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发帖数: 1572 | 1 Whither Stocks?
The Dow in the past week rose 4.7 percent to 11,509, and the S&P 500 was up
5.4 percent to 1216. Nasdaq rose 154 points to 2622.
Bernstein said he remains cautious on equities. He said investors are too
focused on the negative tone of politics, and "the pointing fingers" in
Washington. "It's detrimental to people's portfolios to listen to these guys
," he said
Even so, he is still looking for a catalyst to take the market higher, and
for now he does not expect the market make much progress by year end. "Point
-to-point, I don't think people should expect the market to do a lot, but we
'll have technical rallies both up and down through the end of the year," he
said.
Even so, stocks are getting to attractive levels. "Valuations are fantastic
but that doesn't mean anything. You don't buy on value. You have to wait for
a catalyst. Even sentiment is great. Just look at the price of gold. People
think gold is the only thing you can invest in," Bernstein said. However,
the fundamental indicators that he watches are mixed, including jobless
claims which once more increased this past week.
"Every early cycle is dominated by the government. Then what happens is the
government hands off the ball to the private sector, but this time they
fumbled it. I think what's happened is they didn't do anything to promote
investment spending in the United States," he said.
"We are looking for the catalyst that will get us out of the funk. The most
likely thing that could happen, which nobody expects, including me, is that
the private sector picks up that fumbled ball and actually starts to do
something. I do not buy the issues of health care and regulatory uncertainty
," he said.
There are a few earnings reports in the coming week, and there could be any
number of companies commenting on their third-quarter results |
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