Michelle Clayman
Michelle Clayman
Michelle R. Clayman is chief investment officer of New Amsterdam Partners, LLC, a firm she founded in 1986. New Amsterdam Partners offers large cap and mid cap investment strategies to institutional investors. Clayman sits on the Boards of the Society of Quantitative Analysts, and The Institute for Quantitative Research. She is a frequent commentator for CNBC, Bloomberg, and other financial media. A graduate of Stanford University's Graduate School of Business, Clayman is the first woman to receive the School's Excellence...
august light markets rally strong summer tends time
We are in the summer doldrums. Once we get into September, markets will probably rally because the fundamentals are strong but August tends to be a time of light trading.
bit last reaction today week
Last week was down, so some of today is a reaction to that, with a bit of a bounce.
certainly cuts earnings good half kick looking people rate second
People are looking for a pretty good earnings pick-up in the second half of the year. The rate cuts are certainly going to kick in.
interest lends low support today treasury yields
We're also still getting support from the low interest rates. While Treasury yields are not as low today as they've been, they are still historically at a substantial low, and that lends support to equities.
concerns hit number profits slow stocks
There are still concerns that profits will slow considerably, and that will hit stocks. But I think there are a number of stocks that are just oversold at these levels.
adding certainly companies problems selling
WorldCom (WCOME) selling off is no surprise, but it's certainly adding to the sentiment, and the drug companies are having problems as well,
both corporate economic move moving news start until
Until both the economic and corporate news start moving more consistently higher, you won't see another big move up for stocks.
bang home surprising
We started off with a bang yesterday, so it's not surprising that there would be a pullback. Plus, you had Home Depot's pre-announcement.
aggressive comments fed near positive raising rates saying suggest
Greenspan's comments suggest the Fed won't be aggressive in raising rates in the near term, which is a positive for markets, but he's not saying anything that surprising,
business confidence consumer expect increase margin market negative positive question start turn whether
Negative pre-announcements are outpacing positive ones by a three-to-one margin -- and that's very high, ... The big question is whether the market can look through that. We expect consumer confidence will increase and business confidence will start to turn up as well.
begin bound companies few guess market narrow next range report september tends trading weeks
September tends to be the take-a-breather month, historically. I would guess the market over the next few weeks will be bound to a narrow trading range as companies begin to report earnings.
earnings feeling interest market might people rates tech worries
Earnings have been pretty astonishing, but the market hasn't always responded to that. I think people are feeling better about tech earnings in particular, but we still have worries about interest rates and what that might do to the recovery.
due number
The run-up is probably due to a number of factors.
ahead early gotten last performance stocks themselves tremendous year
A lot of the Nasdaq stocks had a tremendous performance last year and may have gotten ahead of themselves in the early part of this year.