We're looking at a 12 percent decline in earnings this year for the SP 500, and that's the sharpest decline we've had since the last recession. The confidence level that one has in looking at those earnings is very low.
More Quotes from Richard Cripps:
The markets are getting oversold and typically you're at levels where markets that are this oversold can have pretty good rallies. I think investors are cognizant of the fact that things are weak, but they also don't want to miss an incredible rally if one occurs.Richard Cripps
I'm of the view that the Nasdaq really goes into a consolidation, and historically, for technology, it really performs fairly poorly in the April-to-June time frame. So my view is that Nasdaq, on the whole, pretty much always goes into a consolidation pattern, not much upside from the current level.
Richard Cripps
Probably in the short term we're a little ahead of ourselves. We don't have any earnings visibility and we won't until the fourth quarter.
Richard Cripps
From a trading desk standpoint, you'd rather be long (own stocks) here than short, and that starts to build its own dynamic and attract its own level of interest. The market is oversold and selling pressure is easing.
Richard Cripps
There are no signs here that give you the impression that the selling pressure has bottomed. There's just not a lot of conviction out there.
Richard Cripps
But I think that the global picture in 1995 was a little bit more murky than it is today. Economy was slower than today. As we look at the world scene it is actually quite good. A lot of foreign economies are expected to grow a little bit faster than the U.S. economy this year. So that is a major difference. And again it probably keeps the Fed from decreasing or cutting interest rates anytime soon.
Richard Cripps
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