To: j g cordes who wrote (21558 ) 6/16/1999 12:23:00 PM From: j g cordes Respond to of 68048
Market Report.. I've been asked to supply in Clint's absense My Commentary On interest Rates, Shades of "Let them eat cake." The equity markets are soaring today with the CPI report showing little inflation. Yet I just heard an opinion that the Fed "should launch a pre-emptive attack on inflation" by raising 1/4 point just the same. The consumer is spending too much, employment is too good, wages are rising too fast. Who's making these comments anyway? Most Fed Govenors are millionaires and its my feeling they just don't like the masses enjoying prosperity. By nature conservative, a reserve personality is obliged to test the brakes even when the car isn't accelerating. Are wages increasing too fast? I don't know, what do Fed Reserve and bond people earn? Certainly a lot more than factory labor. Are house prices spiraling out of control? What's the average size of a Fed Govenor's house, which house? It reminds me of when I was at a party in Greenwich Connecticut, where the average house sells for over $ 1.4 million. Over caviar someone complained that plumbers and electricians were robbing them blind and couldn't show up on time. I noted that most tradesmen had to commute an hour from poorer towns. It must have been Marie Antoinette's reincarnation that chimed in "Let them eat cake." My current trade target on the bond is 5.9% area which won't happen until after the FOMC meeting June 30, and S&P target of 1360 with worry down to 1340 prior to meeting. I suspect business isn't as strong as recent Fed worries suggest and that inventories are building, that European rebuilding of Serbia and Kosovo will attract capital (how about those Greek cement companies) drawing some investor attention, and there will be some stockpiling for Y2k which will depress and drop rates going into 2000. ---------- Indexes: Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- DJII 10734.000 139.000u 10595.000 10595.000 10748.000 10595.000 N/A 2890 N/A 11:23 N/A N/A NDX 2140.300 82.100u 2058.200 2058.200 2140.600 2058.200 533 455 1 11:43 2283.600 1063.300 COMP 2494.000 79.400u 2414.600 2465.000 2494.400 2454.900 120 100 2 11:28 2677.700 1357.100 SPZ 1325.600 24.400u 1301.200 1301.200 1326.200 1301.200 465 418 1 11:28 1376.000 923.300 BKX 853.600 20.400u 833.200 844.600 855.900 844.500 411 354 2 11:23 953.200 545.700 SOX 458.000 6.890u 451.110 451.110 460.280 451.110 535 488 1 11:23 452.770 182.590 QQQ 106.641 3.516u 103.125 105.688 106.875 105.563 40398 704 10 11:23 114.563 97.000 VIX 24.490 -3.740d 28.230 25.490 25.580 24.050 104 94 1 11:28 60.630 16.730 DOW [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AXP 123.375 4.313u 119.063 122.000 123.875 121.875 8672 496 1 11:23 142.625 67.000 JPM 132.125 4.125u 128.000 129.375 132.125 129.375 3463 330 81 11:25 147.813 72.125 HWP 89.813 3.375u 86.438 87.500 89.813 87.500 12747 530 484 11:27 97.563 47.063 GE 107.188 3.000u 104.188 105.063 107.750 105.063 28533 1956 5 11:23 117.438 69.000 MRK 69.438 