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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: Ron McKinnon who wrote (23920)7/30/2000 10:29:24 PM
From: Kelvin Taylor  Read Replies (2) of 53068
 
More Market Commentary:

Over eighty percent of the S&P 500 firms have reported quarterly earnings. Of that number, less than one-in-ten missed the consensus estimate. Nearly two-thirds beat the Street and negative Q3 pre-announcements are no higher than they were for Q2. So why are players heading for the sidelines?

As always, the market is looking ahead and right now it sees the possibility of a harder economic landing than previously anticipated. The major indexes are breaking below technical support and could head lower. What might turn things around? At this point, we probably need reassurance that the Fed is unlikely to boost rates again and slow growth too much. Friendly economic reports this week might turn the trick.

We face several significant releases over the next few days, foremost among them being Friday's July Employment Report. As you may recall, a good June release sparked a solid rally. Favorable July data would almost certainly help again. What about the market indexes? Last week's declines were steep and fast, suggesting the possibility of a short-term technical rebound.

Favorable earnings news and economic reports will promote stabilization. Bad news may push the averages back to April-May lows.
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