Overheard On The Street
Here’s what they’re saying at mid-day:
Dennis Jarrett, Chief Market Analyst,
Jarrett Investment Research: “It appears that what we’re seeing today is a
digestion of the gains of yesterday, which in itself is a positive step forward.
Profit taking has been muted, and all we need now is to see the buyers come
back.”
Peter Marin, Portfolio Manager, Superior
Capital Management: “I think the market’s trying to put in a bottom here. I
think we should try to work our way higher over the next couple months, but I
don’t see it as being a strong or broad rally. I think the tech stocks probably
have a little more work to do. I don’t think we’ll see a repeat of the last
couple of years when in November and December the tech stocks rallied really
strongly.”
Charles Payne, President,
WallStreetStrategies.com: “Regarding Monday’s Cisco downgrade, it just
seems like there are a certain amount of investors who recognize that some of
these downgrades are maybe screaming opportunities and that some of these same
brokerage firms who are negative now may likely become positive later at much
higher prices. The same is the case with the end of tax loss selling for the
mutual funds. A whole lot of funds were forced to sell some of these stocks at
losses and are probably going to end up buying them back at higher prices. Such
is just the nature of the beast, so I think a lot of folks want to be in ahead
of that.”