Brett Gallagher Market Quotations

We've seen more bad news than good news on the economic front over the last few weeks, but the market has been trading higher. Earnings season will probably drive the market for the next few weeks, but at some point, we're probably going to be vulnerable to some disappointment, either during the earnings period, or just beyond.

I think the market is just biding its time, and we're going to have these back-and-forth days.

I think that the IBM numbers in particular are going to be important. The chatter that I hear is that Microsoft should beat, but IBM is more mixed. So if IBM beats, that might drive the market higher.

Our general view is that the market is very overbought and will go down, but that could be delayed somewhat. In the very near term, I hesitate to bet against the market when you've got this much stimulus.

Yeah, we're cheaper than we were at the peak of the bubble and running up to the bubble. But compared to any other point the market is overvalued.

We seem to be certainly playing to the ebb and flow of the news on the Middle East. You had talk that the national security level would be raised and the market sold off immediately, then popped back up once it was dismissed. That's the kind of market we're in. It's rumor-driven, technical and the fundamentals are not playing a role.

Every market and every sector has different things that make it tick. So when we're looking, for example, at developed markets, we are bottom up stock pickers. We'll pick the best companies and see what kind of allocation that ends up giving us.

Once the market has fallen far and fast, there tends to be a pause.

This is a market that has no confidence. Corporate confidence is shot, confidence in earnings is shot, and confidence in Wall Street analysts is gone. Only time is going to heal that.

It seems to me that this is a market where fundamental analysis has fallen flat. If you're looking for higher quality companies whose fundamentals are on the mend, you're not catching this market.

It's the wildest market I've seen in some time,

It's unlikely the market would get a boost from that kind of a result. This time we have such a good outcome priced in that I don't think we'll have a huge rally once this is over.

I had fish for a while, and after they died the market didn't do so well.

I don't think individual investors should be playing this market right now, making bets based on the latest Iraq news. Once the war ends, we've got underlying fundamental issues that will return to focus. The war is not the reason the economy is having trouble. Fundamentals have gotten worse since the beginning of the year and yet the market has gone higher because of the focus on Iraq.

The majority of earnings have been good, but there have been some misses and the market has reacted violently to them. This is a week that has put me on alert.

The undertone to the market is still somewhat positive. The economic data shows that we have bottomed. It's what allowed markets to recover in early January. But the accounting issues are here to stay.

The market was down so far so fast recently that I don't think it takes much to get a bounce here. Investors were just determined today to be optimistic.