The post-Labor Day rally, I wasn't sold on. The fact that we didn't really crash over summer, I thought was a terrific blessing. I think sentiment is going to drive the market from here. The numbers are there, the numbers have not changed. The economy has not changed, it is still good, slowing down a little bit. We've got a nice stable platform. Earnings for second quarter were fabulous. They ought to be pretty good, I think, coming in here to the third quarter.
More Quotes from Michael Farr:
I think we are looking for that next bit of information that's going to drive us.Michael Farr
I like Citigroup as a nice core holding. It's a big money-center bank. They do have some exposure, of course, to Salomon Smith Barney in the brokerage industry, ... This stock has pulled back in here, 44.95 a share. I think that it's going to grow those earnings at around 14 percent -- 11 times and 12 times earnings, that's a cheap stock.
Michael Farr
Poor J.P. Morgan. The company has got nailed on everything from Enron to Argentina and bad loans. But if we see the economy recover, the financial services will do well.
Michael Farr
These are two very different stocks, ... Merck is one of the premier pharmaceutical companies in the world. It's selling at 18 times next year's estimates.
Michael Farr
They've got a huge market share, ... They're the industry leader. American Power Conversion is growing earnings at about 18 percent.
Michael Farr
An earnings boost doesn't trump a contrary verdict.
Michael Farr
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