Peter Cardillo Money Quotations

Many (tech and telecom stocks) are undervalued. If we have a period of slow growth followed by an acceleration in the economy, I think we could see money flow back, and the one thing that's been very consistent in this market is the rotation factor, ... It tells everyone money is not leaving the stock market.

Obviously it negates the theory about Dow 1,000. What (the new milestone) tells us is people have a lot of confidence. Money is still flowing into the United States despite some question marks about inflation. Nothing has changed.

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.

I think by some time next week, the market will begin to rally again. I believe money managers will be aggressively window dressing.

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.

Long-term investors should stay the course, ... No one should be diving into this market with the notion that they'll make fast money because that's not the case.

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,

Earnings news has been discounted and investors are looking for a reason to take money off the table, ... Today, they found that reason in Microsoft's sales projections.

The money is still chasing stocks and that will continue. But I think the Nasdaq is having trouble as it approaches that key 2,100 level.

A lot of today's market is due to the flow of money going into pension funds and money managers. These are the types of investors who are more inclined toward the large cap stocks.

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.

It's a little bit of a divergent market. There's some money on the sidelines coming into the tech stocks, and any meaningful rally from here will probably be led by the tech group.

For many months, the 'old economy' stocks were out of favor, but now people are starting to take some money off the (technology stock) table.

It takes a lot of guts to buy near the bottom, ... But smart money is made when nobody wants stocks. If investors take a long-term approach, I think they'll do very well.

Snow's comments about the dollar are giving investors a good excuse to take some money off the table after the recent run up, ... But basically, this is just a lot of profit-taking.