The on-again, off-again love affair with cyclical stocks is indicative of a lack of clarity. |
The only thing he's likely to say any different would be during the question- and-answer phase -- and that probably won't amount to a whole heck of a lot. |
The overwhelming key will be, as companies report, it won't be as much about what they report but what they have to say about the fourth quarter and 2001. |
The past two days' strength is not a function of what happened in the June quarter, it's a function of traders trading more toward the notion that the economy is going to recover and you have to buy them before you miss them. |
The perennial favorite is technology because whether you think the economy is slowing, growing, or somewhere in between, there's a great belief that these companies in the new information age will generate good earnings growth no matter what happens. |
The problem is (Cisco) was the big focus of attention. It's not good when you get positive news and there's (little) response. I don't think it bodes terribly well for the tech group. |
The problem there was that they said the next quarter was going to be impacted by changing accounting procedures and their guidance going forward was not particularly upbeat. |
The sentiment reading still indicates that we haven't seen any bottom. People are still too complacent. |
There are a lot of conferences scheduled and there we'll get some (indicators) within the technology group. |
There are analysts out there talking up their favorite tech stocks. On the other hand, there are still concerns that large cap tech stocks may be doing some pre-announcements, so there are a lot of cross currents. |
There are still too many people that have let greed remain in control and have yet to succumb to fear. There are too many people calling bottoms all over the place. People are too worried about missing the v-shaped recovery than they are about losing money and losing it they have been. |
There is not enough earnings and/or revenue growth to justify valuations in a lot of the technology stocks and there is a great amount of fear that analysts will be slashing away at their earnings estimates for next year. |
There was a lot of disappointment about revenue. It's especially true for technology stocks - if you don't have revenue growth, people start to question (value), and 10 percent doesn't cut it. |
There was too much hope built up that the Fed was going to cut by more than 50 basis points. We had a rally in anticipation of Fed action but we are in a bear market. The hopes and prayers of the bulls was totally on the shoulders of the Fed. |
There's an erosion of confidence that any recovery is unlikely to occur as quickly as had been previously expected and when a recovery comes, it's not probable that it's going to be a very robust one. |