Overheard On The Street
Here’s what they’re saying at mid-day:
Micheal Lyons, Senior Trader, Morgan
Stanley Dean Witter: “The market’s acting well here. The Dow had a very
strong day yesterday with them rewarding good earnings and good news. They’re
taking a little breather here today after the strength. There’s a little profit
taking going on, but they’re holding pretty well. It’s good to see the Nasdaq
acting well too. The Junipers, the Nvidias, the Dells, and Cisco are all coming
back nicely today, with good buying coming in on them. I think this is a big
relief on two fronts in that we’ve made it through earnings and we’re finally
wrapping up October, which has so often been a nightmare of a month for
stocks.”
Gary Kaltbaum, Chief Technical Analyst,
J.W. Genesis Securities: “Good constructive action in the Dow and S&P
yesterday, and without trying to predict what happens here, we’re hoping that it
follows through into the Nasdaq. The tape is still a mess, so we’re going to sit
and wait to get good constructive consolidations and hopefully they start to
tighten up so we can get some names breaking out. But this market has had a way
of going up very quickly and then slamming you back down as quickly as possible.
Until that trend changes, you’ve got to be very, very careful.”
Charles Payne, President,
WallStreetStrategies.com: “First of all, every year the techs come under
pressure, and before the whole dot.com craze, it used to be the semiconductors.
It seems like we’ve seen this movie every year, where just when you think
they’re going to fall apart and go away, they actually snap back and come on
pretty strong. That’s been the case all day today. Really the last bastion of
technology that wasn’t hit was the fiber optics, and I think it finally got to
the point where a whole lot of investors recognized that maybe those stocks were
oversold and that maybe technology in general was oversold.”