Overheard On The Street
Here’s what they’re saying at mid-day:
Jay Suskind, Director of Trading, Ryan
Beck & Co.: “I think the last day or two the Nasdaq has been acting
very well. I think you’re seeing a lot of bottoming action in the last few days.
Even with some bad news, the market opens up a little lower in the morning and
just sort of churns back even in light of the Cisco cut if you will. I just get
a sense that hopefully in a couple of weeks we’ll look back and say hey, in
early January we really did hit a bottom and you’re just seeing some healthy
bottoming action. Obviously the market has already discounted the first and
second quarters of ’01, and I think they’re looking to later in the year that,
with the help of the Fed, will be okay.”
Michael Lyons, Senior Trader, Morgan
Stanley Dean Witter: “We’re seeing bottom fishing in some of these stocks
that have been beaten up pretty bad in the last few months of the year. In the
listed stocks, the market breadth is good and they’re doing okay today. You
know, the ones they’re selling now are the Procter and Gambles, the triple Ms,
and even GE was getting beaten up a bit but it’s coming back. There’s a lot of
rotation going on, and they’re rolling out of some of those safe-haven stocks.
Financials made a nice turn around here in the mid morning. Brokerages in
particular seem to be the ones that are going to take this thing higher. There’s
caution in the air, but that’s not holding them back from participating today.”
John Roque, Vice President, Arnhold and
S. Bleichroeder: “Check this out. Nasdaq’s bear market drop of 53% in 301
days is the fastest decline in U.S. history. The current percentage decline is
the second worst U.S. bear market ever, surpassed only by the 89% decline for
the DJIA from September 3, 1929 to July 8, 1932. Nasdaq’s bear market has
resulted in wealth destruction to the tune of more than $3.3 trillion.”