Overheard On The Street
Here’s what they’re saying at mid-day:
Robert Wibbelsman, Portfolio Manager,
Strome Investment Management: “I think we had a cathartic bottom. Some
analysts have been ballyhooing this notion of the ARMS index, but what I thought was
interesting about that is that it didn’t work once. That was 1980, and following
that magic buy signal you had about a three month upward bias trading range, and
then you revisited bearville. You got hit again. I kind of think that’s what we
have.
“I think we are in the process of the market finally responding to all
the Fed easing, and finally having assimilated the new lowered expectations in
earnings. So we’re seeing some positive responses when companies beat or
slightly exceed their new lowered estimates, and I think it’s going to result in
a somewhat substantive rally which could last as long as another couple of
months. Then I do think that in late summer or fall we will have another shot on
the downside, and then after that I think the market’s going to be okay.”
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “Strong growth dominated fund
inflows last week, and money market funds saw their heaviest outflows since
September 2000. Bottom line is that we believe the broad inflows across growth
sectors this past week is credible evidence that investors are ‘beginning to
invest again.’ Subsequently, such action lends integrity to the stock market’s
recent revival in our opinion, especially with regard to the technology sector
and the recent relative outperformance of growth versus value
disciplines.”