Overheard On The Street
Here’s what they’re saying at mid-day:
Robert Wibblesman, Portfolio Manager,
Strome Investment Management: “The big wild card is what they do about the
rate cuts, and the school of thought is that there’s going to be selling
following the rate cut. We had a decent enough of a rally start a little while
ago, but it has been kind of petering out because people are afraid that
there will be selling on the news. Broadly speaking, I think the market is going
to be raggedly okay for awhile. It got quite overbought, and it’s trying to work
that off a little bit, but I think the market’s going to be okay for some number
of weeks ahead.”
Barry Berman, Managing Director of Equity
Trading: “My only thought is that the market is waiting for the Fed to make
its announcement. What we’ve seen in the past is a rally because the market gets
what it wants and then sells off after the Fed announces. It’s kind of the
sell-on-good news theory. So we’re just basically waiting to see what the Fed
does. I also think that the statement that the Fed makes will have an impact on
how the market acts going forward.”
Buzzy Geduld, President, Herzog Heine
Geduld: “I think overall it’s pretty quiet, and everybody is sort of
watching and waiting to see what the Fed does. Trading is very light, and as I
said, it’s just watching and waiting.”