Peter Cardillo Yesterday Quotations

Mr. Greenspan certainly left the door open about a possible hike. That whole testimony yesterday (Tuesday), while it relieved the market a bit, is being scrutinized today.

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 what happened yesterday and Monday was a wake-up call for investors,

What we're seeing here is investors becoming increasingly nervous, awaiting the economic data tomorrow (Thursday). Profit warnings and future growth (concerns) are overshadowing the enthusiasm that we saw develop late yesterday -- it's a feeding process.

Very well managed, ... I just yesterday raised it to a 'strong technical buy.'

We had a fairly sharp drop yesterday and this is an extension of that,

The Dow tried twice yesterday to get past 10,000 and failed, but I think it's really just a matter of time. We could see that happen by the end of the year.

The market is trying to rally again and that's encouraging. But whether yesterday (Wednesday) was really the big capitulation day remains to be seen. The market is probably going to drift in the next week or so as it finds its footing after the run-up.