Overheard On The Street
Here’s what they’re saying at mid-day:
Tony Cecin, Director of Equity Trading,
U.S. Bancorp/Piper Jaffray: "You’re getting a pretty good rally today
despite Intel’s warning after the market yesterday, and that’s kind of telling
me that in much of techland I think a lot of the valuations are coming back down
to levels where people are willing to spend a little money on them. You’ve got a
really nice Comp today, and the Dow is up 102, and like I said, that’s in spite
of Intel having a shortfall. Like my analyst said, you’re probably going to have
one or two more soft quarters, but then you’ll see things wrap up before
potentially having a fabulous ’02."
Robin Griffiths, Global Technical
Strategist, HSBC: "The odds are improving that the election process will
soon give us a new President elect. There could then be bear closing, an end to
tax loss selling, and a relief rally. The normal seasonal and honeymoon period
for the new man would be likely. Some core stocks are already going back into
uptrend from extreme oversold levels. The index itself could rally to 3,000
without resistance then to 3,600 after that. A best case scenario would target
4,200 — before a major consolidation phase."
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: "Regarding mutual fund money flows,
inflows of $14.1 billion into money market funds continues a trend of
cash-stashing that should provide support for new buying activity over the next
several weeks as the stock market continues to show preliminary signs of
solidifying. We continue to hang our hat on the notion that cash levels are too
high and will come back into the market. When? Once the election is final and
the continued digestion of perceived bad earnings news acts to rebuild
confidence in current valuations."