Peter Cardillo
Peter Cardillo
1972 Harlem mosque incident describes the April 14, 1972 shooting of a New York City Police Departmentofficer at the Nation of Islam Mosque No. 7 in Harlem, Manhattan, New York City. The officer responded to a fake 9-1-1 call, was shot and died six days later. The incident sparked political and public outcry about mishandling of the incident by the NYPD and the administration of Mayor John V. Lindsay...
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If oil prices continue to rise and there's an escalation of the situation in the Middle East, the question would come up, are we headed for some type of OPEC embargo and where would that send prices. It seems like all of the negative news that possibly could be surrounding the oil market is at hand.
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If oil goes higher, it could mean we may be headed for a correction.
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If oil continues to stay at these levels for a sustained period, it will bite into economic activity and renew inflationary pressure. That could put into question if and when the Fed will end its tightening cycle.
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He might fine tune his testimony (of last week) and that could help the markets.
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We're in the midst of a technical correction, and I suspect for the next week or so we'll trade within this range. The market has already discounted a lot of the economic and earnings news.
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What you need to do is brace yourself. We've gone through bad moments before. This is not the first time and it won't be the last.
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Here is a classical story of a stock that is trading under book value. AT&T, the same thing. I believe it is up 4 or 5 points from its low and basically trying to stabilize at these levels, when it is all said and done, it still probably will be the leader of the pack. Again, a company selling under book value,
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The rally was pretty much across the board.
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There aren't any (economic) numbers to say, 'Hey, the economy is slowing,' or 'Hey the economy is strengthening,'
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There are so many positive factors that led to today's rally. Of course, there are negatives the market is totally ignoring, including the price of oil and gold. Ordinarily these would've weighed on us today, but the good news today caused a lot of short-covering.
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I wouldn't be a bit surprised to see this market sell off. We could see a 5 percent correction.
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I suspect the main focus of the day will be the Fed minutes. It looks like we'll get a strong start on the strength in overseas markets, but we'll probably be trading sideways until the minutes are released.
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I suspect over the next session or two, we could see more selling, as investors await all the economic news due next week,
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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.