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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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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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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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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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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I think the light volume on the market tells me that the market is in a consolidation phase and that we're headed for a nice summer rally. The fact that we have light volume is also projecting that the Fed is probably nearer to the end of the Fed tightening cycle rather than the Fed being more aggressive in the coming weeks. I think the technology stocks are going to come back strongly. And I think financial stocks are going to do well.
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As long as there is no inflation this is extremely good for the financial markets and also for the bond market. What we saw a couple of weeks ago was a backup due to technical factors rather than any fundamental changes.
financial market stocks
Of course, the whole market will be effected, but financial stocks in particular.
breadth market
The breadth of the market is very negative.
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The jury has been out over the last week or so over whether they will indicate that they are going to pause and I think that's what's been holding back the markets.
telephone
I like American Telephone at 45 and 50,
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I think the market is holding up pretty well after the recent rally, ... The economic news was mixed today, and investors are eyeing Ivan and the price of oil.
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I suspect over the next session or two, we could see more selling, as investors await all the economic news due next week,
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The low volume confirms that everyone is sitting on their hands. They don't want to venture until there is clarity on the Iraq situation.
change help
I think that if GE or Citigroup say something upbeat, that could help change the mood,