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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Devin123 who wrote (15123)	4/6/2001 9:12:59 AM
From: 2MAR$	Read Replies (1) \| Respond to of 37746

Dead Cats Usually Don't Jump That High Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201 938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 9:09 (Dow Jones) Where do you think Arnhold & S. Bleichroeder technician John Roque stands? "That cat must have been on steroids, because the dead ones we've seen usually don't bounce that high," he says of Thursday rally. Thinks stocks can rally a little more, but yesterday's action isn't start of big move up, because, even if lows of Tuesday hold, there will be a retest. (TG) 9:03 (Dow Jones) The increase to 34.3 for the non-farm workweek is the equivalent of adding about 350K jobs in GDP equations, says Lehman economist Drew Matus. Combined with the 0.4% gain in average hourly earnings, the report "removes the Fed from the picture completely until the May 15 meeting," says Matus. (SV) 9:00 (Dow Jones) "There were some mixed signs - aggregate hours worked were up 0.1% - but that's still weak," said Mike Niemira, senior economist at BTM says of latest data. "It's beginning to look a lot like a recession," Niemira said. (JM) 8:57 (Dow Jones) U.S. payrolls data "inevitably increase the chance of a quick Fed ease," says Ian Shepherdson at High Frequency Economics. "If retail sales and Michigan confidence drop next week, Fed will have little choice." (JMG) 8:54 (Dow Jones) Lehman becoming more cautious on Applied Materials (AMAT) outlook over next two or three quarters. Cites continued weaknes in industry fundamentals and lower projected capital spending on semi equipment, particularly in Japan and Taiwan. Sees earnings risk to downside, cuts 2Q view to 29c a share from 35c, FY01 to $1.35 from $1.62, and FY02 to $2.30 from $2.60. Keeps strong buy, $75 price target, however. (TG) 8:47 (Dow Jones) Unemployment climb helps the rate-cut camp, but then the market got so far (too far?) Thursday, and Friday's standard consolidation could weigh on share prices. Indeed, futures indicating weaker open. Those who want to take it lower may focus on rise in wages. Then again, the bears didn't do much with all those caveats in Dell's (DELL) allegedly upbeat outlook. Whatever happens, you can be sure momentum will be a factor. (GC) 8:44 (Dow Jones) Regarding prospects for an inter-meeting rate cut, Banc One Capital Markets economist Anthony Karydakis says, "I don't think (March job loss) makes it a done deal but it makes it a very legitimate prospect." Look to equity markets and upcoming retail sales data for further evidence of weakness. (BB) 8:42 (Dow Jones) The 86K March job decline was biggest since 1991. Of most importance is the 19K drop in services jobs. That suggests manufacturing weakness filtering into services, which make up the bulk of output and employment. (BB) 8:39 (Dow Jones) One of the few industries that showed an increase in payrolls was construction, up 12,000. The construction sector remains a support for the rest of the economy and new home building sets off a sequence of spending for furniture and appliances in future months. (JM) 8:38 (Dow Jones) Selloff in stock futures picks up steam. Worry appears to be hourly wage component, but isn't Fed's bigger issue downside concern? DJIA futures off 100, Nasdaq down 35, S&Ps fall 10. (TG) 8:36 (Dow Jones) The unemployment rate continues to creep up, but in March at 4.3% it is still only 0.4 percentage point above its low point of 3.9% last Sept. and Oct. The unemployment rate is likely to go up further in future months, even if a recession is avoided. (JM) 8:33 (Dow Jones) Average hourly earnings up 0.4%, slightly more than expected. But Fed's worried about growth, not inflation, so wages of secondary importance. (BB) 8:32 (Dow Jones) March payrolls down 86K and jobless rate at 4.3%. DJ/CNBC survey had called for 60K job gain and 4.3% jobless rate. Weak payroll number should confirm 50 BP May rate cut forecasts, but probably not enough to reignite inter-meeting rate cut speculation. (BB) 8:30 (Dow Jones) Some of the large gains posted in Thursday's session will be taken away at the start of the session. At least that's how things look before the release of March payroll numbers. The nation's unemployment rate is expected to have risen to 4.3%, and data that look to be in line shouldn't push equities too far in either direction. There were some technology-related earnings shortfalls projected last night, though the names involved weren't the very top-tier companies. Tellabs (TLAB) and RadioShack (RSH) warned this morning. Stock futures down modestly, Tsys firm. (TG) (END) DOW JONES NEWS 04-06-01 09:10 AM * end of story *