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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There are a lot of good things happening right now, but the market continues to focus on Iraq, interest rates, the presidential election, and particularly right now, the high-profile earnings misses.
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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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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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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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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 might find some people selling off the big winners, ... because they might want to take some capital gains against the capital losses they've taken in recent years.
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We're seeing some jitters about the Middle East as it relates to our presidential election. But I think the trend should remain up. Earnings are certainly strong, and I think the market should follow that. The only thing we have to fear is more talk about interest rates.
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I think the markets are basically making time as a result of the Iraq situation. The negatives are being played up, and the positive things not absorbed. With a modest resolution to some of these things we might see a market rally.
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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.