John: Sorry about the wrong lead - I got it from Cramer's mouth when he was bitching about it on CNBC. Thanks for the NYT article.
Here is what Acompra is saying today:
February 25, 1999, 10:00 a.m. EST
Prices as of close on 02/24/99
U.S. Stock Market Outlook
Near-Term
Yesterday, the DJIA ended the day down -144.75 points at 9,399.67 or -1.52%, the NASDAQ Composite was down -36.97 points to 2,339.38 or -1.56%, and the Russell 2000 was down -3.75 points at 395.26. The cause of the market decline was a poor two year 15 billion dollar treasury note bond auction which caused the 30-year yields to rise to 5.50%, the highest level since August 20, 1998. As a result, we now anticipate a short term trading range of 5.34% - 5.54% and our longer term trend has now turned neutral with a 5.09% - 6.09% trading range on the 30-year treasury bond yields. We still believe the new support level on the DJIA is 9,100 and should serve as a new much stronger floor for the DJIA. The bottom line is that the internal numbers are poor but the market still wants to go higher. Financial stocks bore the brunt of the decline as the value of their fixed income holdings declined and strength was in the transportation and semiconductor group.
For today, expect a down opening as S&P 500 futures are lower based on stronger than expected economic numbers. Additionally, end of the month window dressing and the Robertson Stephens Technology Conference will dominate. |
