Tobias Levkovich
Tobias Levkovich
amongst beginnings bullish degrees earnings economic equity few given investors markets needed next reasonable relatively remain skepticism strong talk
We do not think that investors have given up on the equity markets and we remain bullish over the next few months, ... the beginnings of an economic tailwind, the probability of needed incremental upward earnings revisions, reasonable valuation and relatively strong degrees of skepticism amongst investors we talk to.
cause downward drive earnings emerge equity estimate few further market momentum next powerful prices stock suspect weakness
If powerful upward earnings estimate revisions have not been able to drive equity prices higher, we suspect that downward momentum in such estimate revisions may cause further stock market weakness to emerge in the next few months.
earnings manipulate people trying
If people we're really trying to manipulate earnings you would think they would have done a better job.
capital earnings four fourth hear leads quarter spending until
GDP leads earnings by two quarters. Earnings lead capital spending by two quarters. So GDP leads capital spending by four quarters. We shouldn't hear that things are getting better until the fourth quarter at the earliest,
behind biggest bull buying factor fairly great hesitate latest seems stocks tech
Tech has been the biggest factor behind the latest bull run, so the fact that stocks are down seems fairly reasonable. I hesitate to sit back and say this a great buying opportunity.
bush expect infer investors seem somewhat victory
We think most investors already seem to expect a Bush victory. Consequently, we infer that a Bush victory would be somewhat anti-climactic.
along easy good year
While we think 2006 will be a good year for stocks, we do not necessarily think it will be an easy one, without hiccups along the way.
breaking point
From a technician's point of view, breaking through 1,300 was an important factor.
environment everybody forces losing people playing stuff work
McManus has been right, but so what? ... You have forces at work that don't have anything to do with strategy. In an environment where everybody is losing money, this directional stuff isn't that important. People are playing a lot of defense.
bush companies control hanging makers price scare
If Bush wins, the price control scare hanging over managed care companies and drug makers would be lifted.
beginning buying
There could be a hiccup at the beginning of the year, but we would look at that as a buying opportunity.
drummer due economic japanese marching market number
To a degree, the Japanese market has been marching to its own drummer for a number of years due to its economic difficulties.
bargaining initial proposal viewed
The President's proposal should be viewed as an initial bargaining position.
close
That, in our opinion, probably suggests we're close to the bottom.