Overheard On The Street
Here’s what they’re saying at mid-day:
Peter Marin, Portfolio Manager, Superior
Capital Management: “I think the market is trying to put in a bottom here.
We did have a legitimate follow-through day in the market, and so far that is
still holding. A follow-through day has an 80% chance of working. In other
words, there’s an 80% probability that we have seen the lows. There’s plenty to
worry about, and in that sense, the market clearly has a wall of worry to climb
here. I don’t think it’s straight on up from here. It will probably continue to
be choppy with some whip-saw action, but I do think we’re going to work our way
higher between now and the end of the year.”
Scott Cummings, General Partner, Agile
Asset Management: “It’s hard to say for certain how much of the Bush
Presidential victory is priced into the market, but I think you’re getting a
little taste of that right here already prior to Gore’s concession. I think we must
get past next week and another potential euphoric moment, that being the Fed
moving to a neutral stance on their interest rate outlook.
“Once we get past that, I think we still have a market that is going to
have to wrestle with an economic slowdown and not knowing how slow is slow.
There are also a lot of pre-announcements still ahead of us in the tech
environment. My call, once we get past next Tuesday, is that the tech wreck is
not over, and that new lows are likely to be seen sometime in the next 6 to 8
weeks.”
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “While value tech buying rarely
works longer term, the psyche of the investor this year remains VERY value
conscious. Therefore, we believe that valuation metrics will continue to be
scrutinized closely during at least the beginning stages of the market’s upward
recovery. Once the market works through the Q4 and fiscal 2000 earnings period,
we believe a delineation will take place between fundamental performance and
value, driving tech and telecom investors back to owning these stocks for their
traditional reasons–growth.”