Ah, I knew the Angell-man would pull me out of lurker mode LOL:
11:30 ET Dow -15, Nasdaq +3, S&P +3.80: [BRIEFING.COM] The Nasdaq was having a great day, poised for a strong afternoon sesssion, until comments from former Fed Governor and current Bear Stearns economist Wayne Angell. He is talking down possibility of an inter-meeting rate cut. Investors will remember that Mr. Angell ignited a market rally when his team suggested that inter-meeting cut was all but assured, only to withdraw that opinion a few trading days later. Comments, which are based on this morning's economic releases, are pulling major indices off highs of the morning. April funds futures are also indicating no inter-meeting ease. Briefing.com believes if no move this week, the next likely move will not be until May 15....As a result, techs have backed up, especially chip and chip equipment. Networkers remain strong despite the comments including JNPR and CIEN. |
