Tobias Levkovich Equity Quotations

We do not think that investors have given up on the equity markets and we remain bullish over the next few months, ... the beginnings of an economic tailwind, the probability of needed incremental upward earnings revisions, reasonable valuation and relatively strong degrees of skepticism amongst investors we talk to.

It seems as if we have re-entered the bizarre world in which every piece of news must be interpreted as being bad for equity investors.

If powerful upward earnings estimate revisions have not been able to drive equity prices higher, we suspect that downward momentum in such estimate revisions may cause further stock market weakness to emerge in the next few months.