Cory Johnson Chats on AOL, Aug. 1

Cory Johnson chatted on AOL MarketTalk on Tuesday, Aug. 1. AOL's MarketTalk is hosted by Sage Online (Keyword: PF Live).

OnlineHost: Live from New York, N.Y., please welcome Cory Johnson, editor-at-large, TheStreet.com.

OnlineHost: Cory can answer questions about the latest market-moving news. Cory does not offer individual stock commentaries or recommendations.

SageMoola: Good afternoon and welcome to MarketTalk, Mr. Johnson!

Cory Johnson 01: Hi, thanks for coming. Give me your questions :)

Question: Where do you see the market headed in the near term in light of Friday's stronger than expected economic data?

Cory Johnson 01: Friday also told us that inflation remains low. I think the market is going to tread water here. How's that for a cop out?

Question: Have we had the wrong idea about the strength of the wireless sector?

Cory Johnson 01: I think what we see is opportunity in the wireless sector -- clear opportunity. But, the investment returns are going to take a while to show up. I think that is why you see people impatient with Infospace and its ilk.

Question: What missteps in wireless infrastructure technology has Motorola made?

Cory Johnson 01: What missteps hasn't Motorola made? This company seems to screw up everything it touches, and its stocks chart is a picture of indigestion.

Question: Do you think the Nasdaq has bottomed out?

Cory Johnson 01: Actually, I know what the Nasdaq is going to do over the next three weeks; I am just not allowed to tell anyone. Seriously, there are some real concerns that I think will linger through the summer. But what the hell do I know?

Question: Any idea what the employment report will look like Friday?

Cory Johnson 01: See above.

Question: Could you tell us a little bit about "wireless access protocol?"

Cory Johnson 01: I think that Phone.com is really suffering here and will continue to suffer. Investors are starting to realize that future iterations of wireless standard might not include WAP. 2.5g and, more importantly, 3g wireless protocols may have little use for WAP and Phone.com. That's why PHCM shares are sucking water.

Question: What do you think is going to happen?

Cory Johnson 01: I think Latrell Sprewell will school Eddie Jones and the Miami Heat :)

Question: What impact is the price of oil having on the economy?

Cory Johnson 01: I think that rising oil and Fed tightening should have been expected to hurt the broad market as it has, just as easing money flows in the fall ignited already rising stock prices.

OnlineHost: We have been speaking with Cory Johnson, editor-at-large, TheStreet.com.