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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Logain Ablar who wrote (3697)	4/6/2001 5:06:22 PM
From: John Pitera	Read Replies (3) \| Respond to of 33421

Tim, there is definitely some thought that an ease could be coming next week. ----Employment data getting a lot of attention. Participants now talking about the chance of a 50 bp ease at any time, not surprising when considering strong employment has been one area of surpport for the economy. One participant told Briefing.com that the data did not come as a huge surprise, due to the fact that productivity through technology has been such a huge focus of late that labor cuts are the method that firms use when the time comes to maintain profit margins. This harkens back to comments made recently by Dallas Fed President McTeer about corporate profits reaching near zero. ----

To: Logain Ablar who wrote (3697)	4/9/2001 1:13:01 PM
From: John Pitera	Respond to of 33421

MO (philip morris) market cap now greater than CSCO! SPX financial weighting now higher than the SPX tech weighting for the first time since the summer of 1998. Doug Kass has had some nice little bits and pieces recently: Since the mid 1980s, there were five years in which aggregate S&P profits missed the consensus expectation by a wide margin. In those five years, the S&P 500 profits missed initial estimates by about 19%. During those same years, the Federal Reserve cut rates on average by approximately 135 basis points, AND THE S&P 500 INDEX CLIMBED BY 16%, ON AVERAGE.