It's always been a high-multiple stock among the retailers based on the reality of terrific business performance. Wal-Mart has many times in the last 15 years been a lousy investment possibility because it's priced so high. Our thinking is they've got to always be right.
More Quotes from Douglas Altabef:
Earnings have been good, but what you're starting to see is a return to the attitude about earnings that we saw in the late 1990's, where you're seeing more talk about whisper numbers, higher expectations, and a more punitive reaction to numbers that disappoint.Douglas Altabef
Ostensibly, the advance was caused by oil coming down and some of the comments with the beige book.
Douglas Altabef
There's no real compelling reason for stocks to be up. But you've got little new news and there's an upward bias, so we're up today after a few days of selling.
Douglas Altabef
The market is clearly in a cha-cha mode. There's very little conviction and that's why we're seeing this kind of volatility.
Douglas Altabef
But I think the way the market is acting is actually healthy. You're seeing a real resilience on the part of the market. You're seeing a willingness to shrug off or contextualize not great news, which is a big improvement over June and July, when if the market was open, it was down.
Douglas Altabef
We expect the year to end 2 to 3 percent higher or lower than where it is now. The case for it going down is a massive run of profit taking. The case for it going up is people wanting to get a jump on the January rally.
Douglas Altabef
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