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

To: Venkie who wrote (36211)	4/25/2001 8:47:12 AM
From: Dalin	Read Replies (2) \| Respond to of 65232

Top o da mornin Porchies! A little info from Briefing.com. It's been awfwy qwiet wound here.......... Hope everybody is well. I'll be looking to buy more if we get near the lows for a retest. Updated: 25-Apr-01 08:30 ET: [BRIEFING.COM] S&P futures unchanged, or 2 pts above fair value; Nasdaq futures -13, or 1 pts below fair value. Slight downward trend continues pre-market, though still no clear direction for the market. UBS Warburg downgrades of telecom equipment stocks the most notable event, but no decisive news for the overall market this morning. 07:45 ET: [BRIEFING.COM] S&P futures +1, or 3 pts above fair value; Nasdaq futures -11, or 2 pts above fair value. Have seen some erosion in the futures after UBS Warburg downgrades of key telecom equipment vendors, but futures recover from initial blow and still point to slight gains at the open. 07:15 ET: [BRIEFING.COM] This morning's fair value figures -- S&P 500 fair value: 1215; closed 2 pts above fair value on Tuesday. Nasdaq 100 fair value: 1773; closed 13 pts above fair value on Tuesday. Current indications: S&P 500 futures are +2, or 4 pts above fair value. Nasdaq 100 is -7, or 6 pts above fair value. Quiet morning thus far, and last night's earnings reports from the likes of AMZN, AMCC, VZ, and DIS failed to give the market any direction. 06:11 ET: [BRIEFING.COM] S&P futures trading at 1218, 3.0 points over fair value, Nasdaq 100 futures trading at 1784, 11.0 points over fair value. The 30-year bond is up 7 ticks at 5.741%. The dollar is a tad firmer against both the yen and the euro. 06:10 ET: FTSE -0.72%, DAX -0.16%: [BRIEFING.COM] European stocks lower with pressure stemming from another round of earnings concerns. Akzo Nobel, the largest Dutch chemical maker, said its full-year profit will come in little changed from last year, down from earlier expectations of an increase. Not to be outdone, Electrolux, a major household-appliances maker, noted that its first quarter operating profit fell a larger than expected 10%. Bookham Technology has also been hit by weak earnings, while the company said that it experiencing a deterioration in customer demand as well as more order deferrals. 06:09 ET Nikkei +0.61%, Hang Seng -0.19%: [BRIEFING.COM] Asian stocks mixed, but Japan higher with hope for structural reform on the back of the Koizumi victory. Market applauded choice of Taku Yamasaki as LDP Secretary-General, Mitsuo Horiuchi as Chairman of the General Affairs Council and Taro Aso as Chairman of the Policy Research Council. Korea up almost 2% with favorable sentiment surrounding an increase of customer deposits at securities firms, as well as news of a share buyback from SK Telecom. Taiwan fell 1.3% as Asustek Computer Inc led the way lower following comments from Goldman Sachs that the company's orders fell this month. Hong Kong stocks lost 0.2% with China-related, banking and telecom shares mostly lower. -------------------------------------------------------------------------------- Close Dow -77.89 at 10454.34, Nasdaq -42.71 at 2016.61, S&P -14.89 at 1209.47: [BRIEFING.COM] Market started out well, but like they say, it's how you finish. Stocks got a boost this morning after Consumer Confidence came in lower than expected. The market loved the number because it will cause the Fed to continue its aggressive stance on cutting interest rates. On the flip side, the decline in the Conference Board and U Mich confidence indices suggests a worsening pace of consumer spending in the near term, but the market decided to focus on rates. Techs led the market higher this morning despite a rash of bad news. JDS Uniphase (JDSU 20.82 -3.36) warned for JunQ and announced a 20% workforce reduction. Also, Compaq (CPQ 17.50 -3.15) had a poor qtr and was downgraded while EPS numbers were lowered on EMC (EMC 38.85 -1.10) by Merrill Lynch...Impressively, the weakness early on was generally limited to the companies issuing bad news. Traders were willing to shrug of the bad news and buy anyway. The story changed later in the day as techs led the sell-off in the Nasdaq. Virtually every tech area was sold off strongly. An exception was Lucent (LU 10.25 +1.05) which traded higher thanks to a positive conf call prompting a mid-day upgrade from Salomon Smith Barney....There were some positives about today's market. Besides defensive groups doing well including food, tobacco and beverages, steel stocks had perhaps their best day in years. Indications from mgmt at Bethlehem Steel (BS 3.34 +0.67) that conditions are improving coupled with the historic decision to split USX into two -- USX-Steel (X 18.90 +3.01) and USX-Marathon (MRO 31.94 +0.57). The stocks rallied as the split will allow each to be priced separately...Also very strong today were the homebuilders thanks to positive analyst comments as well as the Consumer Confidence data suggesting an aggressive Fed. Leaders include DHI, PHM, CTX, RYL...Aquila (ILA 27.85 +3.85), an energy IPO, trading strongly today...While number of companies reporting is very high after the bell, not too many big names reporting. See Briefing.com's calendar of earnings for full list. DJTA -1.1%... DJUA +0.4%... SOX -2.5%... XOI unch... BTK -3.2%... Nasdaq 100 -2.7%... S&P Midcap 400 -0.5%... Russell 2000 +1.2%... NYSE Adv/Dec 1532/1510... Nasdaq Adv/Dec 1822/2000. :0) Ramblin