The market has two overhangs. It has the interest rate concern and it has the concern of whether a soft landing is achievable. The interest rate concern is over but the soft landing is another question. We don't know if the economy is slowing enough or slowing too fast and that concern, as it relates to earnings, is weighing on the market a little.
More Quotes from Barry Hyman:
Even though it's a tough environment for travel related stocks, the catalyst for American Express is going to be the ruling against Visa and MasterCard. It's a very significant positive.Barry Hyman
It is quite astounding. One week revenue-based companies are forbidden (psychologically) from investors' minds and one week later, as interest rate (fears) return, technology (stock) is the place to be because they are less affected.
Barry Hyman
You have to be careful. There are not many sectors that are doing well out there. This is a slowing economy. People are looking for security of earnings. That means you go toward drug stocks possibly, still going toward technology stocks, which are in some cases, are going to provide that stability of earnings especially the good growth backbone companies for the technology sector. Avoid cyclical stocks, avoid retail stocks. Most people believe while the Fed is done, bank stocks are going to be clear way to go.
Barry Hyman
It's not the quarter-percentage point increase that is worrying people. We are all waiting to see if the commentary will point to one, two or more interest-rate increases.
Barry Hyman
The economy is already slowing down without the impact of that 50 basis point hike last month, and I think what you have to look at here is the ending of the interest rate cycle. The growth stocks are technology stocks. And at this time it's a very seasonal thing as well. We are coming to the end of the quarter, so you are going to just get the great stock into the portfolios and sell the weak ones.
Barry Hyman
I like Wells Fargo. Super regional bank, great earnings growth, around 13-14 percent year over year. They just got past their 1 millionth on-line investor, and I want to have a super regional bank or a large bank that has an online presence.
Barry Hyman
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