Peter Cardillo Though Quotations

Accelerating GDP growth certainly bodes well for future economic activity. And though the report showed the impact of defense spending, it also showed that corporations are starting to spend more, too.

Accelerating GDP growth certainly bodes well for future economic activity, ... And though the report showed the impact of defense spending, it also showed that corporations are starting to spend more, too.

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.

We're at the end of the quarter so there is some window dressing. The focus is now totally on earnings, and this earnings season looks as though it will be strong if not stronger than last quarter.

I expect they will stay the line, although the possibility of going from a neutral to a tightening bias has increased.

Once everyone sifted through all the comments, the realization was that he hasn't changed his thoughts about the economy. He doesn't think the economy is ready to fall off a cliff, and that's basically a strong fundamental for the stock market.

It looks as though the consumer isn't too worried about losing his job or spending his money.

Although we had good earnings from Caterpillar, earnings are becoming less of a focus.