Overheard On The Street
Here’s what they’re saying at mid-day:
Richard Dickson, Chief Technical Analyst,
Scott & Stringfellow: “It really looks as though that instead of getting
out the party hats, they decided to sell on the news yesterday of the Fed. It
just took a little while to make that decision, but by 3:00 to 3:15 the die was
cast. Obviously, there’s been a little follow-through to the downside today,
probably not enough to really scare the bulls by a great amount. Probably what
we’re going to see is that if the market does sort of drag down a little bit
today, it will be enough to discourage people.
“With volume being as light as it has been, with a long holiday weekend
coming up, and with the general attitude that right after Labor Day starts a new
year for Wall Street, it could be that the impetus will be to go to the beach or
the golf course rather than to the trading pits. We just might sort of drift
around here for a while.”
Alan Ackerman, Market Strategist,
Fahnestock & Co.: “The general take is that we’re still in a period of
summer somnambulance. Volume is light, and the market continues its sideways
action within a tight trading range. The market appears to be cleaning out a few
cobwebs here and there and attempting to stabilize, but on balance, there’s
little leadership, little conviction, and little follow-through on rallies of an
consequence.
“The fact that the Fed stood pat yesterday was pretty much built into the
market. What is of concern, however, is whether or not the Fed will be looking
more closely at CPI creep as energy prices work higher. The market really needs
to work its way through Labor Day, when so many players return to better access
where the market goes from here, but my sense is the tilt is up.”
Buzzy Geduld, President, Herzog Heine
Geduld: “Actually, it continues to be extremely quiet. We’re just trading
back and forth. There’s no great shakes today. I’m hoping that after Labor Day
it all changes, but as of now, volume is just extremely, extremely light.”