You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.
More Quotes from Alfred Kugel:
Generally the market will tend to go in the opposite direction of oil prices and sometimes oil shares, but that didn't happen today yet.Alfred Kugel
People were worried the financial companies wouldn't have a strong earnings trend because of the flat yield curve, but now it's been flat for a while, and the earnings are still coming through.
Alfred Kugel
Some of the things that worried people, that the economy was slowing too much, that inflation was rising too much, have been assuaged here by the numbers we got this morning.
Alfred Kugel
There's a lot of bad news priced into the market, ... If things turn out not to be as bad as discounted, we will have a rally this summer, and we will end the year 10 percent higher than we are now.
Alfred Kugel
You don't bet the farm but you need to be putting some money in as you find stocks that look attractive.
Alfred Kugel
We've now changed the valuation of the stock market quite a bit, ... If anything, the earnings estimates have been going up and stocks have been going down. The price-to-earnings ratio on forward earnings is now down to about 15 times, which is very low relative to interest rates and inflation at the present time.
Alfred Kugel
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