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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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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We have here a cautious market, and it will continue to be cautious until we get through some major data and Greenspan's testimony on Capitol Hill. Also, investors were taking profits from last week's rally.
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We have the weapons inspectors returning, mixed corporate reports and no new economic news to focus on, so stocks are taking a little pause, ... The broader market is mixed to lower but is showing no great declines, while the techs continue to perform a little better.
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Obviously they (investors) are going to focus on the Fed but a rate cut is priced in. The focus will be on the economy and signs that the first batch of interest rates are finally taking hold.
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I believe the worst of the decline in the 'old economy' stocks is over, ... and I think what we're seeing here is a consolidation phase, even though this consolidation phase is probably taking place at the lower end of the trading range. I don't believe that yesterday's decline in Nasdaq is the beginning of any major correction just yet. Now, that is not to say that we're not going to have a correction. Indeed, we are. But I just believe that there is sufficient money out there and sufficient demand for these tech stocks yet, and that is not going to disappear so quickly. What we saw yesterday was little profit-taking after a spectacular week.
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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.
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What we're seeing is typical of a market that is trying to make a bottom, but we're not necessarily there yet.
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What we're seeing here is investors becoming increasingly nervous, awaiting the economic data tomorrow (Thursday). Profit warnings and future growth (concerns) are overshadowing the enthusiasm that we saw develop late yesterday -- it's a feeding process.
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What we're seeing here is a market that's just waiting to assess economic data later in the week and, of course, moving into the earnings season.
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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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Unless some real news comes out that could accelerate impeachment talks, it's probably already been discounted, ... Big deal, we're going to see the president get angry, say a few curse words.
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Unless he should say something really out of the ordinary, which is unlikely, I think his comments will likely have a limited effect on stocks,
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We're in uncharted times here, both for the economy and for the stock market. Some of the old rules just don't apply to global economics and to the global mechanism of how things are working.
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We're into the second day of the quarter, and the market is technically signaling a short-term rebound as we prepare for tomorrow's unemployment report.