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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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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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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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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I think volume is going to pick up to begin with and that the markets probably, by end of this week, are going to begin to get out of that resistance level, both the Nasdaq and Dow. And I think we're probably going to test the old highs by the end of year. Leadership, I think, will come from technology and telecommunications stocks. The economy is headed for a soft landing. All the fundamentals remain in place. And, last but not the least, there's been a tremendous amount of build up in cash reserves. That money is going to be put to use.
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He might fine tune his testimony (of last week) and that could help the markets.
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The market is in the process of testing the March-April lows. The only thing that will turn the market around is if we get some CEOs saying there's light at the end of the tunnel.
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We are bracing for a weaker opening with a slew of data being released, ... Consumer confidence, inflation and of course, oil, will remain key indicators for the stock market.
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We saw that in the brokerage houses with the consolidation and that's exactly what's happening in the telecommunications sector. And I believe however that there are those companies out there either through perhaps future mergers that will make it and two of them that I like for the long-term is AT&T and WorldCom, ... I think somewhere along the line they might be bought out by some major international concern but it think if you have those stocks it was good at these levels probably to begin to average out.
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These stocks are the forgotten group -- they continue to stay dormant and move lower, but they actually become a good buy,
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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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I still expect the third quarter to be respectable but that's a thing of the past. But what happens in the fourth quarter (is the question).
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Energy prices, earnings and the fall of the euro all continue to add to that wall of worry and the market is trapped here in a sea of uncertainty, ... There are no buyers and the selling just feeds on itself.
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Energy prices are the reason for this. The crisis in the Middle East is obviously going to keep the price of energy at a strong level and that means this market is going to now be fearful of inflation exploding. We could be in for a further bumpy ride.
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There's a feeling out there that a lot of the negative news has already been discounted in the market.