Overheard On The Street
Here’s what they’re saying at mid-day:
Bernadette Murphy, Chief Market Analyst,
Kimelman & Baird: “I still think it’s a tale of two markets. It’s the
listed market, and it’s the Nasdaq. The Nasdaq is showing the weaker
performance, and I don’t think the correction is over with, although it
shouldn’t be significantly lower than where it is. But I could certainly see the
Nasdaq 100 down 300 or 400 points.
“Both the Composite and Nasdaq 100 broke through important support
areas, and that usually is the pre-curser of lower levels. The over-the-counter
market has really been in a bear market, and bear markets tend to end with heavy
volume on the downside for a washout before they respond. We haven’t had that
yet.”
Robert Dickey, Managing Director of
Technical Research, Dain Rauscher: “Yikes! It’s really disappointing the
way this market continues to give back any attempt at a gain. We do see buying
interest come into the market and into these tech stocks. For example, on
Wednesday the markets closed better than they have in a week, and then to see it
all give back on Thursday and not follow through is still a big concern.”
Tony Cecin, Director of Equity Trading,
U.S. Bancorp/Piper Jaffray: “Obviously the market’s trading in line with
the Dell numbers. You had a pretty good market yesterday, and we we’re feeling
pretty good about it, and then another pre-release and boom. It’s like every
time you stick your head out of the foxhole somebody blows it off.”