What we're probably getting in the U.S. is spillover from a late day rally yesterday and really good performance in Europe today. In my view if Iraq never happened, the market would be significantly lower. I think the uncertainty has held up the market. The fundamentals are terrible.
More Quotes from Brett Gallagher:
Investors had to decide this (Monday) morning whether last week's rally was real or just a knee-jerk reaction to the previous week's losses.Brett Gallagher
It's a little chicken and egg. The flows tend to follow the market, but when you get a nice six months in a row, the momentum can begin to carry itself.
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Some companies have a policy of currency hedging, and you have to factor that into the picture.
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With pharmaceuticals, the problems are pretty well known. I don't think they're going to get any worse from here.
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I think the market is just biding its time, and we're going to have these back-and-forth days.
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Every market and every sector has different things that make it tick. So when we're looking, for example, at developed markets, we are bottom up stock pickers. We'll pick the best companies and see what kind of allocation that ends up giving us.
Brett Gallagher
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