Overheard On The Street

Here’s what they’re saying at mid-day:

Edward Wedbush, President, Wedbush Morgan
Securities: "The market is showing a lot of good strength as is obvious to
all of us here the last few days, and it looks to me like we’re in a bit of a
recovery. I expect the recovery to continue to continue to last for some days
and weeks, and where it takes us remains to be seen. I’m a little bit cautious
toward the networking stocks, and I am eagerly looking foward to Cisco’s
earnings on November 6, particularly their looking forward assessment."

Edward Nicoski, Managing Director, U.S.
Bancorp/Piper Jaffray: "Our indicators began to flash warning signs back in
mid-September, causing us to recommend an increase in cash holdings from a
neutral to a modestly bearish position. While these indicators tape action of
late strongly suggests that recent woes have led to tradeable lows. The series
of multiple selling climaxes, as painful as they are, do tend to have a
cleansing action. Unfortunatly, even though most of the carnage is behind us,
the market, particularly tech, still has to deal with tax-loss selling by the
public."

John Roque, Vice President, Arnhold and
S. Bleichroeder: "According to the American Heritage Dictionary, the
definition of Oracle is ‘A shrine consecrated to a prophetic deity. A priest or
priestess at such a shrine. A wise person.’ According to the American School
of Hard Knocks Dictionary
, the definition of Oracle is ‘A pattern undergoing
major distribution. Strong or knowledgeable investors with superior information
selling to weaker or less knowledgeable investors with lower quality
information. Upside momentum has dissipated. Lower prices are in the offing."