Overheard On The Street
Here’s what they’re saying at mid-day:
Buzzy Geduld, President, Herzog Heine
Geduld: “They don’t feel very good, and they continue to drift lower. There
is that sense of just sort of just drifting and people just sitting on their
hands, not knowing which way to go. I guess one of two things is going to
happen. Either we’re going to have just one big blow-off and hopefully the air
gets cleared, or we’re going to continue to drift and one day come in and
they’ll be up 500, it’ll be over, and we’ll be off to the races. I have to
believe that we’re a lot closer to the bottom than to the top.”
Harry Laubscher, Market Analyst, Tucker
Anthony: “The Dow is showing a little more selling pressure than is the
Nasdaq. For a while this morning the Nasdaq was nicely up. The Dow still
suggests it could move a bit lower and possibly test the area very close to say
9500. Keep in mind, though, that support is just a seven-letter word when it
comes to a falling market. The Nasdaq could probably come down and test the area
of 1700 or 1750. We’re getting the impression that with selling pressure really
moderating, that you’re probably within a week of a turn. It may not be the end
of the bear market, but it should turn into a pretty favorable trading
rally.”
John Roque, Vice President, Arnhold and
S. Bleichroeder: “On the positive side, there have been nice contrary
front-page articles in the New York Times, since March 4, 2001 and the Economist,
Time, Newsweek, and U.S. News and World Report have had bearish cover
stories. But, and this is a big but, the author/father of the Magazine Cover
Indicator, Paul Macrae Montgomery, wrote that the trend in place at the time of
the general publication magazine tends to stay in force for six months following
its publication.”