Overheard On The Street
Here’s what they’re saying at mid-day:
Sam Stovall, Senior Investment
Strategist, Standard & Poors: “My feeling is that if this market can’t
rally on China’s release of the U.S. detainees, then I think that the market
itself remains hostage to first quarter earnings prospects. Every time we
produce our earnings reports for our investment policy meetings, the numbers
just keep looking worse and worse. So, I think we’re not going to know whether
we’re out of the woods until we’ve gone through this earnings cycle.”
Greg Parise, General Partner, Dorado
Capital Management: “I think that this back-and-fill process after we’ve
kind of appeared to find a bottom is pretty much the tug of war between
fundamentals getting worse and sellers getting tired. You still have companies
coming in and either just making numbers and leading guidance down to negative.
You have companies still missing, and you have a market that psychologically
wants to think that March 22 was the bottom. So, I think we fight this little
tug of war saying how bad are the numbers going to be. I think that we probably
have put in a near-term floor, and I think we will have the ability to trade
this market to the upside for the next 4 to 6 weeks.”
Jay Suskind, Director of Trading, Ryan,
Beck & Co.: “It’s kind of interesting that we saw the market turn
around a couple of hours ago. I think what you have is a vacation week, and I
think the shorts have kind of subsided. Being that it’s a 3-day weekend and
since the numbers that came out today weren’t the greatest, I think there are
some on the Street think there could be an inter-meeting rate cut possibly as
early as today to next week. I also think that just technically there is the
feeling that maybe in the second part of the year we will see a turn. After all,
the Nasdaq is down 70%.”