Overheard On The Street
Here’s what they’re saying at mid-day:
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “The market today is continuing to
follow a trend that we have seen really over the last week or so where there
remains a lot of ambiguity concerning growth, i.e., technology stocks. I
think that lack of visibility, at least on a near-term basis, in terms of
continued momentum with earnings, has people a little shook up. We’ve also had
some new question marks regarding the interest rate scenario going forward, but
it is my contention that I think we are done seeing rate hikes.
“I think we’ve seen somewhat of an intermediate-term top developing in
terms of yields, especially with the way that some consumer cyclical companies
like the retailers have been performing fundamentally. I think we’re certainly
seeing a slowdown there which could maybe even prompt some Fed loosening into
the next 12 to 18 months. So, I think the hiking period is over, and that the
economy has most likely begun a soft landing.”
Jay Suskind, Director of Trading, Ryan
Beck & Co.: “I think the tape reads pretty ugly. The last few days
there’s been no rhyme or reason. It’s just been directionless on the downside
and just not a pretty tape. There’s really no reason for anybody to be involved
on the buy side here, and it’s just been a very, very difficult market. I really
don’t sense that much of a change here. There’s no catalyst out there to be
having the market moving on the upside. Whether it’s a question of earnings for
the third or fourth quarter, or whether it’s soft landing versus hard landing
versus an increase in interest rates, there’s just no conviction out there.
There’s just a lack of bids, and just an overall malaise. Everybody I talk to on
the Street just agrees that you just can’t get going. There is just no
momentum.”
Buzzy Geduld, President, Herzog Heine
Geduld: “Volume is very light, and stocks are under some pressure. It’s
basically more of a lack of buyers than anything else. Across the board it’s
quiet, and it appears now that we’re back to Summer being quiet.”