Peter Cardillo Reports Quotations

Basically the market is responding to the latest earnings reports and waiting to see what happens with Apple Computer after the bell.

Some of the good earnings reports and good guidance are reversing market psychology. In general, we're probably heading for a good earnings season.

I think the market is responding pretty well to the reports and also positioning itself ahead of the economic news due later in the week,

We have the weapons inspectors returning, mixed corporate reports and no new economic news to focus on, so stocks are taking a little pause, ... The broader market is mixed to lower but is showing no great declines, while the techs continue to perform a little better.

The fact that the Nasdaq breached 2000, an important psychological level, but managed to close above it several times now over the last week is a positive. But I think we're going to continue to see this consolidation for at least another week or so until more of the March economic reports start coming in.

The two reports don't constitute a change of direction for the economy, but they are negative enough to make investors feel more cautious about the recovery.

The market is ignoring some of the negative economic reports and is instead focusing on the positives, like GE, which is a big change in terms of the focus and the psychology.