Terence Gabriel Market Quotations

So much of the market now is tied to PC demand and all of the other companies that produce equipment that either goes into a PC, into the box or the software which makes them run.

When PC sales are showing weakness, it ripples across technology. You have to view it as very worrisome news when companies like Dell are unable to deliver on revenues. It really is a market that has transitioned to where revenue growth is more important than earnings.

Downgrades outweigh upgrades and fear outweighs greed. This is not a market that can weather uncertainty and it's been pretty brutal.

We're in a bear phase here, and certainly any kind of negative news out of the Middle East that affects oil prices is going to be another issue that the market is going to have to deal with. Obviously, some people are very concerned that one thing leads to another, and then you get a bad news one day, and worse news Saturday kind of thing.

In January, April and July, the S&P 500 and the Nasdaq have closed down when earnings are reported but they tend to be better ahead of earnings so I don't expect October to be any different. It's a very volatile market and things shift very quickly but the expectations are just so high ahead of earnings.

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.

I do think, though, longer term the semiconductor area, both equipment makers and the chip producers, is probably the best area to be in this market looking forward.

The market is still looking forward to discounting a neutral stance by the Fed.

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.

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.

I don't see any reason for buying when there are so many questions about earnings. There's not a lot of resolve here and the market doesn't have a lot of zing to it.