Peter Cardillo Decline Quotations

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 Mr. (Federal Reserve Chairman Alan) Greenspan is partially responsible for the latest decline in the market, because in his last testimony, he said something that was quite important, and I think he gave a wake-up call to the market. He said that they were - they had not made a decision yet about the August interest rates.

Today's sharp decline is partly from the Clinton problem, there's no question about that at this point.

The breadth of the market is extremely negative. The decline is accelerating. It's feeding on itself. What we're seeing here is a combination of some sell programs and people beginning to have second thoughts.

The economic news this morning was mixed. The leading indicators fell for the third straight month, which is certainly not a positive, but the decline was minimal.