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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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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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.
saying
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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We're going to be winding down (earnings) and more focus will be turning toward the presidential election. However, there's not much one can do since the race appears too tight to call. On a poll-by-poll basis, you could see drug stocks impacted negatively or positively, with tobacco stocks and defense stocks similarly impacted.
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The overwhelming key will be, as companies report, it won't be as much about what they report but what they have to say about the fourth quarter and 2001.