We're seeing the reality of a market that does not have any great conviction. Anyone who expected a linear, 'We're off to the races' kind of tone after last week was mistaken.
More Quotes from Douglas Altabef:
I think as the year goes on there is going to be more conviction about an economic recovery. I think the market's sort of sideways with an upside bias at least for the next couple of months. I think we'll have a nice fourth quarter.Douglas Altabef
These accounting worries go right to the underpinnings of trust and confidence. If trust isn't there, you're tugging at the loose thread of a cheap polyester suit. People are worried about what other shoes are getting ready to drop.
Douglas Altabef
This is not an expensive stock. We think Merrill certainly has a significant amount of upward opportunity.
Douglas Altabef
The market is in a wait-and-see mode. It's waiting for confirmation of an economic recovery, some kind of resolution on Iraq and on what the Federal Reserve is going to do in its meeting this month.
Douglas Altabef
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.
Douglas Altabef
I think there are a couple trends worth paying attention to. Number one is the re-emergence of financials. We've seen that already over the last few months. They've had a tremendous run but they're coming off such a lousy last year-and-a-half that I think it's fair to say that it hasn't really left the station. But there's a lot of whistle blowing going on. The other one is that investors are very nervous about any kind of whiff of disappointment of not meeting expectations, so there is tremendous short-term volatility going on, and that's a buying opportunity.
Douglas Altabef
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