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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 24 4:00 PM EST

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To: Johnny Canuck who wrote (38366)	11/5/2002 2:57:45 AM
From: Johnny Canuck	Read Replies (1) of 69207

13:39 ET Telecom equipment turns south: JNPR, CIEN, CSCO, TLAB Have seen a dramatic decline in telecom equipment stocks over the past 20 minutes or so. Hearing that reversal in JNPR, CIEN and CSCO is based on them not being mentioned as specific suppliers on the Verizon conference call this afternoon. Hearing that on the call Verizon is saying that it is building out long distance, but not increasing spending. 13:35 ET Europeans also look for rate cuts Germany and France reaffirmed their commitment to the EU's stability pact. While finance ministers from both of the countries commented that the pact was too stringent they nevertheless embraced it which pleased ECB's council member Ernst Welteke (an outspoken critic of the countries that had been bashing the pact - Germany, France & Italy). European markets have caught a bid (including the Euro vs. the Dollar) on hopes that this really opens the door to a rate cut at the ECB's meeting on Thursday. Welteke said that ECB members were "listening" to calls for a rate cut and that they would consider them "in our hearts".

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