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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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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We have some technology stocks moving higher and the large amounts of cash sitting on the sidelines will be coming back into the market. These are just relief rallies with investors trying to pick up bargains.
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We are seeing a continuation of this rotation process, with people selling some of the big tech and other gainers of the year, and putting money in sectors that still have room to gain, namely, industrials, metals, anything commodity-related,
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We are optimistic with the technology sector, ... Most of the large technology companies have strong balances and they are likely to increase capital expenditure, which in turn, tends to generate better results.
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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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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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We're in the midst of a technical correction, and I suspect for the next week or so we'll trade within this range. The market has already discounted a lot of the economic and earnings news.
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Basically we had a lot of good earnings in technology but we also have some warnings going forward.
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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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Very well managed, ... I just yesterday raised it to a 'strong technical buy.'
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Mr. Greenspan didn't say anything new but his comments were one of the reasons we saw this early spurt take the market up and wane in the afternoon. But when it's all said and done, what the market is really grasping for here is some really good earnings in technology stocks.
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There's a little volatility on the downside ahead of the long weekend, so we're seeing money flowing out of the Dow and selectively going into the tech arena. Industrial stocks are not doing so well.
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You would think on a day when the bond market is very weak and the dollar is collapsing that technology would be weak. But, the weaker dollar is being interpreted as positive for the sale of technology abroad.