Charles Blood
Charles Blood
everybody reasonable state
Everybody is in a pretty reasonable state of confusion.
basically blue chip highs middle
I think we're going at least up to the old highs by the middle of September. I think this is still basically a big-cap, blue chip market.
bit crossed economic economy full inflation markets near news operating potential sensitive
I don't think, even with the economy a bit better, that we've crossed the inflation threshold. But we're operating pretty near full potential and that is why the markets are so sensitive to these economic news events.
bad showing
It's pretty mushy out there, ... But it's not a bad showing after yesterday's (Monday's) drubbing.
bad showing
It's pretty mushy out there. But it's not a bad showing after yesterday's (Monday's) drubbing.
cheap relative stocks terms
Cheap is a relative term. In terms of price-to-earnings ratios, some of these stocks are still high.
bit bottom downside follow friday good last looks sort
A really good bottom looks a little bit like it did last Friday and Monday, but then has follow through, it doesn't just sort of sputter out. I'm a little bit concerned, in the short-run, that there's downside risk.
believes conditions continued expansion favorable financial longer support
no longer believes that financial conditions are favorable enough to support a continued expansion in p/e ratios.
correction expect market overall percent ultimately
We ultimately expect the overall market to be down...and end up with a correction that totals 10 to 15 percent from the peak.
blue bullish case catch chips correction highs last later market month particular rest
The particular bullish case for the blue chips here is that they've really had a correction over the last month or so, ... I look for the blue chips to catch up with the rest of the market and make new highs later this month.
caught sort trap
We're caught in a sort of psychological trap here and sometimes to get out you've got to go down first.
bit decent earnings economic higher interest pressure putting rates rising
We have decent economic growth, but the Fed's tightening, ... Earnings should be good, but rising interest rates are putting a little bit of pressure on valuation. All that nets out to a higher market, but not every day and every week.
pessimism seem vulnerable
There doesn't seem to be the overwhelming pessimism that you typically see at a bottom. I think the market's vulnerable on the downside.
key market past period realize straight worst
We are now on are way back to new highs, ... The key thing to realize is we're past the worst. The market is not going to go up in a straight line, but the worst period is over.