Brett Gallagher
Brett Gallagher
problems worse
With pharmaceuticals, the problems are pretty well known. I don't think they're going to get any worse from here.
anyone earnings expecting heading quarter season starting
The quarter is starting off pretty rough. We're heading into earnings season and I don't think anyone is expecting anything good.
bad drive earnings economic either few front good last market news next season seen trading vulnerable
We've seen more bad news than good news on the economic front over the last few weeks, but the market has been trading higher. Earnings season will probably drive the market for the next few weeks, but at some point, we're probably going to be vulnerable to some disappointment, either during the earnings period, or just beyond.
against bet delayed general hesitate market near view
Our general view is that the market is very overbought and will go down, but that could be delayed somewhat. In the very near term, I hesitate to bet against the market when you've got this much stimulus.
continues middle respect war
It continues to be a tug of war with all of the uncertainty going on with respect to the Middle East,
bounce earnings estimates extent given help last markets quarters risk sold unexpected week
It is a little bounce and it's not to be unexpected given how much the markets sold off last week so I wouldn't read too much into this. Earnings are going to be very important to help set the tone, but the out quarters are still very much at risk and those estimates have not come down to the extent I think they should.
market
I think the market is just biding its time, and we're going to have these back-and-forth days.
chatter drive hear ibm market microsoft might numbers particular
I think that the IBM numbers in particular are going to be important. The chatter that I hear is that Microsoft should beat, but IBM is more mixed. So if IBM beats, that might drive the market higher.
core earnings introduce nobody ongoing operations picture present reason
I thought the reason for core earnings was to present a picture of what earnings from ongoing operations really look like. But because of this one factor, and because it's going to introduce so much volatility, nobody is going to use it.
becoming companies compare extremely investors slowly
I think it's extremely important for U.S. investors to get this idea. It's slowly becoming more mainstream. As the world has become more global, it's more important to get best-in-class, and the only way you'll do that is to compare companies globally.
downside greater seeing upside
Had they won, the upside would be significantly greater than the downside we're seeing . . . .
buy talk
GE will probably talk up their numbers, but I don't know if I buy it.
fire investors markets pick reconcile standpoint technical themselves
From a technical standpoint the markets are a little oversold. There's tinder for the fire if the markets pick it up. Investors have to reconcile themselves that they're never going to find the bottom.
honest main measure problem
GAAP is the most honest measure of earnings, ... but the main problem with it is the cyclicality of it.