Peter Cardillo Needs Quotations

I think we're going to see the preliminary GDP show that this economy is flat or even negative. But that's old news. What the market needs to focus on is numbers that show us we are beginning to rebound.

As a result of that, every now and then the market needs to remind investors that Wall Street is not a one way street, and things don't last forever and things don't go up forever. It is quite obvious that the Nasdaq was due for a correction.

From a 'wall of worries' standpoint, the market needs to be assured that there are no other casualties out there that are going to report weaker earnings, and from an energy standpoint, prices have got to move lower.

What the market really needs here is stimulant not from the Federal Reserve, but from the CEOs.

In technology, it's just a lack of serious buying. The market needs to be convinced that the Fed will not raise (interest) rates for the remainder of the year. This is all part of the summer doldrums, but we see cyclical stocks doing a little better here.