10:30 ET Dow +14, Nasdaq -52, S&P -7.52: [BRIEFING.COM] After an initial jump on higher than expected Conumser Confidence
report, the Nasdaq is close to testing initial supports at 2200 (congestion) and 2193 (50% of the May 16/23 rally). Weakening daily readings
suggest that the a more extensive pullback is at least potentially developing as failure to take out 2242 has left the weaker bias dominant short
term....Nortel (NT 14.48 -0.12) not bouncing on positive comments from Lehman which believes NT is an attractive sum-of-the-parts
investment...After showing strength at the open, the oil drillers have headed south very quickly. However, integrated oil stocks remain
strong...Internals continue to weaken on the Nasdaq. NYSE Adv/Dec 1218/1417... Nasdaq Adv/Dec 1160/1998.
10:00 ET Dow +32, Nasdaq -32, S&P -1.40: [BRIEFING.COM] Techs being shunned in early trading with hardware, Internet, software,
chip, chip equipment and networking leading on the downside. Also weak are homebuilders, biotech and telecom. Integrated oil and oil
drillers are providing leadership in the early going as are other cyclical sectors including paper, and chemicals....Chip equipment weak on
comments from Salomon Smith Barney that last week's semi equipment book-to-bill ratio makes the expectation of sequential order growth
seem more remote; firm expects NVLS and LRCX to lower guidance....Lucent (LU 8.51 -0.89) holders disappointed that the expected deal
with France's Alcatel (ALA 26.90 -1.21) will produce little to no premium over the current stock price...Consumer Confidence just released
at 115.5 vs consensus of 110.3. Initial market reaction is higher. NYSE Adv/Dec 1258/1210... Nasdaq Adv/Dec 1181/1761. |
