Jan 7, 2013|
What's Up On Wall Street - Joe Deaux, The Street
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Welcome news at 10 o'clock hour at the financial exchange jocks -- -- filling in for Barry Armstrong along side. June night in June let's take a quick look at the market's been open about 35 minutes to this point how are we looking today. Hey we're still down Dow down sixty points. S&P down six NASDAQ down eleven points already in front of me. Oil trading down 32 cents to 9277. Like -- Gold is now 110 to 1647. -- US treasury. Is sitting at one point 906. And again that that little bit of a half percent correction at this point don't think it's anything too significant religious consolidating some of the gains from last week at this point and again we are up about 450 points over the course of the week. It certainly is normal to see a little bit of a pull back like this so I don't think that is any cause for concern. For any investors and coming out of this right now we are joined by Joseph dough from the street and Joseph how are you this morning. -- we're doing pretty well here and let's let's start by talking about some of the news that came out on Friday we did have those unemployment numbers for December. How -- those shake out your opinion. While -- in the analyst on Friday you know I mean a lot of much of a surprise I think. And the general flat line that we're expecting was about a 150000. Jobs and and unemployment remains the same at some point 7% obviously ticked up to seven point 8%. It's important remember that the revisions to November was also seven point 8% and we're at and we actually -- 155000. Jobs so what do the analysts don't think well not much a minute. Just said well look AM that this is about what he'll kind of expected and we're gonna see more of the same coming into the next few months. What -- appeared more worried about wasn't so much the unemployment number. As as they were about the impending. -- debt ceiling discussion but I'm sure there will be talking about that a lot more in the next couple months. I had certainly something that I'm very excited to go to rafter just going through the whole fist -- saga so it's it's -- against at least a couple months to a kinda catch our breath. All. But what one thing also that I think surprised folks actually the day before -- which was on Thursday. Was the -- came out and said that they actually might consider. Ending QE3. Before the end of the year and this is something that we previously hadn't heard from them they've kept. Pushing out the extension of QE3 actually burst into next so what what is your expectation. For QE3 at this point do you think they actually could end before the end of this year earth is this really just talk and it's still going to be -- to 2014. Before we see changes there. I mean it's really up in the air -- story on on Friday morning it came out that said you know the -- could be you know have their day and 4013 can display -- list. Some people wanted. To any QE3 by the end of this year somewhat -- an earlier than the end of this year and another says look continued on the path we've been going. I mean it's tough to say the near term most of the analysts I had spoken to he said we're not gonna do you change and and you did see some of the Fed had come out and and say hey listen we're still we still believe -- QB is needed to prop up the economy. A bomb but at the same time there are some other analysts I spoke to said they did recently do you believe that occurred in and Tony thirteen not a Lloyd. Is that there -- expecting to see some improvement. You know and and and the private sector in the NC a bit more growth maybe the second half between thirteen and then the first half this year. Absolutely and I mentioned this earlier but. At least for me I was pretty encouraged to see that the market actually come back with a very strong day on Friday right after this because it seems like we've been so dependent on the Fed to keep this market afloat over the last few years. For me it was very reassuring actually to see the market first of all take this pretty in stride. And then also come back with a very good day on Friday do you agree. Yeah definitely so I mean there's enough people out there who think well maybe maybe the technicals are. Becoming strong enough that we don't after alignment but it it'll say. Gavel will certainly have to watch over the course of this year and looking at this year now the S&P. On Friday it was at its highest level since before the financial crisis what are your expectations and expectations of analysts that you've talked to. Over the rest of -- -- thirteen. -- a lot of the analysts I spoke to this is going back in October when a lot of people started coming out with the forecast for Tony thirteen point and it's just before the financial that the potential fiscal cliff. You know they said they expect to force something happened and and in terms of tax hikes and and that would block off did decent percentage of GDP. But they expected many of them expected it to be offset in the second half. The year. You know from something like a lot awful one point 5% to 2% of GDP and for that essentially dispute in the second half of the year. I mean what what can we expect looked like what one analyst and an email this morning and it said. You know we expect growth to be over 15%. Firfer earnings in the fourth quarter -- 2012 which is kind of what we're looking at. For 2013 bodies and ultimately revised down to 3.3 years so percent. Port -- -- quarter 2012 so so anything can happen but most but most analysts I spoke do you still seem pretty optimistic out for a year and in the at peace. Any mention earnings briefly and we do have earnings season kicking off tomorrow with Alcoa reporting. What are analyst expectations for this earnings season after a pretty dismal third quarter. Yeah I mean it depends I mean obviously. Did the expectations are high not not the type of -- and investors are looking for -- You know -- strengthened and in business conditions but hey it's able. You know you get into the nitty gritty in a lot of these panels does that. Well the the you're just thinking about fourth quarter earnings -- does surprises the upside surprises. It's not necessarily the best quarter of the year but it it does have them have the most fluctuations. So depending on the company that you're looking at you could have a great quarter. And and well maybe a terrible one. All right we'll -- I appreciate you coming all of us this morning and certainly. Thank you for all all the information as a relates to the markets. Thanks so much guys take care have a good week. All right you too and I was Joseph dove from the street talking about the state of the markets right now and expectations. For 2013.