Terence Gabriel
Terence Gabriel
built financial good last run stocks three tremendous
Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.
gotten market matter people rotation saying stay
The market has gotten pretty oversold for the short-term but it's not a full-fledged meltdown. There's so much rotation going on with people saying they will stay in the market no matter what.
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The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be.
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I'm not very enthusiastic. I think the market is not behaving well as a whole. There's just a lot of trepidation about earnings when you look forward into the new year when the reports come in January.
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Especially with the numbers actually coming out, the tendency for this market has been to get out of those stocks reporting earnings a day or two before the report because after they report, it's going to be downhill.
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It's just eroding. It's all panic and follow-through on tech earnings fears. Biotech and Internet stocks are all getting slammed with some flight to safety into Dow stocks, but I don't see it being sustained.
basis
We are probably going to see another 75 basis points.