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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It doesn't surprise me. We all know the House is going to vote to impeach the President. The fact is that economic times here in the United States are still quite good.
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From a technical standpoint, the fact that the market is testing the lower end of the trading range with low volume suggests the risk of the yearly lows being tested increases.
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Basically we had some good overseas trading. I think that is basically propelling us to a higher opening here. I just think the market is living with the fact that oil prices are trading around these levels, and it's getting a lift from the 10-year yield being below 4.60 percent.
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When you have M&A (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.
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We had some positive earnings reports, but I think the fact that we had jobless claims that were above and beyond what was expected derailed some enthusiasm,
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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.
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The fact that oil fell out of bed is certainly propelling the market today,
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The fact that the Nasdaq breached 2000, an important psychological level, but managed to close above it several times now over the last week is a positive. But I think we're going to continue to see this consolidation for at least another week or so until more of the March economic reports start coming in.
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The fact that the market is continuing to stay at the upper end of the trading range, even with oil prices continuing to hover around their highs, is positive, it indicates investor confidence.
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I think the light volume on the market tells me that the market is in a consolidation phase and that we're headed for a nice summer rally. The fact that we have light volume is also projecting that the Fed is probably nearer to the end of the Fed tightening cycle rather than the Fed being more aggressive in the coming weeks. I think the technology stocks are going to come back strongly. And I think financial stocks are going to do well.
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We are looking at a mixed open. But if the factory orders or the ISM come in within expectations or better, that should help continue the upward movement in the market.
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As long as there is no inflation this is extremely good for the financial markets and also for the bond market. What we saw a couple of weeks ago was a backup due to technical factors rather than any fundamental changes.
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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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The good earnings news is really taking hold. Some of the warnings from last week are less of a factor in the marketplace now.