The market is still looking forward to discounting a neutral stance by the Fed.
More Quotes from 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
We don't yet believe that consumer spending is going to slow dramatically even though there has been a lot of volatility in the stock market. Obviously there are a lot of investors out there who were sitting on big losses from stocks they bought from February through March. But we still see the economy as moving along strongly.
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
Basically for the nine months, they're doing close to a billion dollars in sales. A very strong book-to-bill (ratio, which measures orders versus shipments). I think this stock offers a lot of appreciation potential over the next year.
Terence Gabriel
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.
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
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