Alan Ackerman Turn Quotations

My sense is that an earnings recovery is further away than expected and there is no immediate catalyst to turn this market sharply higher. We could have a trading rally, but on balance, people are still nervous about the earnings outlook.

I think there's some concern with the fact that GE is a tough ship to turn around overnight, and that GE's overall picture still remains attractive, but not overly so,

We appear to be in a summer swoon in which investors are beginning to realize it's going to take a lot longer to turn the economy around than expected, and that we're currently going to have to bear through a series of pre-announcements that are less than comfortable,

We've had a decided turn from flights of fantasy to a return to reality in terms of valuations, ... They are pressured by high price-to-earnings ratios and ongoing (interest) rate hike concerns.

It will take some type of catalyst to turn this market. One can't be sure what that will be or when we will see it. Meanwhile, valuations are contracting significantly and my sense is that the market is reaching an oversold condition. Much of the market's rebound will have to do with clearing up some of the uncertainties.