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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (34)6/4/1999 1:35:00 PM
From: J.T.  Read Replies (3) of 19219
 
MARKET COMMENTARY mid-day report 6/4/99

Market likes initial "first look" of Employment #'s as relief rally gets the market out of the box real strong as major market indexes hit the following intraday highs: DOW 10,756, SPX 1,314, COMP 2,455, NDX 2,087, SOX 402, DOT 552 just to give a snapshot. We are now fading off these highs (the DOW fairly significantly only up +25 after high of +88) as "inconclusive evidence" on FED's next move will have to wait for PPI and CPI #'s on 6/11 and 6/16 respectively. This is a continued overhang on the market.

Non-farm payrolls only increased +11,000 and significantly lower than street expectations of +200,000. This is what the boys were keying in on and rally took off. Unemployment ticked lower to 4.2% from 4.3% and is a 29 year low. Hourly wages increased +0.4% vs. consensus estimate of 0.3% and hence now we see market's closer "second look" with some reservation. Bond yield initially liked the news and we got as low as 5.917% and now we have snapped right back up to 5.96%.

Low summer volume and breadth is narrowly positive as gainers lead decliners 15 to 13. Techs are rallying smartly. Let us see if the afternoon session bounces back up near the highs of day.

I will be out til after the close. Best. J.T.
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