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.
More Quotes from Peter Cardillo:
The market is deadly afraid about what earnings are going to look like in the coming quarters,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
MA propelled the market earlier, ... But an upward move in oil above 66 took the wind out of the market in the absence of economic news.
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
What's shaking the market is oil and the aftermath of the hurricane, ... Every time the price of oil moves into new, higher territory that creates worries about the strength of the economy going forward.
Peter Cardillo
We saw that in the brokerage houses with the consolidation and that's exactly what's happening in the telecommunications sector. And I believe however that there are those companies out there either through perhaps future mergers that will make it and two of them that I like for the long-term is ATT and WorldCom, ... I think somewhere along the line they might be bought out by some major international concern but it think if you have those stocks it was good at these levels probably to begin to average out.
Peter Cardillo
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