Overheard On The Street
Here’s what they’re saying at mid-day:
Brian Belski, Fundamental Market Analyst,
U.S. Bancorp/Piper Jaffray: “While we continue to think the major indices
will close positive for the year, we believe the bulk of that upside will be
enjoyed the last seven to eight weeks of trading as the market gets used to
feeling good about itself again at current levels. It’s interesting to note that
as the selling pressure was peaking last week, 52 out of 79 stocks within the
S&P 500 Technology Sector were hitting either 12-month or five-year P/E lows
based on their consensus estimated P/Es for the next fiscal year’s
earnings.”
John Roque, Vice President, Arnhold and
S. Bleichroeder: “After being down for six weeks and 1205 points, a rally
to 3500 on Nasdaq was very doable. And, if you want to get technical, a 50%
retracement using the intraday high and low from 9/1/00 and 10/13/00
respectively would result in a rally to 3657.21. If these numbers prove too
conservative, we feel 3750 would prove the limit on any contra-trend rally. Most
everyone says a Nasdaq rally is a rally to sell which is why, from a contrarian
standpoint, we figure it’s a good idea to throw 3750 into the mix.”
Paul Rabbitt, President,
RabbittAnalytics.com: “We expect the S&P 500 to rise 20% in the next
twelve months. Sentiment, monetary, and trading factors are all positive. The
put/call ratio is 80%, one of the highest levels in two years, and short squeeze
in developing. All U.S. equity markets are steeply oversold. A rally likely
began last Thursday. Trading ranges (90 days) are likely to be: DJII (11,400
major resistance/10,700 minor resistance/9700 support), S&P 500
(1525/1430/1335), and Nasdaq (4270/3670/3100).