1.813u 67.625 69.000 69.438 68.625 18508 1080 1 11:23 87.375 57.500 WMT 44.000 1.563u 42.438 43.563 44.000 43.438 23819 1628 2 11:28 53.406 26.219 Tech_Titans [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- IBM 120.250 4.375u 115.875 119.875 120.500 118.875 34723 1716 13 11:23 123.000 53.000 CSCO 114.938 3.750u 111.188 113.500 114.938 111.875 64639 7359 5 11:28 122.313 41.125 EMC 52.625 3.563u 49.063 51.000 53.750 50.875 31264 1945 2 11:23 67.469 20.781 INTC 58.563 2.875u 55.688 57.500 58.625 57.250 N/A 10245 10 11:28 71.844 33.406 MSFT 80.000 2.313u 77.688 79.063 80.250 78.875 N/A 8874 10 11:28 95.625 42.281 LU 60.688 2.250u 58.438 59.813 60.938 59.688 42538 2307 1 11:22 67.000 26.719 WCOM 91.625 1.625u 90.000 90.375 91.688 90.313 35741 3611 5 11:28 94.875 39.000 DELL 35.625 1.000u 34.625 35.188 35.875 34.563 N/A 10190 5 11:28 55.000 19.984 E*Titans [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- YHOO 140.875 15.625u 125.250 133.375 142.500 131.500 N/A 15576 1 11:28 244.000 27.875 INKT 103.938 13.438u 90.500 95.125 104.750 95.000 17291 3488 1 11:28 159.125 18.125 CMGI 88.313 11.313u 77.000 83.000 90.000 82.000 55937 13346 1 11:28 165.000 8.609 AOL 105.813 11.063u 94.750 99.500 106.313 97.750 N/A 15512 2 11:23 175.500 17.250 EBAY 146.500 11.000u 135.500 142.625 148.500 140.000 35122 9951 1 11:28 234.000 8.406 AMZN 107.125 10.625u 96.500 101.313 109.000 101.000 50869 9867 3 11:28 221.250 19.703 ATHM 88.750 8.688u 80.063 86.000 90.000 84.125 36200 7390 1 11:28 198.000 23.500 DCLK 83.750 7.750u 76.000 80.813 85.500 80.000 22641 4901 1 11:28 176.000 6.750 PCLN 86.188 7.750u 78.438 85.000 89.000 84.750 16105 3821 1 11:28 165.000 58.000 CNET 47.438 4.938u 42.500 46.000 47.625 45.500 12628 2554 3 11:28 79.750 7.250 RNWK 61.188 3.938d 57.250 61.250 62.500 60.250 12893 2355 1 11:28 131.875 7.625 Networkers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- ASND 99.688 3.500u 96.188 98.125 99.984 97.750 7215 1009 2 11:28 103.375 32.625 SUNW 61.688 3.250u 58.438 60.625 62.000 60.500 48126 4458 23 11:28 72.500 19.188 NN 27.500 1.188u 26.313 26.563 27.500 26.563 2491 137 123 11:27 39.875 15.438 COMS 26.375 1.125u 25.250 25.875 26.375 25.750 22484 1985 3 11:28 51.125 20.000 WirelessMfr [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- QCOM 117.438 3.750u 113.688 114.750 123.000 114.000 22334 4636 1 11:28 119.750 18.875 NOK 83.000 1.000u 82.000 82.375 83.250 82.125 12267 558 18 11:22 85.688 29.531 ERICY 31.375 0.375u 31.000 31.000 31.438 30.938 12081 476 5 11:28 34.000 15.000 MOT 89.063 -0.875d 89.938 90.250 90.750 88.938 20795 1005 917 11:27 90.000 38.375 Telecom_Infrastructr [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- UNPH 143.438 5.938u 137.500 141.375 144.875 140.750 5513 816 12 11:27 155.750 31.250 CMTN 62.250 4.750u 57.500 60.000 66.000 60.000 581 172 1 11:27 78.375 50.500 ADLAC 66.875 4.000u 62.875 64.875 68.000 64.094 6703 370 40 11:27 87.000 23.875 TLAB 62.250 3.188u 59.063 61.750 62.500 61.188 16905 1600 1 11:28 64.000 15.688 COVD 43.500 3.125u 40.375 43.000 44.719 42.000 4881 634 1 11:23 