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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (46046)	1/9/2002 8:39:24 AM
From: Dealer	Read Replies (1) of 65232

M A R K E T ..S N A P S H O T -- Shares look to coast close to flat line By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:39 AM ET Jan 9, 2002 NEW YORK (CBS.MW) -- Stocks are looking to kiss the flat line once trading begins on Wednesday. A positive announcement from Germany's software giant SAP (SAP) aided select tech stocks in the pre-open while the broader market will have to contend with news that brokerage powerhouse Merrill Lynch (MER) is laying off 9,000 employees. Financial stocks took a hit on Tuesday as investors displayed concern that Argentina's troubled economic situation would weigh on some on U.S. banks. In the futures markets, the March S&P 500 contract was off 0.30 point but was trading about 1.00 point above fair value, according to HL Camp & Co. And Nasdaq futures added 4.50 points, or 0.3 percent. Government bonds traded mixed in early action, with losses clustered among long-dated issues. The 10-year Treasury note was down 2/32 to yield ($TNX) 5.09 percent while the 30-year government bond declined 7/32 to yield ($TYX) 5.54 percent. No economic new is due out Wednesday. The week's most anticipated reports -- weekly initial claims and the December producer price index -- are due out on Thursday and Friday, respectively. Check economic calendar and forecasts. The dollar weakened a touch against the yen after rising on Tuesday to levels not seen since Sept. 1998. The pair last traded off 0.4 percent to 132.35 while the euro erased 0.1 percent to 89.23 cents. --------------------------------------------------------------------------------

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