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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (2622)	9/20/2000 3:29:43 PM
From: TigerPaw	Respond to of 65232

In my bid for most stupid move of the day I bought some PCS when it reached bottom. Little did I know it had learned how to dig in the meantime. At least EMC can rise faster than PCS can fall. TP

To: Dealer who wrote (2622)	9/20/2000 3:35:02 PM
From: Dealer	Respond to of 65232

Blue Chips, Techs Hit by Earnings Worries By Haitham Haddadin NEW YORK (Reuters) - U.S. stocks were sharply lower at midday on Wednesday as a double whammy of surging oil prices and a sagging euro exacerbated fears that corporate profits will take a hit. Sentiment was also soured by U.S. government data showing America's trade deficit for July climbed to a record high. ``Those three items will be your dominant issues day to day, but overall the market is walking on egg shells,'' said Charlie Crane, chief investment strategist at Key Asset Management. ``Investors are concerned about the picture for profit growth relative to existing expectations, and that produces the kind of nervous trading that we've seen in the last couple of weeks,'' Crane added. Technology stocks were pressured by a broad decline in the Nasdaq heavyweights -- software giant Microsoft (NasdaqNM:MSFT - news), computer maker Sun Microsystems (NasdaqNM:SUNW - news), mobile telecoms technology company Qualcomm Inc. (NasdaqNM:QCOM - news), and Worldcom (NasdaqNM:WCOM - news) as well as chip maker Applied Materials (NasdaqNM:AMAT - news). The international trade data released early Wednesday showed the deficit growing in July to $31.89 billion from a June deficit revised downward to $29.5 billion. A growing trade deficit can be cause for alarm to the inflation-fighting U.S. Federal Reserve. ``The market climbs a wall of worry and this is just another worry thrown into the mix,'' Alan Ackerman, senior vice president and market strategist, for Fahnestock & Co. said. But he said he doubted the Fed will hike interest rates as a result of the data. Investors were concerned about the fast declining euro, the single European currency, which hit a record low of $0.8460 against the greenback on Wednesday. Meanwhile, oil prices continued their upward stride, the latest leg of a rally to fresh decade highs fueled by reports showing that U.S. crude stockpiles have fallen. October delivery U.S. crude hit a fresh high of $37.80 a barrel.