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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/11/2001 12:06:24 PM
From: besttrader	of 37746

12:05 ET Dow -105, Nasdaq -20, S&P 9.81: [BRIEFING.COM] The question for today's session is whether good economic data is bad news for the markets. Retail Sales data for the month of April were released this morning and indicated a surge of 0.8%, well above the 0.2% expected by economists and also higher than the prior month contraction. Yet the revisions to both February and March Retail Sales were also released and are worth a mention. After revisions, Retail Sales excluding autos fell 0.4% for both February and March. This mitigates the strength in April's data to some degree as it was coming off weaker prior month comparisons. Nonetheless, the data are supportive of those who contend consumer confidence remains intact. The consumer is seen by many as the critical component of an economic recovery as capital spending on the corporate side isn't likely to ramp for several months.... Later in the morning, the University of Michigan Sentiment reading for May was reported at 92.6% which was well above the consensus estimate of 88.5% and the prior month number of 88.4%. This number backed up the strength in April retail sales and has some investors concerned about the direction of monetary policy. The Fed meets on Tuesday, May 15 and the markets had been expecting a 50 basis point cut in interest rates at that meeting. With today's stronger than anticipated economic data, the fed funds futures market is now placing the probability of a 50 basis point easing next week at just above 50% with a 25 basis point cut still seen as a 100% probability. DJTA -0.4%... DJUA +0.4%... SOX -0.1%... XOI -0.9%... BTK -0.8%... Nasdaq 100 -0.3%... S&P Midcap 400 -0.4%... Russell 2000 -0.4%... NYSE Adv/Dec 1207/1613... Nasdaq Adv/Dec 1433/1973.

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