Overheard On The Street
Here’s what they’re saying at mid-day:
Alan Ackerman,
Market Strategist, Fahnstock and Company: “Market sentiment continues to be
more bearish. The trend in the market appears to still be down. Few stocks
appear to be a safe haven, and the real miscreant in the whole mix is the
continuation of earnings disappointments which are surfacing all too rapidly.
Research analysts continue to run for cover, and that isn’t helping investor
confidence at all.
“One analyst today on a major
financial show even talked about investors taking a five- to 15-year outlook on
their investments. That tells me that there are more and more lost souls
surfacing all the time. Technology stocks continue to be in a freefall. Cisco
and EMC are at 52-week lows, and part of the problem in the market is that
substantial money has moved to the sidelines, and it looks like it plans to stay
there. There’s just no magnet to bring it back in right now.”
John Roque,
Vice President, Arnhold and S. Bleichroeder: “With baseball season
under way, the national pastime is back. But today’s report isn’t about baseball
at all. It’s about the newest national pastime–calling a market bottom.
Everyone’s trying it of late. The investor community is trying it. The media’s
trying it. Politicians are trying it. Aren’t you hearing the same things? Aren’t
people saying it to you? ‘That’s it! Today’s got to be the bottom. How much
worse can it get?’ We’ll have a better idea about a bottom being put in place
when stocks stop responding negatively to bad news. And so far, there is scant
evidence of this.”
Frank Gretz,
Market Analyst, Shields & Co.: “Meanwhile,
the weakness is extraordinary, especially in tech.Â
And yet, there seems no real capitulation — throw them out phase.
It’s as though there’s this silent crisis-—a stillness based on
the premise that it’s ‘too late’ to do anything.
That’s too bad because what is needed is a little good old-fashioned
panic.
This dribble down kind of market can go on longer than you can imagine,
that is, unless you lived through or can imagine 1974.Â
Still, even bear markets have their rallies.
Last week seemed important in that finally ‘they got to everything.’
Our guess is that they will hold/try to rally around here for a while.Â
But, make no mistake, this is the opposite of the bull market.
In the bull market in tech, there were no real pullbacks, only resting
points.
Now there are no real rallies, only resting points.”
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