I think what's happening is we're having a struggle between very strong earnings (and) the counterbalancing force is the concern of rising interest rates, and so it's the fight between those two things that I think is keeping pressure on the market.
More Quotes from Robert Froehlich:
I think the REIT market is a nice way to play the real-estate market. One of the reasons (REITS have) become popular in the mutual-fund segment is that they give you a great way to diversify real-estate holdings across a much larger spectrum than you could get if you individually invest in real estate.Robert Froehlich
The Fed was concerned with the valuation of the stock market when it was 6,200. Now it's at 7,600. And so I think some of those signs may be signs of what would cause the wealth effect and what would cause future inflation. I think that's why they may look at raising them.
Robert Froehlich
There was a concern that capacity utilization would be a little higher because the auto production has really been up a lot and there was concern that number would spook the market.
Robert Froehlich
I think earnings are going to surprise on the high side. Our expectations were much lower for earnings because we thought the economy was going to be very slow in the third quarter and that didn't happen.
Robert Froehlich
I think what's happening is exactly what the Federal Reserve Board wanted to happen. They wanted to change their bias from neutral to tightening to slow down the markets - and that is what's happening today.
Robert Froehlich
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