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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Old economy stocks are feeling the pinch in fear that rates are going much higher.
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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.
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Mr. Greenspan's comments support equity gains, ... And investors may have turned around their view of Intel.
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Mr. Greenspan may have just given us some time here. I think within the next 10 to 12 days this market is probably going to consolidate and stay with a 300-400 point range. ... When we get another interest rate cut, then the market can sail above that 9,000 level.
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Mr. Greenspan didn't say anything new but his comments were one of the reasons we saw this early spurt take the market up and wane in the afternoon. But when it's all said and done, what the market is really grasping for here is some really good earnings in technology stocks.
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Mr. Greenspan certainly left the door open about a possible hike. That whole testimony yesterday (Tuesday), while it relieved the market a bit, is being scrutinized today.
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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.
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Obviously we're looking a relief rally here. The hurricane damage was less expected, and that has sent oil slightly lower. But in the next few days we'll see an increase in pre-earnings warnings that will in the short-term will contain the rally.
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Of course the market is expecting 25 basis points.
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No one expects the Fed to raise rates, but people are interested to see what they say about the economy, particularly about employment.
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Now that the market has made a tremendous upward move and the large cap stocks are at their highs, more people are looking at smaller companies for some better values.
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Now you have the Bank of Japan, the European Central Bank and the Federal Reserve all with the same interest-rate policy, and that's very positive. It's a strong indication that global central bankers will contain inflation and not necessarily choke off economic activity, which has been a big concern here.
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We're looking at a slightly lower open as we see some consolidation. At the same time I don't expect the market to give up much of what it has gained over the last two days.
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What the market really needs here is stimulant not from the Federal Reserve, but from the CEOs.