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 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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There are some good stories out there, and I think people are looking at them. You have the tech stocks doing better than the other, with chips up because of TI. There are also a few specific issues that continue to hold the Dow back again, as was the case yesterday.
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There are some good stories out there, and I think people are looking at them, ... You have the tech stocks doing better than the other, with chips up because of TI. There are also a few specific issues that continue to hold the Dow back again, as was the case yesterday.
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There is no question that the State of the Union message last night was very strong and very positive. Obviously the economy continues to do very well. Inflation is low and interest rates are still very low.
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Until we get the full force of earnings and economic data later in the week, I kind of expect us to remain at the lower end of the trading range,
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Until there is a positive indication in economic data that the economy is slowing down, the Fed has to stay ahead of the curve.
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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're seeing some cautious trading right now, but the volume is decent, the momentum is on the upside and traditionally, this is a good week for the markets.
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We're seeing more and more that Japan wants to implement banking reform. That's the key. That's very positive.
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We're seeing a cautious market because of the Fed meeting. There are a lot of events the markets need to sort through, and the most important one is Mr. Greenspan.
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We are already seeing some signs of a slowdown in the economy. If durable goods confirm what housing starts voiced last week, then obviously we might see a little bit better tone in the bond market.
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From a 'wall of worries' standpoint, the market needs to be assured that there are no other casualties out there that are going to report weaker earnings, and from an energy standpoint, prices have got to move lower.
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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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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.