Alfred Kugel Market Quotations

I would guess this will be another weak report and that, I think, will keep the Fed on its path of easing, ... In a perverse way, the market will like it because they'll think the Fed will make another cut at the next FOMC meeting.

have been beating the drums about worrying about higher inflation, and so far, other than energy, we haven't had higher inflation. (But) I would say earnings are doing quite well, so I think that's helped to keep the market from having another bad week.

We've now changed the valuation of the stock market quite a bit, ... If anything, the earnings estimates have been going up and stocks have been going down. The price-to-earnings ratio on forward earnings is now down to about 15 times, which is very low relative to interest rates and inflation at the present time.

You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.

This changed the whole psychology of the market from one of disappointment to one of optimism.

Generally the market will tend to go in the opposite direction of oil prices and sometimes oil shares, but that didn't happen today yet.

The fundamentals are still there. We have low inflation, low interest rates and a worldwide demand for American products I don't think you have a problem as far as the market going up.

The market has done pretty well this week. I think the fund managers that took a more cautious stance after Hurricane Katrina may be doing a little buying now, but it's a quiet day.