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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/4/2001 11:03:23 AM
From: besttrader	of 37746

11:00 ET Dow +5, Nasdaq -1, S&P +0.37: [BRIEFING.COM] To say it's been a volatile morning would be an understatement. The markets gapped down at the open and extended losses a bit before buy interest sent the indices well off the day's worst levels. The question at this point is what does the April employment report mean for the markets. Briefing.com is expecting a 50 basis point rate cut at the FOMC policy meeting on May 15. Though we've held this opinion for a while now, the markets are beginning to conclusively see things the same way following today's weak employment report. With a rate cut just seven business days away (not including today), traders are having a tough time assessing where they want to be. Markets typically rally into a rate cut which makes selling so close to the meeting a difficult proposition. Yet the weak data today underscores broader economic issues which make the longer term outlook somewhat murkier. DJTA -0.9%... DJUA +0.5%... SOX -1.8%... XOI +1.6%... BTK -0.1%... Nasdaq 100 -0.1%... S&P Midcap 400 -0.3%... Russell 2000 -0.3%... NYSE Adv/Dec 1235/1369... Nasdaq Adv/Dec 1261/1767.

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