Overheard On The Street
Here’s what they’re saying at mid-day:
Gary Kaltbaum, Technical Analyst, First
Union Securities Financial Network: “I think all the anticipation of the
ending of the bear market in the Nasdaq (specifically technology) looks
premature. The technical condition of the most important leaders is as bad as
I’ve ever seen. This will take months to repair.”
Liz Ann Sonders, Managing Director,
Campbell Coperthwait: “I think the things you have going for you right now
are I guess somewhat obvious in that you have an accommodative Fed. I think the
article that was in Barron’s a couple of weekends ago was pretty good in saying
that if you have just one market timing tool then it should be the Fed. Buy when
the Fed is lowering interest rates, and sell when they’re raising rates. That’s
the reason for the line ‘Don’t fight the Fed.’ I think that’s going to provide a
lot of liquidity into the system. Although the Fed did make some comments that
suggest that they may be less ready to cut rates intra-meeting, I still
think there’s a pretty good shot that we’ll get another 50 basis point cut if
not before the next meeting then certainly at the next meeting.”
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “Equity funds reported outflows of
$447 million in the week just past, and the majority of the outflows were from
large-cap growth and technology funds. Money market funds reported inflows of
$12.8 billion. We believe the minor outflows displayed by growth funds are not a
concern at this time, but the continued money market expansion remains a
potential positive for the stock market in our opinion going forward.”