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I -- stocks starting this week in the red but what if anything could change their direction our next guest says there's a bevy of economic news including.
Consumer confidence durable goods orders real GDP.
And this is initial jobless claims and of course the Chicago PMI.
Let's have gotten markets in the green by the end of the week with a little -- Mark Murray -- senior web strategist for premier financial advisors first allied securities joins us now.
You know -- the last -- trading last say the quarter of British -- window dressing really regardless of what these numbers say -- -- I agree to see I think this is a great opportunity for the hedge funds that haven't participated during a rally.
-- today they've been up but not quite hot as high as the major indices so I think you'll see hedge fund managers going in buying when they can.
Obviously the market today and last week as a whole pause.
And there were some profit taking but I I I believe that the market will pick up between now in -- if we -- see it pick up between now on Friday do you expect managers to potentially sell out and say you know what I'm not close up shop for the rest of the year but who knows what's gonna happen -- court there has been discussion.
You'll see that among portfolio managers they've had a great year that they had a great -- in the first quarter through march there are many right and then we took a dip in the second quarter but you could conceivably see that because.
There will be some volatility.
As we get into your lead up into the presidential election.
-- so let's talk about some this data in a jobless claims are up last week GDP we -- has been weak consumer confidence can go either way depending basically on -- the wind is blowing.
What are you expecting.
I expect consumer confidence to be higher.
This month over month that I see that trend continuing if you look at automotive sales if you look at -- consumer discretionary.
Everything is trending higher.
Idea I really fully expect that this will help the market.
With consumer sentiment I see that improving especially in the housing sector.
I see a nice uptick in -- trend in the housing sector when new home sales and existing home sales so it seems that domestically we are so maybe start to feel a little bit better but.
Why does it say Europe seems to be off the table for many investors well structurally well simply because it looks -- -- Germany is providing a backstop and overall we don't have to worry about.
Greece right now ultimately we may have to.
Spain -- may reject the austerity measures measures but it seems that we've had some transparency the markets like transparency.
So therefore Europe is off the table right now the attention will turn more closely.
Now to corporate earnings third quarter earnings which many analysts expect.
Won't be lower and I and are providing for guidance to that a fact.
And -- is into more about Europe in a bit but what you know let's go to earnings right now are we setting the bar lower on purpose so yet again we could jump over -- Not necessarily this started last year so.
This is continuing.
Analysts are expecting.
Co Q3 -- year over your earnings to be lower.
So I think he still elude the market's very affordable.
PE ratio trailing PE ratio of sixteen for the S -- 500.
Makes is still very very much affordable it's that the wild card and that's the presidential election.
Necessary we're gonna see what's going to happen after week after after the the presidential elections just -- right here we might seem to -- -- and closes house on Friday right now are at anything is possible to protect the gains and to and to provide their investors and I -- myself with my clients.
I'd like to provide them with good solid results as opposed to giving back profits -- give mark my ex senior -- judges premier financial advisors first --