Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.
More Quotes from Terence Gabriel:
It's that one-two punch. You downgrade Intel yesterday, you downgrade Micron today and it ripples all through technology - even the strong stocks can't hold up.Terence Gabriel
There's still a lot of concern about energy prices. People are already looking forward to the numbers in October which are going to be potentially far worse.
Terence Gabriel
It's just eroding. It's all panic and follow-through on tech earnings fears. Biotech and Internet stocks are all getting slammed with some flight to safety into Dow stocks, but I don't see it being sustained.
Terence Gabriel
We're in a bear phase here, and certainly any kind of negative news out of the Middle East that affects oil prices is going to be another issue that the market is going to have to deal with. Obviously, some people are very concerned that one thing leads to another, and then you get a bad news one day, and worse news Saturday kind of thing.
Terence Gabriel
Downgrades outweigh upgrades and fear outweighs greed. This is not a market that can weather uncertainty and it's been pretty brutal.
Terence Gabriel
We think those numbers are likely to be subdued, not super weak and not super strong.
Terence Gabriel
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