Peter Cardillo Excuse Quotations

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.

The Fed's choice to hold rates steady was no big surprise. People may have been using that as an excuse to sell at the top of a trading range. And we're probably going to be in a bit of a trading range until we get some new economic data that makes people want to move one way or the other.

Cisco is the excuse today (Thursday) for the pullback, but we're also entering a period of reflection after the recent rally. I think we could see a 3 to 4 percent drop over the next few sessions, before we get back on track.

The market is still very concerned with interest rates, and the IBM announcement gave the market a perfect excuse to refocus on higher interest rates.