Overheard On The Street
Here’s what they’re saying at mid-day:
Arnie Owen, Managing Director of
Equities, Cruttenden Roth: "The market is still facing the same
uncertainties we were facing prior to Greenspan talking, although Greenspan took
a lot of pressure off as far as the outlook for rates. The economy is slowing
down, which is what they wanted. What we’re looking at now is a market that
still doesn’t know who’s going to be President and still doesn’t know if we’re
looking at tax cuts or no tax cuts. It just doesn’t know, and the market cannot
deal with uncertainty. It could deal with Bush. It could deal with Gore. It just
can’t deal with not knowing, and that’s what we’re looking at right now."
Bryan Brown, Principal, Spectrum Equity
Services LLC: "Tuesday’s record performance should be taken with a grain of
salt. While we are in an unconfirmed rally phase, the Dow, S&P 500, and the
Nasdaq all remain in uncontested downtrends. The overall picture remains that of
an unresolved bear market. What we are seeing is probably a sucker’s
rally."
John Roque, Vice President, Arnhold and
S. Bleichroeder: "We think stocks generally can do better into the new
year, but we’re reluctant to believe that the indexes are going to be more than
just trading range vehicles. We believe that most good bottoms are processes and
not events and more time is needed to repair the damage done in tech and telecom
sectors."