Terence Gabriel Stocks Quotations

It's just eroding. It's all panic and follow-through on tech earnings fears. Biotech and Internet stocks are all getting slammed with some flight to safety into Dow stocks, but I don't see it being sustained.

We don't yet believe that consumer spending is going to slow dramatically even though there has been a lot of volatility in the stock market. Obviously there are a lot of investors out there who were sitting on big losses from stocks they bought from February through March. But we still see the economy as moving along strongly.

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.

Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.

It's that one-two punch. You downgrade Intel yesterday, you downgrade Micron today and it ripples all through technology - even the strong stocks can't hold up.