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04/18 9:03A (DJ) =DJ N.Y. Stocks Seen Off, Now That 'Sale' Signs Are Gone
Story 2579 (DJDAY, P/5042, N/DJN, N/DJWI, N/DDY, N/DJS, N/MKT, N/NWS...)
By Robert O'Brien
NEW YORK (Dow Jones)--There won't be an immediate followthrough to Monday's
tension-easing recovery rally. Instead, investors will come to grips with the
reality that the "sale" on blue-chip high-technology names already has ended,
and Wall Street is back to sorting out the valuations for the broad list of
tech issues.
Indications from the futures market suggest a modest decline from the start
of trading, something on the order of 40 to 50 points on the Dow Jones
Industrial Average; certainly, not too bad, coming off Monday's 276-point
runup, which brought the average up to 10582.
Analysts said they also wouldn't rule out a quick recovery following the
early setback, especially if investors start focusing on the earnings reports
that come out in sizable numbers here Tuesday.
Noting the decline in the futures market, Bill Meehan, chief investment
strategist at Cantor Fitzgerald, said he expects stocks to move lower from the
start of trading. "However, the extreme oversold readings indicate that we
could see further upside moves after the initial weakness, and the flood tide
of earnings may encourage those who remained sidelined yesterday," Meehan said
in a report Tuesday.
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