From: disu Wednesday, Feb 21, 2001 7:18 PM
S&P's articles, 2/21/01...
Paul Cherney: "Trend Remains Lower"
businessweek.com.
"Keep Searching for the Bottom"
businessweek.com
"Stocks Tumble on Inflation Jitters and More Tech Woes"
businessweek.com.
Arthur Hill's commentary, 2/21/01...
tdtrader.com
I do believe that lower rates are generally bullish for the economy and the stock market.
However, lower rates are only one piece of the puzzle.
Until the technical picture improves, lower rates do not mean much.
As stated before, the intermediate-term and long-term trends remain down.
While it may be tempting to play positive divergences and support tests for the short-term, these positions carry added risk because they are against the path of least resistance.
While patience may be difficult and everyone wants to pick the bottom, I would prefer to wait for proof of a reversal.
Until the S&P 500 and/or Nasdaq 100 can make a higher low and/or a higher high, the trend remains down.
When should we start thinking about long positions?
...After the first higher low OR first higher high.
...Once a reversal can be proven,
.......it will be time to start looking at positive divergence, and
....... support tests for buying opportunities.
At a recent Society of Technical Analysts (STA) event,
... I heard a bear market described as one where support levels do not hold.
Conversely, a bull market is one where resistance levels fail to stop an advance.
For this bear market to end,
...we must first have a successful support test, and
...then a higher high.
Until then, the path of least resistance remains down
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From: John Pitera
The Bull and the Bear:
Ever wonder how they came up with the bull and bear as
symbols stock market cycles?
In the middle ages in Europe, they would have festivals
with bull and bear fights, where the spectators would
bet on who would win, presumably when this crowd went on
to engage in trading commodities and then stocks, these
colorful icons were remembered.
Also a bull attacks by coming at it's victim low and
thrusting him up, while a Bear rises up to great his
adversary and pounds down on him.
================================
Wednesday February 21, 9:09 pm Eastern Time
PG&E says will not declare or pay regular common stock dividend
SAN FRANCISCO, Feb 21 (Reuters) - PG&E Corp. (NYSE:PCG - news) on Wednesday said it will not declare or pay the regular common stock dividend of 30 cents per share for the first quarter of 2001, citing the severe financial impact of the ongoing California energy crisis.
The company said future common stock dividends will not be declared or paid until the company's board of directors determines that the financial health of the company will support such action.
biz.yahoo.com
================================
Dear Quote.com Subscriber,
We are sending this email to inform clients who utilize CME futures data of some impending changes to the exchange policies. As of March 1st, 2001 the Chicago Mercantile Exchange will be raising their exchange fee for real-time data from $10 to $60 per calendar month. If you are subscribed to this exchange, the fee increase will be automatically adjusted for the March billing cycle. If you wish to cancel this exchange, you can do so by clicking the below link.
quote.com
One other change to this new CME policy is the withdrawal of the free real-time Globex data program, including Currency contracts and E-mini products. A CME exchange subscription will be required for any real-time CME data to be received by our users.
We're exploring the possibility of adding another new program, though it won't be added at this time. The CME also is adding a new exchange fee program, which involves E-Mini S&P 500, the E-Mini Nasdaq 100 and the FORTUNE e-50 Index futures and options for real-time at a reduced rate. We're reviewing it for possible later implementation.
More information about the new CME pricing policies can be found at the following link.
cme.com
If you have any questions, you can contact our client services through our online email forms at this URL: quote.com
Sincerely,
Quote.com Client Services
and from the CME site, I copied this =====>
Promotional Quote Program
This fee-waiver program will include only the E-Mini S&P 500, the E-Mini Nasdaq 100 and the FORTUNE e-50 IndexTM futures and options contracts. The program has been modified to be a subscription-based six-month trial, after which a $10 per month fee will be charged.
========================================
This is a week late but it slipped by me and thought it important...
January Statistical Report
WASHINGTON, February 14 — The American consumer’s consumption of petroleum energy last month was reflected in the highest level of imported refined fuels in more than a decade, the American Petroleum Institute reported today. The 2.923 million imported barrels a day (b/d) was a significant 40.8 percent increase compared with January 2000 imports, albeit an unusually low amount back then, the Monthly Statistical Report said. In January, the U.S. relied on foreign nations for nearly 60 percent of its petroleum energy needs, according to the API monthly data.
Imported crude oil of 8.658 million b/d was 12.2 percent above the year ago level. Imports of distillate fuel, used mostly for heating oil and diesel, reached nearly half a million b/d nearly 2.5 times higher than January 2000 and almost an all-time record. Residual fuel from foreign refiners was extremely large at 470,000 b/d, a big 114.6 percent increase compared to a year ago, the API report said. Imported kerosine jet fuel at 177,000 b/d was 52 percent higher than last year and total gasoline imports, including blending components, were up 19 percent compared to January 2000, API said.
Despite the large imports, domestic crude oil production of 5.889 million b/d went up 2.7 percent last month compared to a year ago. But the API reported Alaska production continued its decline at 987,000 b/d, although maintenance and mechanical problems were a factor. Production in the lower-48 states was 4.9 million b/d, a 4.1 percent increase compared to January 2000.
With natural gas spot market prices 3.3 times higher than a year ago, the number of drill rigs jumped 40 percent, a new record, and oil rigs were 67 percent higher than January ’00, the Baker Hughes Company reported.
January’s refinery utilization rate slowed a bit to 90.7 percent but still higher than the 85.7 rate of a year ago. However, petroleum inputs to refineries reached 15.014 million b/d, 6.1 percent higher than a year ago and the highest for any January in more than 20 years.
January’s total oil deliveries—a measure of U.S. demand—showed a 4.4 percent increase compared to January ’00, the report said. But because last year’s demand figure is expected to be revised and given the less robust nature of the economy, last month’s demand probably was only 1 or 2 percent higher than a year ago, API analysts said.
Distillate deliveries of 4.020 million b/d were 7.2 percent higher than January last year. Distillate demand has not been so robust since 1981.
Other highlights of the January report:
--Kerosine jet fuel deliveries of 1.648 were 3.9 percent higher than in January 2000.
--Gasoline deliveries of 7.839 were 4.5 percent above year ago levels.
--Natural gas liquids production of 1.906 million b/d was down 1.9 percent compared to January ’00.
--Crude oil stocks of 285.4 million barrels decreased a scant 0.2 percent from last year.
--Gasoline inventories of 204 million barrels went down 2 percent compared to January 2000.
--Jet fuel stocks of 44.1 million barrels were up 1.7 percent since January of last year.
--Distillate stocks last month were 112.9 million barrels, a 5.8 percent increase during the year.
--Total petroleum stocks were 944.9 million barrels, a 3.8 percent increase compared to January 2000.
[NOTE: 1 barrel oil = 42 U.S. gallons]
api.org |
