Overheard On The Street

Here’s what they’re saying at mid-day:

Scott Cummings, General Partner, Agile
Asset Management: “I do think that a lot of guys were getting short and
making money on the short side, and that we are due for some sort of correction
on the upside, or at least a short-term squeeze to the upside of 150 points or
so. It’s just hard to call when that is going to happen. What you’re seeing here
is just a stream of pre-announcements, the most recent being SCI
(
SCI |
Quote |
Chart |
News |
PowerRating)
here
this morning. It just doesn’t help the psychology any, and that’s what were
fighting right now and that’s the psychology. There’s also all of these analysts
starting to reign in their expectations and lower their ratings on tech stocks.
There’s just no way these tech stocks can go higher in this environment.”

Dennis Jarrett, Chief Market Analyst,
Jarrett Investment Research: “There’s a little try at a rebound in the
technology area, but all in all, that has not followed through. Every time they
try to get a little rebound going, it fizzles out. We might be seeing the first
step at some stabilization, particularly if you look at a stock like Cisco. It
seems like it did find some buyers this morning. The volume is extremely heavy.
So that could be the first sign that they’re ready to do a little bit stronger
bargain hunting.

Brian Conroy, Head of Listed Trading,
J.P. Morgan: “I think people are looking for a bottom to this recent
selloff, and the sense I get is that once we get that bottom and it starts to
improve, then we’ll get a pretty fierce snapback rally. Whether that continues
or not going into earnings, I’m not sure, but it feels like there’s people ready
to put money to work, but they’re a little hesitant because of the Euro, because
of what oil is doing, and because of the pre-announcement season. We’ve had
quite a big move down in the last week and a half, and it feels to me like we’re
probably getting close to a near-term bottom here.”