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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The selling in financials is an anticipation of lower earnings due to a slower economy, ... From the point of view of interest rates not going up, it's positive.
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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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It's quite obvious that the market has been rallying for the past four days, hoping for a 50-basis point rate hike by the Fed -- and they (the Fed) did (raise rates that much). This indicates they are ahead of the curve, but now reality sets in and we're in a trading range.
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This trade deficit news certainly points in the direction that the U.S. economy is slowing.
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If the dollar continues to fall, and we end up in a free fall, at one point the Fed will have to be more aggressive, ... They may have to respond by raising interest rates by half a point.
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Futures are pointing up a little bit. I think we will see a typical August Friday: Low volume and no economic data. I think we will see some winding and grinding for most of the day.
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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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All in all, I think we're looking at a mixed reading in economic data but pointing to growth ahead. I think it'll continue to support a bullish atmosphere. Right now we're just looking at cautious trading ahead of the numbers and due to Europe being a little soft.
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Inflation will stay low. Interest rates will turn lower. Corporate earnings will continue to grow. And I think we can see the Dow by the first quarter of 1999 above 10,000.
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I like stocks that have potential earnings possibilities. Those are the ones that could someday be market leaders.
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EBay came out with good numbers, but the outlook for the fourth quarter and next year wasn't so good, ... We're probably looking at a lower open, with a mixed trading session, as people respond to individual earnings and keep an eye on the price of oil.
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Stocks are likely to be volatile Wednesday and through the end of the week.
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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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The retail sales are a real blow-out number. They show that economic activity is healthy but they will also ignite fears that the Fed will continue raising interest rates as it takes these numbers as a sign that the economy is still growing strongly.