Overheard On The Street
Todd Gold,
vice president and technical strategist, Gruntal & Co.: "This is a
bounce as opposed to a rally. The Nasdaq rallied Monday to resistance, not
through it. And it did the same thing this morning. I think Cisco’s earnings
report certainly will have a lot to say about the immediate-term direction of
the technology-related market. Between Cisco and Applied Materials over the next
two days, that’s really going to be very telling in terms of the semiconductor
stocks. If the semiconductors don’t recover here, I think the Nasdaq is going to
have a very difficult time having any significant upside over the
near-term."
Arnie Owen,
managing director of equities, Roth Capital Partners: "I’m watching Cisco,
like everybody else. Everyone’s placing a lot of pertinence on what Cisco has to
say. My best guess is that things are okay. You have everyone watching the Fed
and their meeting this month. My best guess is that Greenspan’s comfortable with
where they are and he’s going to keep a watchful eye. If they do pop it a
quarter-point, I think that’s a positive. If they don’t pop it a quarter-point,
I think that’s a positive. So I’m not uncomfortable with the marketplace. I
don’t necessarily think the semis have to do well for the tech sector overall to
do well."
Tim Heekin,
director of trading, Thomas Weisel Partners: "My guess is that this advance
in the Nasdaq will be sustainable. We came off a low last Thursday and this is
the third day up. I think we’re okay in here."