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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/11/2001 9:26:14 AM
From: besttrader	of 37746

09:15 ET: [BRIEFING.COM] The futures have turned around to a mildly negative bias. S&P futures at 1258, trade one point under fair value while Nasdaq 100 futures at 1841 trade five points below fair value. The revisions to both February and March Retail Sales were released along with the April Retail Sales data. After revisions, ex-auto sales 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, investors will see the April numbers as limiting the likelihood of Fed easing beyond the expected May 15 move. Michigan Sentiment is due out at 10:00 ET. 08:45 ET: [BRIEFING.COM] The markets carry a positive bias in the pre-market following the release of Retail Sales data and the Producer Price Index. S&P futures at 1263, trade four points over fair value while Nasdaq 100 futures at 1850 trade four points above fair value. A couple economic reports are driving early market action. April Retail Sales data were just released and sales surged by 0.8%, which was well above the 0.2% expected by economists and also higher than the prior month contraction. Retail Sales ex-auto rose by 0.7% which was also stronger than the consensus for a 0.5% rise. The Producer Price Index (PPI) rose 0.3% which was in line with expectations. The retail sales data are supportive of the contention that the consumer remains confident. This is a positive signal for the economy though some may worry about the Fed pulling in the reins on its very aggressive easing policy. 07:40 ET: [BRIEFING.COM] This morning's fair value figures -- S&P 500 fair value: 1259; closed 2 pts above fair value. Nasdaq 100 fair value: 1846; closed 4 pts below fair value. Current indications: S&P 500 futures are +0.20, or 2.2 pts above fair value. Nasdaq 100 is +1, or 3 pts below fair value... Positive tone in the futures has eroded since Bear Stearns issued its downgrade of IBM.

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