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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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.
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We're seeing some profit taking but a strong build-up in inventories could send the price of oil under $60 and that could reverse market psychology.
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With the price of oil moving up and the tension in the Middle East would suggest that the possibilities of a recession are increasing in terms of inflation, ... The Fed's number one target is to keep inflation under control. If energy prices continue to accelerate then the Fed doesn't need to raise interest rates because the economy is going to slow anyway.
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We did get surprising oil inventory data, but it's still below that $60 range. The market is running against options expirations, which are causing technical difficulty.
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The fact that oil fell out of bed is certainly propelling the market today,
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I think we're going to see a very choppy market for the next few weeks, as we get closer to the election, unless oil prices move sharply one way or the other.
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M&A 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.
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I think we'll see a mixed week -- probably a little bit toward the upside -- but a lot depends on the price of oil. If oil stabilizes around here we could inch a bit higher. If it backs down to the low $60s and stabilizes, then the market might rally.
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We can't continue to have oil prices rise without impacting prices and economic activity. Somewhere along the line it will have a negative impact.
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The backup in oil prices due to intensifying geopolitical problems is obviously weighing and will overshadow any bullish sentiment that's linked to earnings or economic data.
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It's a very strong rally and it's right across the board, with tech stocks leading the way, ... Clearly, the fall in oil prices sparked this, but it's also a short-term shift in sentiment.
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Oil prices have backed over $22 here. And I kind of think that this is what is probably going to give a bumpy ride for the next several week to the bond market.
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Oil prices are under $60, and the sun is shining here in New York, and so it means the Northeast is enjoying pretty comfortable weather and that's probably going to have an influence on oil prices today,
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Oil is trading higher today due to the new hurricane fears. The big story of the week, which will be the market mover, is going to be the Fed.