Art Hogan
Art Hogan
broader compared concerned economy economy-and-economics half investors lows market process second surprise test
It didn't really come as a surprise -- but, having said that, the broader thought process that the economy isn't doing well in the second half compared with the first half has investors concerned that we may need to test the lows of the market again.
household lead pick theme winners
I think the theme is going to be that you have to pick the winners, and I think the winners are going to be the large-cap household names, like IBM, Dell, Microsoft, Cisco, and Intel. I think they'll lead us for a little while.
adverse celebrated economy effect fact less party rhetoric slower stern today yesterday
We celebrated the fact that (the Fed) was much less stern on their rhetoric yesterday (Wednesday), but today the party is over and a slower economy may have an adverse effect on earnings,
came dealing month negatives selling three worries
We came into the day, week, month with the same three worries -- earnings, the economy, and geopolitical concerns. We're still dealing with all the same negatives and the selling is pretty broad.
coming might numbers surprise upside wages
We've got some big numbers coming out (Thursday). Any upside surprise to wages might put a little spook in the market.
banking bankrupt business concerns confidence entire exposure global investment level rather remain space
With the financials, that entire space has been tarnished by a confidence crisis. Also, on a more fundamental level rather than a psychological level, there's no investment banking business going on right now. The concerns remain about the banks' exposure to bankrupt telecoms WorldCom and Global Crossing,
continues moved news path perspective resistance upside
Microsoft's news was put into perspective as the day moved along. The path of least resistance continues to be to the upside for this market.
bet meeting since waiting
Why would you make a big bet before a meeting you've been waiting for since the end of June?
anyone slow
When that happens, we typically have a slow day. You'd be hard-pressed to find anyone making big commitments.
afternoon found low months rhetoric suggesting thursday weekend weeks
We'll probably get some rhetoric over the weekend suggesting we've found the bottom, ... I think weeks or months from now we'll look back and say (last) Thursday afternoon was the low point.
convinced excited future optimistic oracle rebound second
Just because Oracle is up and is optimistic about the future is not getting us excited about everything, ... Nobody's convinced there will be a rebound in the second half.
clearly economy market searching sort turnaround
We need some capitulation in the economy and if we get any sort of turnaround in the economy we can turn this market around on the Nasdaq. We're clearly in a market searching for a bottom.
basically happens market next rest seeing sold waiting
I think the semiconductors and the Nasdaq had sold off a little more than the rest of the market recently, so you're seeing them gain, ... But basically we're all waiting for everything that happens next week.
brings buyers capture clear companies data economic good great hurdles key market news passing recently saddam short
I think there's a lot of things going on, ... We had some good news from companies like Oracle, great economic data this morning, and you had the market clear two key psychological hurdles recently -- the Dow passing 10,000 and the capture of Saddam Hussein. All of that brings buyers back in for the short term.