Tobias Levkovich
Tobias Levkovich
energy factors far fed held market people prices primary raising rates
The two primary factors that held up the market were the Fed raising rates ... and that energy prices were far more excitable than people had anticipated.
drive economy fed hard series worked
The Fed has worked too hard to reinvigorate the economy after a series of shocks, in our opinion, to drive everything back down,
caps favor fed large larger raising stopped tend
In 1995, when the Fed stopped raising rates, large caps did take the lead. We think that that's a possibility, and we tend to favor the larger caps.
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.
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.