Michael Carty
Michael Carty
Michael Cartywas an Irish Fianna Fáil politician. Born in Loughrea, County Galway to Lawrence and Josephine Carty, he was the eldest of seven children. A schoolteacher by profession, he was first elected to Dáil Éireann as a Fianna Fáil TD for the Galway South constituency at the 1957 general election. From 1961 to 1969, he represented the Galway East constituency, and from 1969 to 1973 the Clare–Galway South constituency. He retired from politics in 1973...
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The economy remains in a growth pattern, and normally the market would be responding favorably. But people are worried about inflation, the rise in energy prices and the weak dollar.
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In general, the news continues to be mostly good, but people are now waiting to see what the next rotation will be in stocks, or what the next catalyst will be to move the market higher.
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It's one of these choppy days, where there are a lot of different factors at play.
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This has been the strongest quarter in three or four years, and so you'd expect investors to want to take some profits as the quarter is winding down.
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The most prudent position for any investor right now, ... would be to be buying on the dips, particularly those attractive technology stocks that are selling at something of a discount.
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What (Fed Chairman Alan Greenspan) says is going to be very important because people like to read between the lines.
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Yesterday (Monday) was a technical rally. There's still a lot of uncertainty about a potential recession and about what's going to happen on the diplomatic front.
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This stalling is likely to continue as we get through this period. But in early to mid April, you could start to see stocks move higher as the earnings reports start coming in and they prove to be positive, as the economic news continues to be strong and as the issues that are going to determine the election become more clear.
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We're in this confessional period where there's nothing but bad news coming into the market place now and investors have become really cynical.
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We're seeing a little turnaround, after so much negative news. It's also the end of the quarter, so portfolio managers need to do a little window dressing.
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There are some negatives out there, but manufacturing and factory orders seem to be coming back and there will be a lot of rebuilding down in the Southeast. I think we've basically been too negative.
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There are some rumors that although the market is open, a lot of people have decided to take long holidays, and so I think you'll see a drop in volume next week.
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We like auto parts and accessories; we even like Pep Boys. They have a return on equity similar to AutoZone, which has a return on equity somewhere in the neighborhood of 40 percent,
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The path of least resistance for this market is up right now.