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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I think the energy prices are going to overhang us for a while, maybe a good long while. It's looking like there's going to be a problem with fuel prices again, and the markets are concerned the consumer is going to be tapped out by the end of the year.
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I think the market came down over the last few days and is recovering now, and that recovery can probably continue through the end of the week.
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Right now the general direction is up and that's because of the economy. But there is still a tremendous amount of skepticism about analysts' forecasts and the ability for corporations to repair profits that could challenge us next week.
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The market is moving forward and then back again. We're seeing the glass half-full one day and half-empty the next. This shows that investors are still very tentative and that's also reflected in the light trading volume. The bear is still very young and its having a difficult time standing up.
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The markets seem to be rising as a consequence of the fact that the Federal Reserve had decreased the interest rate by half a percentage point and the fact that people began to believe the Fed was going to do whatever it can do to continue to see the economy turn around.
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People are selling into some of the gains from the run this year and moving into the more defensive names. I think you could see more sideways movement for the next few weeks.
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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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We are basically being held up by geopolitical events,
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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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We've been somewhat concerned with transportation companies, trucking, mainly because of the fact that we're not in a very strong economic recovery.
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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 know Katrina had a negative impact on earnings, ... They (investors) are looking more forward than backwards on earnings.
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We are not looking for any major increases in interest rates.
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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.