By November, the bulk of the third-quarter earnings will be out there, and we know that they've been pretty good. But for stocks to go higher, we're going to need another catalyst. Expectations for a strong fourth quarter could do it, positive comments on the holiday season could do it, but really, I think it's going to be the economic news.
More Quotes from Donald Selkin:
We're projecting technology earnings are going to grow almost 40 percent this quarter and that's on top of a very, very strong 1999. Energy company earnings obviously will grow close to 80 percent, but that's on top of a weak '99. So there are companies that should have leadership. After all, if you look at the companies that issue profit warnings last week Maytag, McDonald's, I mean I don't think the future of growth of American economy is washing machines or cheeseburgers.Donald Selkin
Individual stocks can go up, but the market is too overbought internally and there is too much complacency for a rally.
Donald Selkin
The longer the war goes on, the longer confidence levels stay low and businesses and individuals don't spend.
Donald Selkin
It's really impressive. It just keeps going, regardless of what the news is. If there is any pullback, it's going to be minor.
Donald Selkin
Right now business stinks, consumer confidence is down, the travel industry is suffering and the economic reports haven't been good and any economic recovery is going to be linked to the war. There haven't been too many first-quarter negative pre-announcements, but I'm still worried about corporate profits in the first quarter.
Donald Selkin
Some of the stocks that rallied in advance of a possible Bush victory might be vulnerable.
Donald Selkin
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