Overheard On The Street
Here’s what they’re saying at mid-day:
Michael Donohue, Chief Technical Analyst,
S.G. Cowen: "I basically think we’re in the earnings pre-reporting period
which is tough on technology, and I would expect that to last for about two to
three weeks. However, the NYSE advance/decline line is putting in a bottom.
Bonds act well, as do bills and Eurodollars, so I think the market’s okay."
Bob Basel, Head of Listed Trading,
Salomon Smith Barney: "Lackluster trading. Light volume. Dow Jones
Industrial in a tight trading range. A highlight or lowlight, if you will, are
the financials, which are down pretty sharply today. They’ve had a little bit of
a run lately, but you’ve also had a profit warning from Wachovia Bank that I
think is dragging that whole group down. Overall picture remains the same;
investors continue to wonder which way rates are going, in both the near and
long term.
Todd Gold, Technical Strategist, Gruntal
& Co.: "There’s not much new here. The Composite still churns in its
tracks underneath resistance at 4000. The overall picture remains bullish from
our angle here, and until we see something to change that, we’re going to remain
bullish at this time. So, we feel the most likely breakout of this little
consolidation in the Nasdaq at this point remains to the upside."