The question today is more opportunistic. The question is exactly where can I be a buyer of America Online ( AOL ) or some of these other stocks that have been weakened? |
The reality is setting in on the AOL/Time Warner deal. |
There are no signs here that give you the impression that the selling pressure has bottomed. There's just not a lot of conviction out there. |
There is a lack of buyer conviction. The whole dynamic of the Nasdaq rise and correction is, in a broader sense, an inflection point. But investors just view it as weakness. |
There is an underlying bullish tone. We continue to see the action on the downside, in terms of force, to be not as great as what it's been on the upside. (The reports) didn't really change anything. |
There's no rhyme or reason [to the rise] that we see. |
This is the nature of bear markets. There are usually two steps forward, one step back. |
This was a good, constructive quarter. The market overcame two problem areas: the Fed raising interest rates and high oil prices. |
Tradition drives these international markets very, very hard. The concept is interesting, but inevitably, they will find it as difficult, if not more difficult than Europe. |
Wal-Mart highlights an economic transition from relying on consumers to relying on the private sector and capital spending. So, we're looking more at companies like Caterpillar rather than Wal-Mart. |
We have good optimism out there and that's always the time to think about what dark clouds are out there. |
We're facing the realization that rising (interest) rates and rising stock prices are incompatible. The higher rates are really starting to make themselves felt. |
We're looking at a 12 percent decline in earnings this year for the S&P 500, and that's the sharpest decline we've had since the last recession. The confidence level that one has in looking at those earnings is very low. |
We've seen a noticeable pickup in concern over the last two months. |
We've set up a situation where a 25 basis point (a quarter percentage point) cut is good but you're looking at a market that's desperate. |