Michael Carty
Michael Carty
Michael Cartywas an Irish Fianna Fáil politician. Born in Loughrea, County Galway to Lawrence and Josephine Carty, he was the eldest of seven children. A schoolteacher by profession, he was first elected to Dáil Éireann as a Fianna Fáil TD for the Galway South constituency at the 1957 general election. From 1961 to 1969, he represented the Galway East constituency, and from 1969 to 1973 the Clare–Galway South constituency. He retired from politics in 1973...
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There are a lot of good things happening right now, but the market continues to focus on Iraq, interest rates, the presidential election, and particularly right now, the high-profile earnings misses.
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Earnings continue to remain strong, even for the technology companies, so I think, with the Federal Reserve saying we're afraid of a recession more than inflation, you're seeing bargain hunters coming in.
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They go into enterprise technology where they allow companies to access all kinds of systems in a secure mode. The company continually introduces products, ... We just jumped in, even at these levels, just about a week ago. We'll continue to buy this stock for many of our accounts. Our analysts are very high on it. We expect it to outperform the market over the next six-to-12 months.
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This stalling is likely to continue as we get through this period. But in early to mid April, you could start to see stocks move higher as the earnings reports start coming in and they prove to be positive, as the economic news continues to be strong and as the issues that are going to determine the election become more clear.
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I think the market came down over the last few days and is recovering now, and that recovery can probably continue through the end of the week.
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In general, the news continues to be mostly good, but people are now waiting to see what the next rotation will be in stocks, or what the next catalyst will be to move the market higher.
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In most election years, stocks are up. But when you think about the kinds of policies that are going to be implemented, the market gets a little worried. So, I would say up until the election you will see some very interesting dynamics. If they feel that a demonstration is favorable, drug stocks will get in then and all of a sudden the drug stocks will start looking hot. If the economy seems to be moving along nicely the high-tech new economy-type stocks will continue to do well,
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The markets seem to be rising as a consequence of the fact that the Federal Reserve had decreased the interest rate by half a percentage point and the fact that people began to believe the Fed was going to do whatever it can do to continue to see the economy turn around.
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We're in this confessional period where there's nothing but bad news coming into the market place now and investors have become really cynical.
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We're seeing some jitters about the Middle East as it relates to our presidential election. But I think the trend should remain up. Earnings are certainly strong, and I think the market should follow that. The only thing we have to fear is more talk about interest rates.
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We're seeing a little turnaround, after so much negative news. It's also the end of the quarter, so portfolio managers need to do a little window dressing.
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We like auto parts and accessories; we even like Pep Boys. They have a return on equity similar to AutoZone, which has a return on equity somewhere in the neighborhood of 40 percent,
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There are some rumors that although the market is open, a lot of people have decided to take long holidays, and so I think you'll see a drop in volume next week.
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There are some negatives out there, but manufacturing and factory orders seem to be coming back and there will be a lot of rebuilding down in the Southeast. I think we've basically been too negative.