81.000 20.656 NT 84.688 2.938u 81.750 82.000 85.250 82.000 13407 461 N/A 11:23 86.875 26.813 MFNX 40.375 2.625u 37.750 40.250 40.688 39.625 7439 832 100 11:26 47.563 4.219 LVLT 68.688 2.563u 66.125 68.000 69.500 66.625 6800 1148 3 11:28 100.125 22.375 PCS 53.563 2.375u 51.188 52.125 53.750 52.125 3357 346 N/A 11:23 58.125 12.750 RCNC 43.563 1.938u 41.625 41.750 44.500 41.625 2402 404 1 11:28 54.500 8.750 CMVT 75.750 1.875u 73.875 74.875 76.250 74.750 3790 333 50 11:25 77.250 19.578 AWRE 39.688 1.813d 37.875 39.938 40.500 37.500 4420 682 1 11:28 87.125 4.250 ADCT 49.313 1.750u 47.563 47.875 49.625 47.813 4811 625 15 11:25 53.625 15.750 WCII 53.250 1.375u 51.875 52.938 53.875 52.000 3874 404 1 11:26 60.000 10.250 RBAK 86.250 0.938d 85.313 87.250 89.938 86.250 291 80 1 11:25 112.875 65.000 QWST 35.250 0.375d 34.875 35.688 35.750 34.875 42296 5543 1 11:28 52.375 11.000 ANTC 26.063 0.000d 26.063 26.875 27.125 26.000 1961 164 1 11:22 34.188 11.500 GBLX 47.500 -0.813d 48.313 48.375 48.500 46.250 4856 500 1 11:26 64.250 8.000 E*Portals [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- GNET 111.438 8.188u 103.250 107.750 111.938 105.750 2617 645 1 11:27 199.000 6.406 LCOS 82.125 5.875u 76.250 80.000 83.375 79.250 9710 2112 1 11:28 145.375 20.063 SEEK 49.750 5.250u 44.500 47.875 50.563 47.750 30553 5798 1 11:28 100.000 14.875 INSP 41.688 3.313d 38.375 42.875 43.000 41.125 5996 1019 2 11:28 72.625 9.750 ISPs_WebHosting [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- EXDS 82.500 7.875u 74.625 79.938 83.000 78.750 7827 1442 10 11:28 109.125 7.750 MSPG 65.500 5.125u 60.375 63.563 66.500 62.750 7413 1498 10 11:28 133.000 19.500 ELNK 43.875 3.438u 40.438 42.688 44.875 42.000 7544 1537 1 11:27 99.375 19.500 VRIO 54.000 2.875u 51.125 52.500 54.875 52.250 3054 321 2 11:25 78.000 13.000 PSIX 38.563 2.313d 36.250 38.625 39.438 37.750 7011 744 5 11:26 73.750 8.375 CNCX 27.250 2.063u 25.188 26.125 29.750 26.063 6386 696 10 11:28 57.625 7.125 ABOV 27.625 2.000- 25.625 27.625 28.375 26.875 8574 1370 2 11:27 75.500 5.750 E*Banking [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- TBFC 33.375 3.250u 30.125 32.000 34.188 31.938 6336 616 10 11:27 75.875 3.938 SONE 34.813 3.063u 31.750 34.000 35.000 32.938 2002 295 1 11:28 79.250 4.625 NTBK 32.313 2.938u 29.375 31.703 33.125 31.313 11357 1955 1 11:28 83.000 3.578 E*Brokers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AMTD 71.500 6.750u 64.750 69.688 73.125 68.000 14468 3420 10 11:27 188.375 5.625 SCH 87.875 6.500u 81.375 85.000 88.375 84.750 18297 970 2 11:28 155.000 18.500 NITE 47.875 6.000u 41.875 47.063 49.250 45.625 42043 8017 1 11:28 81.625 2.250 EGRP 35.313 3.313u 32.000 34.500 35.875 33.750 54888 9803 1 11:28 72.250 2.500 NDB 37.688 2.688u 35.000 37.000 37.938 36.625 3835 445 N/A 11:22 93.000 8.125 E*Commerce_E*SW [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- VIGN 47.000 4.125u 42.875 45.938 47.500 44.000 2150 293 2 11:28 111.750 37.250 VERT 61.875 3.875d 58.000 63.000 65.000 60.500 2655 405 7 11:28 149.000 34.750 BVSN 55.125 3.000u 52.125 53.375 55.500 