Overheard On The Street
Here’s what they’re saying at mid-day:
Gary Kaltbaum, Chief Technical Analyst,
J.W. Genesis Securities: “The market is decidedly bullish especially for
our favorite group names in technology. Volume was extremely high yesterday. It
was showing definite conviction by the institutional
crowd, and I suspect now we’re going to have some legs up to the upside. We are
a little overheated in the short term, so maybe we pull back, but I think the
market is setting up for good things going into September and October regardless
of the fact people are saying September is a bad month.”
Brian Conroy, Head of Listed Trading,
J.P. Morgan: “It’s very quiet. It’s just very quiet. We saw some
institutional activity in the morning after the numbers were released. Since
about 11:00 or 11:30 there have been very few new orders created on our desk
from institutions. I would say the only orders we have left are situations that
developed around the open, and for the rest of the day I would expect the market
to drift sideways into the close.”
Robin Griffiths, Chief Technical Analyst,
HSBC: “The U.S. stock market indices have broken out of the temporary
downtrend and are now rising to the presidential election. The new man will
probably get a honeymoon so the rise will last until the New Year. The Fed will
not raise rates until then.”
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