Overheard On The Street
Here’s what they’re saying at mid-day:
Robert Robbins, Chief Investment
Strategist, The Robinson Humphrey Co.: “You had a great rally yesterday,
and you’re giving up a part of it. That’s not too bad. The important thing to
realize is that the S&P 500 diverged positively from the 10-day traders
index, which is a measure of selling pressure, and that divergence between March
22 and the April 3 lows sets up a potential final low to the bear market
decline. We’ll watch and see how this setback goes.
“It’s entirely possible that you’ve got a new bull market underway. I
wouldn’t put a high probability on it, maybe one chance in five, but that’s up
from one chance in 20 previously. Watch for more upside action taking out
yesterday or this morning’s highs. If that happens, it would be a significantly
higher probability that we’ve seen the final low.”
Brian Belski, Fundamental Market
Strategist, U.S. Bancorp/Piper Jaffray: “Equity funds saw $5.4 billion in
outflows last week. Over half came came from international and global equity
funds, while large cap equity index funds showed inflows. Technology showed its
second consecutive week of inflows while health care/biotech showed its nine
consecutive week of outflows. Financials/banking showed its seventh consecutive
week of outflows. Overall, equity funds continue to see outflows, but that money
did not appear to move into money market funds this week.”