Overheard On The Street
Here’s what they’re saying at mid-day:
Terence Gabriel, Stock Market Strategist,
IDEAglobal.com: “We’re continuing to see weakness in the Dow Jones
Industrial Average on concerns over earnings as well as worries over currency
translations like the weak euro versus the dollar and also high oil prices. The
Nasdaq is also under pressure, though not as much as the Dow. We’re seeing very
negative breadth in both averages. It looks to me, however, like both indices
are potentially in quite a bit of trouble here.
“There is a lot of fear about the inflation measures that will come out
in mid-October are going to say regarding the PPI and CPI, and there is also
employment cost data in late October and productivity data in November. Given
that overhang along with the fact that trading is pretty sloppy, unless we have
a pretty substantial rally over the next month or so, I think we are going to
have a real tax-loss selling overhang through the rest of the year. I think it
really puts the market in a tenuous position here.”
Brien Finnerty, Managing Director, C.E.
Unterberg, Towbin: “We’re seeing the exact opposite of yesterday. Looks
what’s going on today, oil’s going back up and tech’s getting hit, but it’s not
that bad. Overall, I think they’re holding their own pretty well after
yesterday’s gains, and I think that we probably made a bottom in the techs right
here.”
Bob Zuccarro, Portfolio Manager, Grand
Prix Fund: “We like market in the fourth quarter. We still think the broad
market averages will finish the year with a gain, probably double digit. I don’t
know why this decline is happening today. It could be seasonal, but we have had
such a good market for so long that at some point there’s always going to be
another little pullback. If you look at the pattern of the last few years, most
of the gains in 1998 and 1999 did come in the fourth quarter.”
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