This is a very preliminary report, and it will surely be revised downward in the neighborhood of 5 or 5.5 percent, but even that is extraordinary, coming off of last quarter's growth, ... People know that it will be revised downward, and so maybe they are a little cautious today, but you need to look at the longer-term implications of this.
More Quotes from Ram Kolluri:
The earnings growth is a positive. The problem is that the ten-year note yield is currently standing at 4.85 percent and is pushing toward 5 percent and our friends at the Fed are not telling us when rate hikes are done.Ram Kolluri
We're so stretched out, so oversold at this point, that we have no idea what a potential snap back could be. This is like a hot, dry forest and one good spark is all we need for it to really take off.
Ram Kolluri
I'm somewhat in the cautious camp. The rally may continue, but this is exactly how we felt in 1999 and 2000 before we started questioning earnings. I feel there is going to be a reality check somewhere.
Ram Kolluri
If there's military action, it's going to have to be soon. The heat is oppressive come March, April, May in that part of the world. In the desert it can reach 120 degrees. So I have a feeling something will happen in February.
Ram Kolluri
Some sectors like retail are bracing themselves for a slowdown in the economy in the second half. So you can see some of the weakness in retail stocks. But corporate earnings are looking good. They are afraid of the Fed and that is still in the minds of people. Once burned, twice shy.
Ram Kolluri
At the Congressional hearings next week, there will be a lot of noise about the Bush administration's budget, the budget deficits and Social Security, as well as talk of interest rates.
Ram Kolluri
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