THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DEBORAH MARCHINI, CNN ANCHOR: The futures markets, as Sasha noted a few moments ago, are pointing to a higher open for Wall Street. Maybe that's because stock prices fell so much yesterday. In fact, the markets greeted the Federal Reserve's rate cut with a sell- off. Jonathan Cohen of JHC Capital Management joins me now. And was there anything, Jonathan, that was negative in the Fed's report?</s>JONATHAN COHEN, JHC CAPITAL MANAGEMENT: No, I don't think so, Deb. I think that the Fed's quarter-point rate cut and the language that came out that surrounded that was more or less in line with trader's expectations and investor's expectations. I think this really was a case yesterday of sell on the news. It was mostly a trading reaction as opposed to a fundamental reaction. There, I think, is this very natural back and forth going on in the marketplace right now between trying to call a bottom, trying to figure out when the economy and, therefore, when the market should hit a bottom versus everything that we continue to see in terms of consumer sentiment. And with respect to technology stocks in the Nasdaq, in particular, focus on the back half of this year and into the first quarter of next year, concern about IT corporate spending and PC unit demand and all of the macro larger issues that people are paying attention to.</s>MARCHINI: Nobody's spending money on technology, just one of the problems facing the industry. We're going to talk about a couple other stocks in the news when we come back to visit you shortly. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Jonathan Cohen on Market Reaction to Fed Move