Overheard On The Street
Here’s what they’re saying at mid-day:
Art Hogan, Chief Market Analyst, Jeffries
& Co.: “We certainly have a terrific Nasdaq market today after taking a
breather for a day following the three days up in a row last week, and I think a
lot of that is predicated on the fact that Intel can come out with earnings and
talk about the future and still be perceived as overdone or a bargain at these
levels. I think the rest of the Nasdaq is taking its cue from the fact that a
lot of bad news has been priced into this marketplace. The January Effect is
really starting to kick in, and if you look at fund cash levels across the
board, this market is really going to have some support to it.”
Greg Nie, Senior Vice President of
Technical Research, First Union Securities: “I believe the oversold
condition that developed early in January is the prime catalyst here. We’re
blithely navigating earnings season so far. I think we can push into but
probably not through the resistance zone I see at 2800 to 3000 for the Comp on a
short-term basis. We should work a little higher in smaller chucks if you will
over the very short term, and then we may see a normal round of profit
taking.”
John Roque, Vice President, Arnhold and
S. Bleichroeder: “The new high in the Value Line Index tells us that no one
stock or group is dominating performance. Rather, a lot of stocks or groups are
doing a little to benefit performance. In client meetings over the last several
months we’ve been making a case that improvement in cumulative breadth and the
relative action in the VLI said a broadly diversified portfolio was the way to
go. We’ve no idea how long this theme will continue working, but for right now
the market is sort of like watching the Havlicek/Russell Boston
Celtics–everyone is touching the ball.”