Peter Cardillo Lower Quotations

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,

We're looking at a slightly lower open as we see some consolidation. At the same time I don't expect the market to give up much of what it has gained over the last two days.

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.

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.

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.

The good news is that on the consumer side of things, spending actually declined, and the real good news is the deflator was lower than the last quarter and there was a revision from the first quarter. So when you really dissect it all, it wasn't all that bad.

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.

EBay came out with good numbers, but the outlook for the fourth quarter and next year wasn't so good, ... We're probably looking at a lower open, with a mixed trading session, as people respond to individual earnings and keep an eye on the price of oil.

The lower oil prices go, the higher we may see the stock indexes moving this afternoon.