Al Goldman
Al Goldman
ancient earnings fourth looking market quarter
Earnings are ancient history. The first quarter is under our belt. The market is now looking to the fourth quarter and ahead.
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There's only one reason to buy stocks and that is to participate in a company's growth of earnings and I don't know any sector of the economy that offers superior growth prospects looking out two, three, four, five years than technology and selected Internet stocks. It's been working for 10 years now and I'm not going to buck a trend like that. You buy dips. We had one heck of a dip that reached a crescendo last week and people who bought Friday or early Monday have reaped very nice profits.
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We need a mind shift to looking beyond the valley to the peaks ahead. We have to look at the history of the nation after it's faced other horrible disasters. We always come back bigger and better.
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There is a high degree of low confidence in the marketplace and nobody is looking beyond the end of their noses. They're responding minute by minute to things.
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The message of the market today is that there is a lot of money on the sidelines and that money was looking for a reason to buy. And the main reason to buy is that we're going up. Momentum builds on momentum.
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The futures are flat this morning. We've had eight days of a good rally. The short-term momentum is still up for Wall Street but stocks are looking extended.
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The market got itself deeply oversold after six months of correction. Now people are looking at fact rather than fiction and seeing the economy has already slowed to a healthy and sustainable rate.
both buying notorious opportunity rather sector sooner
The sector is notorious for over-reacting - both up and down - and now we are getting a little realistic. But I think the buying opportunity is going to be sooner rather than later.
areas market
These are the personalities of a market getting in the areas of a bottom.
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Drug companies are being hit by the Merck trial. But since their valuations are still cheap, we might see a sharp rebound in their stock prices soon.
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Earlier this year, home-builder stocks were going up like Superman. Today's drop in the home sales report provided a good excuse for managers to finally sell those stocks and lock in some profits.
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Fluctuation is normal after a run-up. The economic news is not good and it's not going to be good for a while, but we are in recovery mode.
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Right now this is a market based on sound fundamentals. I do not see any irrational exuberance. I see intelligent buying. Somewhere out there we will get into a blow-off stage but when that will come is totally unpredictable. Therefore, I'll worry about it when market action starts to change.
despite economy improvement signs
Our economy is doing well despite what is going on in Asia, and with any signs of improvement from there, it could be up, up and away for us.