Overheard On The Street
Here’s
what they’re saying at mid-day:
Scott
Cummings, General Partner, Agile Asset Management: “The market
is looking for a bottom in the near term with anticipation building that Alan
Greenspan will provide the catalyst for a move to the upside with his rate cuts
and very possibly one this week after he meets with Congress. I think the
follow-through in the market, however, will be short lived as the market is
coming to grips with a recovery that is not V shaped and could be a much slower
protracted return to better earnings growth in the latter part of the
year.”
Frank
Gretz, Market Analyst, Shields & Co.: “In what seems another
ironic twist the Dow, of all things, has gotten a bit of a boost lately from its
technology stocks.Â
Two of the better acting tech stocks around happen to be IBM and
Microsoft.
The world of tech is crumbling but tech is helping the Dow, go figure.
This, however, may not last.
The pervasive selling in tech has begun to weigh on MSFT and IBM as well,
and their patterns were at best improved rather than good.
If they fall in line with the rest of tech it could get a lot harder for
the Dow to keep holding on, especially given that some of last year’s help is
beginning to give it up.”
Brian
Belski, Fundamental Market Strategist, U.S. Bancorp/Piper Jaffray:
“Everyone and their bus driver is looking to call the bottom, and therefore
ready, willing and able to jump in with both feet once the turn is at hand.
Therefore, while we believe that we reached a near-term negative sentiment peak
last week, we remain alarmed at how many people are yearning for an excuse to
jump on the train again.”