Overheard On The Street
Gary B.
Kaltbaum, chief technical analyst, JW Genesis Securities
“You have a very split market
here. I do love the fact that the financials are acting great. I think they’re
forecasting lower rates or that rates are going to stay down going forward. This
is the same thing that happened in ’90 and ’94. As far as the Nasdaq and glamour
names, I think there’s a lot of work to be done. You just came off of a brutal
thrashing in semiconductors. For this to catch fire in earnest, I think you’ve
got a few weeks minimum of at least consolidating and tightening up before they
can move up. So I think you hold your water here and let the market dictate to
you.”
Mike Doran,
portfolio manager, Sierra Capital Planning:
“I really see this as a bear
market type rally. There are a few (growth) stocks that are trying to poke their
head up, but I don’t know how much wind this (Nasdaq move) has yet. I’m looking
at today to see if there’s another confirmation. I’m keeping my powder dry until
I see something pretty convincing. I’m waiting to see that power come through
before I tiptoe back in.”
Arthur Hogan,
chief market analyst, Jefferies & Co.:
“We’re having a terrific day, and
not surprisingly so, after the bullish commentary we got in Barron’s over the
weekend. I think it’s interesting to finally have someone wake up and say the
selling in these boxmakers is overdone, and that they’ve got great ongoing
businesses. So that’s helping. Computer Associates’ doing some exciting stuff,
in terms of spinning off their ASP, is also being well-received. I think the
general tone of the week is that of the fact that we don’t have a great deal of
macro-economic information coming at us, though we’ve got a PPI number on
Friday. So we can start focusing on the equity valuations, corporate news, and the
like. The tone coming into the day was pretty positive.”