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Right back on track for their third straight week of gains but our next guest warns that that problems embers and correction is common.
Deadly the exact dot com senior equity strategist -- we've been here this.
Five December's and it's coming what is going to be the countless baton finally -- -- market down.
Got to clarify one thing you know I've been a -- I've been bullish on really what I'm trying to say here is you've got to just be prepared for it and Tracy I like the you know to get a guy said.
I don't know what I know what the cat was going to be do a lot of things that the move -- market lower -- -- the market brushed aside pretty much all bad news.
Earnings have been completely mediocre -- up 3% year over year earnings growth the market's up.
Thirty from our lows of last year next week we get retail sales which is gonna come on Monday I think that's really want to watch -- looking for negative reading.
A point 3% but Tracy.
Everybody's excited -- euphoric right now.
And if -- short seller you need to know this the markets can stay irrational -- longer the you can stay solvent that is it period the end there is no you don't love.
Tell -- -- the market's gonna sell off to be prepared that's all.
Yeah and you look at frequent critic and you're not alone -- when we talked a ton of Smart people pundits say the same thing it just cannot go on like this.
At the same time -- I think it's preventing people from getting in because they're saying hey it's gonna fall over any day now but it's not.
And you bring up earnings next week I mean look 90% of the as Indy 500 companies have reported thus far I mean what's your thoughts on how earnings season has been.
Extremely mediocre an -- or any -- moment in time and if there were other assets you know across the world the people could invested Europe was good if China was still you -- roaring strong if you know if other countries like the bricks were still strong.
Then we would see more money probably moving out of America -- is America's the bad shot the mediocre earnings are good enough what I'm scared of is the fact that.
You know we've got no growth really and analysts keep pushing back -- -- -- other words the second half of 2003.
-- need to be 11% growth -- -- companies companies have not worn yet and if they do Tracy I think that.
Is gonna be the catalyst that -- -- -- for now -- It's by keep going just by carefully and by quality and -- lower PE companies that that's the thing right you just yet.
You don't you know in your heart it's gonna happen you just don't know went let's talk about -- you mentioned retail sales next week but you've got Urban Outfitters as it picked.
This teeny -- is still behind closed -- I do great with it I shopping Urban Outfitters -- -- from Philly it's sort of been my blood but you know the company traded 22 times earnings it's a little bit rich but does that ESP -- 10% and I for the first for the current quarter I also think receives the prize.
In outside for all the quarters I think urban looking at the -- trading.
I think we've got -- upside to be a little cautious I would go all end but there's a good chance -- be earnings next week prestige brands also over the counter medicine you like this tip.
I do I'd like prestige for a while another thing with -- you've got to remember the stock's been on the air straight out if you look at the chart over the past month this thing has been on a rocket ship it -- seventeen times earnings.
And it doesn't quite have the group.
Did something like -- Urban Outfitters has to prestige what I would do here is I think courtesy be on the front but I think they're gonna one on the back end.
I -- is stock moves lower.
On earnings and that's the time to step in but I like their story with obamacare it's also benefiting -- over counter stuff so prestige brands -- -- there.
Your grade and at thank you for your insight as ways Jack -- have a great things basic.
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