillo
When you have MA (merger and acquisition) activity continuing, it's a sign of stronger economic activity ahead. The market probably will focus on the economic data I suspect the driving factor of the day could be the ISM index.
Peter Cardillo
It's Fed watch day, so we're experiencing a bit of anxiety before the announcement. Of course, any indication that the Fed will end its tightening cycle could propel the stocks higher this afternoon. Hopefully we'll see an indication of some type of pause.
Peter Cardillo
There are some slight movements in technology stocks with sporadic gains, but nothing to write home about.
Peter Cardillo
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