Bill Meehan
Bill Meehan
William Thomas Meehanwas an American Major League Baseballpitcher. He played for the Philadelphia Athletics during the 1915 season...
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We're getting closer to the earnings period, and the bulls are hoping that the actual quarterly results will be in line or better than expected and alleviate the fears that there's another warning coming in every night.
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People that are overexposed in tech should rethink the thesis that many seem to hold that since stocks are down (significantly), they are going to shoot to the sky. Last year was an anomaly.
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I would tell people who are overweight in technology to use any bounces to lighten up in those areas, raise some cash and shift portfolios into more defensive positions.
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Saying the right thing and doing the right thing are different.
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Having cash all the time to some degree makes a certain amount of sense. I don't ever advise people to be 100 percent in or 100 percent out.
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The economic calendar and what companies have to say about how their fourth quarter and next year expectations are will be critical, especially in the technology sector. That's of much greater importance than the elections situation.
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I think it will be to a greater extent a larger problem than most people anticipate. Obviously, it's going to have a major impact on certain industries.
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As we reach the end of the quarter, there's increasing optimism that the damage is done. We saw the beginning stages of the fact that when the economy slows, there are no sectors that go unscathed.
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It's a pattern that's repeated virtually every day. At least today there was a reason to open higher. This is not a good sign that every analyst was out pumping up their favorite tech stocks and here's the result.
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I think we are making a change back to a more historically normal environment and I think value will outperform growth.
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People expected that Asia was pretty much over, and things would get better over the better part of the year. Now, that's called into question here, and technology is a pariah now. And I think there's probably some more downside, near-term, for technology.
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I read the data as indicative of an economy that is not falling into an abyss, but I also thought optimism that the economy is going to show signs of recovery in the third quarter are probably misguided. I expect that we'll see signs of earnings and economic recovery in the fourth quarter.
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There was too much hope built up that the Fed was going to cut by more than 50 basis points. We had a rally in anticipation of Fed action but we are in a bear market. The hopes and prayers of the bulls was totally on the shoulders of the Fed.
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The market is always dealing with uncertainty, and this particular piece of uncertainty is not terribly complicated. There will be a President Bush or a President Gore, and neither will have a strong mandate from voters.