Richard Cripps

Richard Cripps
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You get a kick in the market that draws in the buyers. I think we're in a trading range and are getting into the bottom half of that trading range.
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From a trading desk standpoint, you'd rather be long (own stocks) here than short, and that starts to build its own dynamic and attract its own level of interest. The market is oversold and selling pressure is easing.
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Tradition drives these international markets very, very hard. The concept is interesting, but inevitably, they will find it as difficult, if not more difficult than Europe.
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The big fundamental for financial markets is the economy and earnings beyond interest rates.
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We've set up a situation where a 25 basis point (a quarter percentage point) cut is good but you're looking at a market that's desperate.
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Whenever the market is as oversold as it is right now, it's typically been a good idea to do some buying. The question is what to buy and the lack of a 'go to' area is keeping investors on the sidelines.
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Keep in mind most people are now working into the next quarter. The window dressing that has been powering the market may be gone.
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I think that the correction that we've seen in the market averages, in the Nasdaq, is probably reflecting an inflection point for the equity market that's going to be not as focused on technology. It's going to be shifting more into the broader segments of the equity market.
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This was a good, constructive quarter. The market overcame two problem areas: the Fed raising interest rates and high oil prices.
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The markets are getting oversold and typically you're at levels where markets that are this oversold can have pretty good rallies. I think investors are cognizant of the fact that things are weak, but they also don't want to miss an incredible rally if one occurs.
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And while you are waiting, you get a 3 percent yield and one of the strongest balance sheets in corporate America.
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Putting it in context, it wasn't a great display of bullishness one would assume.
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Probably in the short term we're a little ahead of ourselves. We don't have any earnings visibility and we won't until the fourth quarter.
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Either the fundamentals have to grow much faster or the stock has got to come down.