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...
basically coming factory negatives orders rebuilding seem
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.
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Even with oil, the expectation seems to be that higher prices are something we have to live with for now.
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Although people are somewhat concerned about where the economy is going, some rational exuberance is finally entering the market. Investors have been so pessimistic for so long that it seemed to be endemic, but people are beginning to believe there's an end in sight to all of this (bad news).
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There seems to be a lot of economic momentum and earnings momentum fueling this market.
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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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I don't think that anyone is immune to interest rates. Although the Justice Department said it wanted to divide (Microsoft) into two parts, the judge seemed to be disinclined to do that. However, if the Justice Department does decide to do that, we're going to have a difficult time in the near-term.
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Certainly we like certain specialty retailers. We like the regional banks. These are companies and industries that have earned money through the recession, are continuing to earn money and seem like reasonably safe bets,
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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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Yesterday (Monday) was a technical rally. There's still a lot of uncertainty about a potential recession and about what's going to happen on the diplomatic front.