Anticipation is the key word in the market today,according to Michael Yoshikami,CEO of YCMNET Advisors in Walnut Creek,California.The sentiment is so pessimistic,even meeting expectations will be seen as victory.I think analyst sentiment will shift to more positive.
Stock prices have been based on a catastrophic scenario.The news has been getting better.Europe might actually be stabilising.The economy is slowly recovering.
I think banks are beaten down right now.They're extraordinarily cheap.They have really deleveraged their balance sheet.I think they're poised for a rebound,Mr.Yoshikami noted.
JP Morgan Chase and Qualcomm are among Mr.Yoshikami's top picks.
Jamie Dimon,JP Morgan Chase CEO,thinks it's a mild recovery,but that it seems to be broadening.Charles Gasparino of Fox Business has a lot of respect for Mr.Dimon as being one of the smartest people on Wall Street.Although he's optimistic,there are a lot of hedges in Jamie Dimon's position.For example,although portrayed by the media as predicting a housing recovery in 2012,Mr.Dimon believes we still have a little ways more to go down in housing.With regard to the new financial regulations,although Mr.Dimon doesn't mind banks being required to put more capital aside,he feels the Dodd-Frank bill is squeezing a lot of business out of Wall Street,Fox Business analyst Charlie Gasparino points out.
JP Morgan Chase disappointed Wall Street with its recent Q4 earnings report,missing the Street's estimates.
JP Morgan Chase(JPM),Qualcomm(QCOM)
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