Overheard On The Street
Here’s what they’re saying at mid-day:
Art Hogan, Chief Market Analyst, Jeffries
& Co.: “We’re getting no surprises out of Alan Greenspan’s testimony
today because it’s basically a carbon copy of last week’s testimony to the
Senate, and we’re also getting very few surprises coming into the Q&A period.
I think what we’re getting today in the market is a rally from an oversold tech
and telecom market yesterday. The Nasdaq took most tech and telecom down quite a
bit yesterday, and today’s the reflex rally that usually comes after days like
that.”
Brian Conroy, Head of Listed Trading,
J.P. Morgan: “It’s another pretty quiet day. We’re getting a little bit of
a bounce back in the technology stocks led by Texas Instruments’ positive
earnings report yesterday. That has the semiconductor stocks a little better
although TXN is kind of down. Across the board it’s pretty mixed. The breadth is
slightly positive as you can see. We’re not seeing any dramatic shifts in money
flows from what we saw yesterday. There’s some profit-taking in the drug stocks.
So again, today is just more of that same choppiness, and people are waiting to
see if Greenspan sheds any light on his thinking for the rest of the month. So
it’s just pretty quiet here, and Mondays are slow in the summer and we’re just
seeing a continuation of that this morning.”
John Roque, Vice President, Arnhold and
S. Bleichroeder: “From where we’re sitting, we think the current popular
opinions include the following: Economic growth is slowing; Inflation is not
generally accelerating; Tech and telecom stocks are still bullish because their
earnings generally exceeded expectations; There will be an Autumn 2000
correction; and if there were another major sporting event this week in the UK
or Europe, an American would win.”
Do you have a follow-up question about something in this column or other questions about trading stocks, futures, options or funds? Let our expert contributors provide answers in the TradingMarkets Question & Answer section! E-mail your question to questions@tradingmarkets.com.
For the latest answers to subscriber questions, check out the Q&A section, linked at the bottom-right section of the TradingMarkets.com home page.