"I think this [10,000 close] is going to stimulate some mutual fund buying, but otherwise it's just a big, big number," says PETER CANELO of MORGAN STANLEY DEAN WITTER. He looks for 10,250 or 10,500 on the Dow before the middle of the year "and with a little luck we could go a little more than that." (CNBC "Market Wrap", 3/29)
"The most important thing [for the stock market] is that the underpinnings of the U.S. economy are really good and that's what's fueling the rally," says SCOTT BLACK of DELPHI MANAGEMENT. "There's no opportunity for Mr. [Alan] Greenspan and the Fed Open [Market] Committee to raise rates [Tuesday] so I think that's benign. Inflation is relatively dead and even if oil stays at $16 or $17 a barrel, that will add less than 100 basis points to inflation this year." (CNBC "Market Wrap", 3/29)
"I think the great part about Dow 10,000 is that 70 million Americans really are participating directly in this market and another 130 [million] indirectly," says RICHARD GRASSO, chairman of the NEW YORK STOCK EXCHANGE.
"So it's really not a Wall Street event, it's a Main Street event -- 200 million Americans are benefitting by what's just happened." (CNBC "Market Wrap", 3/29) Happy Days are Here!!!
"It's fine if people are making their bets based on earnings for the year 2000, but if you are making the bet based on the second half of 1999, I think you will be disappointed," says JEFFREY APPLEGATE of LEHMAN BROTHERS. (WSJ, 3/29)
"There's a lot of reasons, in addition to the conflict in the Balkans, not to own stocks and for traders to go home [for the weekend] flat," says TED WEISBERG, president of SEAPORT SECURITIES. "But having said all that, the market really acts pretty good. ... It appears as if we're in a short-term trading range at the moment of 9,600 to 10,000 -- maybe intermediate 9,100 to 10,000. You can find a lot of reasons not to own stocks, but the fact is the tape is sort of telling us, in my opinion, that the market wants to move higher. ... There are so many reasons not to own stocks, one wonders why the Dow is not down more than it is." (CNBC "Street Signs", 2/26)
"The quality names mostly held up, but a lot of these stocks have people on the fence," says DAVE AMBROSE of SOUNDVIEW FINANCIAL GROUP. (WSJ, 3/29)
"The record of getting involved in Balkan wars is very poor," says ROBERT STOVALL of STOVALL/21st ADVISERS. HO HO HO
"The market won't like it if there's confusion, which is likely if we have casualties." (NYT, 3/27)
"Some of the people [in the stock market] who believed that one or two air strikes in Kosovo would solve our problems over there are having second thoughts," says ALAN ACKERMAN at FAHNESTOCK & CO. ("The Washington Post", 3/27)
"You probably don't want to chase what worked last year," says DAVID KATZ of MATRIX ASSET ADVISORS. "The mega-cap momentum investing was wonderful last year. The Internet investing has been wonderful this year. To look for the next 50 percent you probably want to look at value style. If you're looking at what's going to do well over the next few years, we think the risks are about as low as they've been in these companies and also about as high as they've been in the mega-cap companies. At 50 times earnings, if you disappoint, you've got a lot of downside." (PBS "Nightly Business Report", 3/26)
"Concern about tech earnings got a bit overblown," says GUY TRUICKO at UNITY MANAGEMENT. "The old leadership is starting to regain some steam." (NYT, 3/27)
"Big can continue to do well in this market environment because big continues to produce profitability that is superior to the profitability produced by smaller companies," says MICHAEL HOLLAND, chairman of HOLLAND & CO. "The stocks that I like best in the marketplace in terms of the large capitalization companies would be those that have produced a wonderful recent profitability environment, which also have stocks that are selling at a price discount to the overall market." (PBS "Nightly Business Report", 3/26)
"I am a little bit worried between now and when all the March earnings reports come out, which is probably the end of April," says PAUL MEEKS of MERRILL LYNCH. "And actually, you may be a little bit worried about the tech sector, probably through the middle of the summer. But once you get through that period, I'm very bullish on technology." (CNN "Moneyline", 3/26)
"I think the [small-caps funds] have more decline to do," says TOM DORSEY of DORSEY WRIGHT & ASSOCIATES. "There's no sponsorship in these stocks whatsoever and the next wave of selling pressure that comes in these stocks are going to get whacked even further. ... It's going to take a 1990 recession type atmosphere to get these stocks going again. The last time they really performed was 1990-91." (CNBC "Market Wrap", 3/26)
|