53.000 3115 371 1 11:27 72.375 9.250 CPTH 41.125 3.000u 38.125 40.938 43.000 39.625 3579 316 1 11:25 150.250 37.938 NSOL 63.938 2.500d 61.438 64.500 65.250 60.188 6083 1325 2 11:28 153.750 10.500 VRSN 52.000 2.313- 49.688 52.000 53.375 51.750 5950 635 1 11:28 94.125 9.688 INTU 80.125 2.125u 78.000 78.375 80.313 78.375 5795 477 150 11:27 110.750 26.250 MACR 38.125 1.563u 36.563 37.938 39.125 37.750 3220 345 10 11:26 53.250 12.313 E*Misc [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- HLTH 82.375 6.344d 76.031 85.000 85.000 80.625 2642 641 8 11:27 126.188 21.750 GMST 58.688 2.750u 55.938 57.500 59.500 57.000 5975 280 4 11:27 67.625 15.500 ETYS 39.750 1.750d 38.000 41.000 41.000 39.000 4965 785 2 11:28 83.563 37.563 IVIL 35.500 -0.750d 36.250 37.625 39.750 34.000 2267 488 2 11:28 130.000 31.250 PCs [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- BBY 56.813 2.875u 53.938 55.625 57.000 55.063 8433 505 19 11:22 59.688 15.969 LXK 65.875 2.125d 63.750 66.250 67.563 65.063 2804 299 2 11:22 74.375 25.375 GTW 65.875 1.813u 64.063 64.125 66.125 63.500 10668 487 N/A 11:23 84.500 36.125 AAPL 47.625 1.563u 46.063 46.375 48.063 46.375 7419 905 4 11:28 50.000 26.750 CPQ 22.250 1.063u 21.188 21.438 22.375 21.438 N/A 5139 7 11:23 51.250 20.813 SemiCapX_EDA [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- AMAT 69.250 1.875u 67.375 68.375 69.375 68.250 38688 3576 7 11:28 71.625 21.563 KLAC 57.063 1.688u 55.375 56.500 57.250 56.438 8424 968 2 11:26 65.000 20.750 TER 68.063 1.250u 66.813 67.500 68.500 67.500 7514 252 56 11:27 68.938 15.000 NVLS 66.625 1.125- 65.500 66.625 67.500 66.313 3508 600 9 11:28 75.500 20.875 SNPS 56.500 1.125u 55.375 55.250 56.750 55.250 3605 349 50 11:25 61.250 24.500 LRCX 35.250 0.750u 34.500 34.688 36.000 34.625 4043 350 5 11:27 39.250 8.375 Semis [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- QLGC 118.438 3.438d 115.000 119.500 119.500 116.500 937 134 1 11:26 124.500 13.938 BRCM 113.875 3.250d 110.625 115.000 115.875 113.375 10428 2402 20 11:28 117.250 23.500 PMCS 58.875 2.375d 56.500 59.625 60.125 58.375 2810 481 2 11:28 63.250 11.438 MCHP 47.750 2.313u 45.438 46.125 48.125 46.063 5496 466 5 11:23 48.688 17.000 RMBS 84.625 2.000d 82.625 85.938 86.875 83.938 2967 599 10 11:28 109.938 35.500 XLNX 52.438 1.813u 50.625 51.875 53.000 51.750 11498 1125 3 11:27 54.375 14.875 STM 139.500 1.625d 137.875 140.000 140.500 137.125 2301 160 6 11:22 138.438 35.875 ALTR 38.375 1.250u 37.125 37.875 38.875 37.750 7432 744 3 11:28 41.156 14.125 LLTC 60.875 0.688d 60.188 61.125 61.563 60.313 5222 539 2 11:26 64.125 19.563 VTSS 63.313 0.188d 63.125 65.000 65.000 63.313 3626 612 3 11:26 63.875 17.125 LSCC 59.625 -0.375d 60.000 61.375 61.875 59.625 1553 167 1 11:27 60.625 18.875 TXN 131.688 -3.000d 134.688 135.125 135.125 130.750 14342 891 29 11:23 135.375 45.375 Software [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- SEBL 54.250 3.750u 50.500 52.000 54.500 51.875 9927 1006 30 11:27 54.500 15.125 BMCS 49.188 3.313u 45.875 46.875 49.875 46.750 20226 1776 9 11:28 60.250 30.000 CTXS 52.250 