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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling -- Ignore unavailable to you. Want to Upgrade?

To: Scott Bergquist who wrote (3322)	7/3/2001 3:00:15 PM
From: Art Baeckel	Respond to of 6873

Good evening! Here is your Money Mail for Tuesday, July 3. BUZZ AT THE BELL Today a microscope, rather than binoculars, provided the best view of the playing field. On the surface, stocks ended a short day slightly lower in light trading. But profit warnings that failed to register in the broader indexes rocked individual stocks and pummeled the software sector. More than 50 companies over the past two days warned their earnings won't live up to expectations. Many of those profit problems showed up in software. Internet Security Systems fell more than 40% and Check Point Software dropped 12%, while many similar companies also declined. DuPont and Payless Shoe Source also confessed earnings trouble. Shares of both companies fell. Now get out the binoculars. With the truly bad news out the way, the rest of the market doesn't look so bad. The Dow edged down 22 points to 10,571, the Nasdaq lost 8 to 2,141 and the S&P 500 index slipped a scant two points to 1,234. Gold stocks, computer peripherals and electronics stores each rose about 3% and made the day's list of best sectors. Alcoholic beverages, tobacco and cement - a vibrant mix - filled the loser bracket with drops of about 2% each. Floor traders at the NYSE are hungry for economic news, says CNBC's Bob Pisani. Well, what they're going to get just may stifle the budding economic optimism. The government offers its monthly employment figures Friday, and economists expect them to show further weakness in thelabor market. We saw a hint that all those Fed rate cuts are beginning to stick. Manufacturers' orders climbed a third time in four months in May, the government said. Inventories fell a fourth straight month. Scott Gerlach Managing Editor, CNBC.com MAJOR INDEXES AND VOLUMES * Dow Jones Industrials: 10,571.11, down 22.61 or 0.21% * Dow Jones Transports: 2,809.37, up 2.87 or 0.10% * Dow Jones Utilities: 361.89, down 0.25 or 0.07% * S&P 500: 1,234.45, down 2.27 or 0.18% * NASDAQ Composite Index: 2,140.80, down 7.92 or 0.37%