Earnings have been strong and will continue to be strong, but there's a worry that rising rates will mean the multiple on the earnings will be less.
More Quotes from John Davidson:
Salaries are going to come down. I'm hearing the players have already offered a 5 percentgive-back, so that's the starting point for negotiations.John Davidson
But ultimately, rate cuts are not going to help the crisis of confidence. This is a process that is going to take a lot of time. We need to see CEOs signing off on the earnings. We need to see people getting prosecuted.
John Davidson
He also likes financial issues on account of PE ratios. That sector now is selling at a considerable discount in terms of PE to growth rate, ... So companies, in that sector, include Bank of New York, which reported and disappointed people, and brought the price down a little bit better.
John Davidson
I'm more excited than in many years for what we are about to undertake. I'm looking forward to it. It's been an unbelievable season. I think we're in for a fantastic playoffs.
John Davidson
Obviously people are focusing on the FOMC announcement, ... Up until last week I was ready to flip over to 50 basis points (a half percentage point) but we've had some economic news that's been pretty good.
John Davidson
I think most market participants expect further increase. This is not going to be necessarily the end. I think they were hoping for a neutral stance coming out of it. But I think they having thought about it said, well, the Fed really is on top of this, the Fed is on top of inflation and there's a concern about slowing down the economy. And I think that helped it the market come back.
John Davidson
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