Timothy Ghriskey Coming Quotations

Gorman coming over changes the whole landscape. It's a fresh slate.

We've seen a very volatile stock market since February. Different styles and sectors, like technology or financials, coming in and out of favor with no clear direction. There's nothing really wrong with techs. They are certainly somewhat highly valued by any historic measure, but probably not as highly valued as they were in February. We think, actually, come the fall, we could see a big tech rally, and that would probably be related to the fact that the IPO calendars are really building at the big underwriting firms, the big broker dealers.

Markets don't go straight up, nor should they. What we're seeing today is very necessary. You want to see a series of small ups and smaller downs, with new investors coming back in and buying the dips. This period of selling is nothing more sinister than that.

But the language in the Fed comments and in Greenspan's speeches of late has been pointing to rate hikes becoming more aggressive, ... The word 'measured' is going to be dropped soon, maybe at this meeting, maybe at the next.

Earnings have been coming in by-and-large at better-than-expected levels. But a lot of that has been priced in, and so you're seeing some selling on the news. But the profit-taking is short-term. Longer term, we should continue to see strong economic reports that support the rally, and we should start to see analysts' estimates increase for the fourth quarter.