3.313u 48.938 51.000 52.625 50.625 6177 689 53 11:27 54.750 23.125 CPWR 28.938 2.688u 26.250 27.375 29.500 27.313 29802 1966 11 11:27 39.906 16.375 MERQ 37.375 2.500u 34.875 35.156 37.625 35.156 1966 245 1 11:27 39.938 10.563 CHKP 51.250 2.188u 49.063 50.250 51.438 50.000 3064 379 1 11:25 56.000 10.875 ADBE 72.875 2.000u 70.875 71.750 74.000 71.688 2431 407 1 11:25 81.063 23.625 CA 49.375 2.000u 47.375 48.750 49.438 48.313 5666 376 1 11:21 61.938 26.000 LGTO 56.063 2.000u 54.063 55.750 57.250 55.500 3329 335 7 11:28 67.750 27.500 VRTS 91.125 1.813u 89.313 90.063 91.750 90.000 4928 476 50 11:28 99.250 23.750 EFII 47.000 1.750u 45.250 46.250 47.250 46.000 6889 370 10 11:26 52.000 13.500 ERTS 49.375 0.750u 48.625 48.813 50.000 48.813 2563 250 1 11:27 57.125 33.250 RATL 35.625 0.625u 35.000 35.250 35.750 35.250 3465 101 100 11:27 37.000 10.500 NEON 40.000 -3.250u 43.250 39.750 41.141 38.000 25166 2246 3 11:28 78.375 12.000 Banks_Brokers [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- MWD 92.125 4.250u 87.875 90.500 92.500 90.063 10006 492 1 11:28 116.938 36.500 MER 71.438 3.875u 67.563 70.000 71.688 69.750 19259 1194 N/A 11:22 109.125 35.750 DLJ 54.188 3.563u 50.625 53.875 54.500 53.500 3447 177 120 11:27 100.750 20.375 CMB 78.313 3.188u 75.125 78.000 78.938 77.188 21723 683 2 11:22 91.125 35.563 C 45.750 1.938u 43.813 45.500 45.938 45.375 53157 1859 97 11:23 51.750 19.000 GS 64.688 1.938u 62.750 63.938 65.125 63.938 3194 240 2 11:22 77.250 60.500 BAC 69.250 1.938u 67.313 68.938 69.563 68.625 15142 671 N/A 11:23 88.438 44.000 WFC 41.125 0.938u 40.188 41.000 41.313 40.938 19632 335 2 11:20 44.875 27.500 Bios_Drugs [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- IMNX 122.125 5.438u 116.688 119.875 123.000 118.875 3190 420 6 11:28 145.875 23.938 BGEN 114.500 2.813u 111.688 113.000 114.750 113.000 4842 503 1 11:28 120.500 41.750 PFE 98.813 1.250d 97.563 100.125 100.438 98.438 26832 2502 N/A 11:23 150.125 86.000 AMGN 55.313 0.000d 55.313 56.688 56.750 54.500 22731 1912 4 11:28 81.375 28.969 Laser [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- BOL 71.313 1.313u 70.000 70.500 71.750 70.500 3107 73 20 11:10 84.750 38.063 BEAM 20.875 1.250u 19.625 19.750 21.125 19.688 6102 558 1 11:28 23.438 3.000 VISX 75.625 1.125d 74.500 76.188 77.125 73.875 7027 1121 10 11:26 77.875 10.484 LZRC 44.125 0.313u 43.813 43.875 44.375 43.875 324 43 6 11:27 50.750 10.125 LVCI 59.750 -0.250u 60.000 59.500 60.875 59.500 364 75 1 11:26 66.250 8.500 ECM [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- JBL 47.063 5.563d 41.500 51.250 51.313 47.063 26023 668 318 11:28 55.375 11.500 FLEX 55.688 -0.813u 56.500 55.188 57.000 55.125 4297 269 1 11:27 57.375 10.984 SANM 74.938 -1.250- 76.188 74.938 75.375 74.250 3938 302 2 11:27 81.125 19.625 SLR 59.125 -1.250d 60.375 59.500 60.000 58.563 9049 517 19 11:23 61.188 17.719 Misc [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- NTAP 41.000 1.375- 39.625 41.000 41.750 40.125 12261 801 3 11:27 67.000 16.000 EXTR 43.875 0.469d 43.406 44.000 44.375 43.750 104 25 1 11:27 65.125 35.063