Where is the stock market bottom?
Are we there yet? The U.S. financial sector took yet another beating this morning. And things are worse in Europe. You wonder how much more it can take. Bob Moon talks to stock trader Ted Weisberg of Seaport Securities.
A trader looks over computer monitors showing financial data on the floor of the New York Stock Exchange. (Chris Hondros/Getty Images)
TEXT OF STORY
Bob Moon: We spoke a short time ago to stock trader Ted Weisberg of Seaport Securities on the floor of the New York Stock Exchange. He's looking for some sign of a bottom, but doesn't see one yet.
Ted Weisberg: When everybody gets so bearish that they can feel it in their stomachs and they don't want to own stocks, they sell stocks, they don't want to buy stocks, chances are we're pretty close to a bottom and that's when it will end. Unfortunately, I don't get a sense having been on the trading floor for almost 40 years now, that we're at that point. We seem to be in a market which reminds me of 1973, '74 which I liken to water torture, it's kind of a drip, drip, drip. You know, you get maybe one day, two good days and the rest of the market just goes sideways or down for three or four or five days and the pattern tends to repeat itself.
Moon: How much concern is there that Lehman could ultimately fail and take others down with them or at least inflict a lot of collateral damage on the way down?
Weisberg: Well, I think that's certainly a possibility. I hope for a lot of reasons, clearly, that doesn't turn out to be the case. Unfortunately, we are in an environment now where the cynics are basically driving the train.
Moon: Ted Weisberg of Seaport Securities, thank you very much.
Weisberg: My pleasure.
Comments
Comment | Refresh
Post a Comment: Please be civil, brief and relevant.
Email addresses are never displayed, but they are required to confirm your comments. All comments are moderated. Marketplace reserves the right to edit any comments on this site and to read them on the air if they are extra-interesting. Please read the Comment Guidelines before posting.
You must be 13 or over to submit information to American Public Media. The information entered into this form will not be used to send unsolicited email and will not be sold to a third party. For more information see Terms and Conditions and Privacy Policy.