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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (19041)	7/1/1999 10:29:00 AM
From: Peter Yang	Read Replies (1) \| Respond to of 99985

Who is right? >>NEW YORK, July 1 (Reuters) - U.S. stocks fell after the National Association of Purchasing Management's June index rose to a reading of 57.0 from 55.2 in May. Economists polled by Reuters had expected the index to dip to a 54.4 level. The index's price component rose to 53.5 from a reeading of 52.2 in May. Following are analysts' early comments on the data: BILL MEEHAN, CHIEF MARKET ANALYST, CANTOR FITZGERALD: ''It's a lot stronger than expected and the bonds are weakening. They'll take the stock market down with them. Prices paid went up which is not a positive.'' ''I'd look for a pullback here and some rebound effect later in the day going into the unemployment numbers tomorrow.'' PHILIP ORLANDO, CHIEF INVESTMENT OFFICER, VALUE LINE ASSET MANAGEMENT ''Stocks should rally on this number. This confirms that second quarter earnings will be solid. Bonds aren't moving much, they already factored this in. '' <<