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

To: Dealer who wrote (26185)	12/20/2000 8:22:19 AM
From: Dealer	Respond to of 65232

MARKET SNAPSHOT--No relief in store for U.S. stocks Merrill downgrades Cisco By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:57 AM ET Dec 20, 2000 NEW YORK (CBS.MW) - An ugly open appears to be in store for stocks Wednesday, with no relief in sight following a rout Tuesday that encompassed the entire market. The Nasdaq registered its lowest close in 16 months, corresponding to a 51 percent drop from its all-time highs. A call from Merrill Lynch on Nasdaq leader Cisco Systems is also set to weigh on sentiment. The stock was lowered by the brokerage to a "near-term accumulate" from a "near-term buy." Cisco Systems (CSCO) fell $3.75 to $38 in pre-market trading. March S&P 500 futures fell 10.90 points, or 0.8 percent, and were trading a significant 17.90 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, subtracted 48.00 points, or 2.0 percent. On Tuesday, markets failed to derive any solace in the Fed's shift to a so-called ease bias at its policy-setting meeting. With hopes for an actual rate cut dashed, investors were left to worry about whether the economy was heading for a hard landing. The recent layoffs announced by companies and the gaggle of profit warnings has certainly given bears plenty to hang their hats on. The way action has unfolded, with 52-week lows not only in Nasdaq but Nasdaq 100, Wednesday's session will be a crucial one, according to Tom Peterson, publisher of the newsletter Bulls Eye Research. The market, Peterson said, has to have little downside follow-through as well as a subsequent turnaround Wednesday to avoid the risk of a flat-out purge. A purge would be exacerbated by fund selling of techs, for those who waited too long to expunge losers and don't want to show any tech stocks on their books at year-end, Peterson said. "Any low made in the next few days, no matter how good it looks, will have to be tested. That also means there's no need to be a hero and try to pick the absolute bottom," Peterson concluded. In the government bond market, prices resumed their upward trajectory after losing ground on Tuesday following five straight sessions of gains. The 10-year Treasury note gained 11/32 to yield ($TNX) 5.145 percent while the 30-year government bond jumped 12/32 to yield ($TYX) 5.46 percent. In economic news, Wednesday will see the release of November housing starts, seen coming in at a 1.53 million rate, as well as building permits. View Economic Preview, economic calendar and forecasts and historical economic data. Cornering the foreign exchange market, dollar/yen was up 0.1 percent at 112.52 while euro/dollar rallied 1.1 percent to 0.9054. --------------------------------------------------------------------------------

To: Dealer who wrote (26185)	12/20/2000 9:01:55 AM
From: Jim Willie CB	Respond to of 65232

personal thanks to Federal Reserve for making my future safe from inflation where would I be without these guys with keen vision ?? every morning I awake to strong fearful trembling my first thoughts are that inflation will wipe out my life's work what is it now? 13% rising toward 16% ooops, that was 1978 sorry, wrong decade, I take that back I guess that was clear vision into the past the only Soft Landing I see if my head hitting the pillow and my well tapered turds hitting the yellow splash below watch for economists to start screaming Hard Landing soon should be a matter of days or a couple weeks negative GDP by Q1 at the latest / jim