Brett Gallagher
Brett Gallagher
downside greater seeing upside
Had they won, the upside would be significantly greater than the downside we're seeing . . . .
We're going to see a lot of revisions down as we go on through the year. Expectations are high.
build gains news order period prolonged slow steady time
We're going to have to see better news and slow steady incremental gains over a prolonged period of time in order to build the market.
ability along bit company continue course focusing follow further gas increase later limited months name natural next others percent petroleum prices production pump sector services surprise turn vastly
We're focusing more on the drillers and some producers. The services sector I think will follow along a little bit later Anadarko Petroleum is one of our favorites, ... This is a bit of a natural gas play. It's the one company in this sector that can increase their production should prices turn higher. Many others are limited by their ability to continue to pump out further amounts of product. I think Anadarko is vastly undervalued. To get another 30-to-50 percent out of the name over the course of the next 12-to-18 months would not surprise me at all.
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.
direction impact longer major war
Longer term, is the war going to have a major impact on the direction of the market? I don't think so.
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.
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.
earnings less quality
Today's earnings quality is less than in the past.
bubble cheaper compared market peak point running
Yeah, we're cheaper than we were at the peak of the bubble and running up to the bubble. But compared to any other point the market is overvalued.
boost good huge market outcome rally time unlikely
It's unlikely the market would get a boost from that kind of a result. This time we have such a good outcome priced in that I don't think we'll have a huge rally once this is over.
claims clear difficult employment jobs link missing moving point recovery stock takes talked time weekly whatever
Everyone has talked about employment being the missing link in the recovery, but as the weekly jobless claims have made clear for some time, employment is moving in the right direction, it's just moving very slowly. At whatever point a substantial recovery in jobs really takes hold, that's probably going to be a difficult time for the stock market.