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21 September 1999
Morning Economic Comments:
The Trade Deficit rose again this time to more than $ 25 Billion for the month of July.
The dollar began a nosedive yesterday in anticipation of the bad number. But trading was subdued mostly because of the Yom Kippur high holy day. However, today, the gloves are off and the weak dollar is hurting all stocks. The Yen is up about 2% as their Central bankers are not intervening. A weak dollar can mean higher inflation.
Recommendations:
UAL Buy at $ 66 5/8 KMG Buy at $ 54 3/8 ORCL Buy at $ 44 3/4
CNF Buy at $ 42 « AT&T Buy at $ 41 Buy the OEX Oct Puts mkt
TLX Buy at $ 7 ó ELN Buy at $ 31 1/2
Oil stocks are down sharply probably a precursor to weakness in crude oil which is still holding at $ 24/bbl this morning, but is expected to fall. Transports are down 32.96 in sympathy to the Dow, but if the oil price comes off, transports should mount a significant rally. UAL was a star yesterday, having rallied up to $ 69/share.
The Dow is off 114.30 and the S&P 500, 15.16 points. Bonds are down about 14 ticks, the yield up to 6.108%, up 0.036.
Gold is up about $ 5.10 today reflecting positive Bank of England Gold sale prices.
Apple Computer put out a warning that quarterly earnings would fall short 20-30% because of a chip shortage. In early European trading the stock was off 12%. In U.S. trading the damage is more like 8%. Apple Computer is down 7 3/4 to $ 71 1/8. This has caused weakness in tech stocks as Nasdaq is off 35 points. Even the Phila Semiconductor index is off 4.55 points today.
Taiwan has a severe earthquake, almost 1,500 deaths reported already, but their stock market is down just 44 points to 7.972.
Cnet and Yahoo are both higher. Oracle is up 5/8. AT&T is up ¬, GTE is up 1 7/8, Bell Atlantic is up 1 1/8,
Microsoft and the Justice dept seem to be nearing an end to the long drawn out trial.
A close below the up trend-line ( about 10,700 today and tomorrow ) would pose negative implications for stock prices. Sell stock indexes now for protection. Place a closing stop at approximately Dow 10,701.
The publisher of this report is princetoninv.com (PRI) This report is based on information obtained from sources we believe reliable, but is not guaranteed either as to accuracy nor completeness. All opinions are subject to change without notice. Past performance is not indicative of future results. This report should not be construed as a recommendation or request to engage in any transaction, and individual investors are advised to consult their personal brokers or investment advisers before making investment decisions. PRI may be paid a fee by certain companies for public relations and for disseminating information to the public. If you are a broker, use of this report may be subject to applicable rules of any self-regulatory organization of which you may be a member. PRI and its shareholders, officers, employees, and/or members of their families may hold a position in and engage in transactions with respect to the securities mentioned herein. As a publisher of this newsletter, PRI is exempt from registration as an investment adviser with the Securities and Exchange Commission. ¸1999 princetoninv.com All Rights Reserved. |
