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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (40121)	7/5/2001 9:50:10 AM
From: IQBAL LATIF	Respond to of 50167

Re-cap of today's economic releases.. still awaiting Fall Chicago Fed National Activity Index for May and NAPM Non-Mfg.for June but so far releases point modest recovery and easing pressures on the famous 'summer distillate fuel' problems.. bumpy ride at the bottom but every sign of a bottom.. Initial jobless claims rose moderately last week to 399,000 from a revised 392,000 a week earlier. This increase was below analysts’ expectations and allowed the indicator’s four-week moving average to decline for the third week in a row. Continuing claims, however, maintained its surge upward and the insured unemployment rate rose by a tenth of a percentage point to 2.4%. These figures do not indicate any improvement in economic conditions, but they do illustrate that economic conditions may not be worsening any further. Vehicle sales..The year is shaping up to be the third best for the industry. The lackluster economy continues to have little effect on vehicle sales, which again beat expectations in June. At a 17.1 million seasonally adjusted annualized rate, June sales were about even with the year-ago pace. Light trucks are higher than one year ago, bolstered by falling fuel prices and generous incentives. After several weeks of decline, the Mortgage Bankers Association’s index of mortgage applications rose slightly in the week ending June 29. The composite index rose by 0.6% from the previous week. The strength was concentrated in refis as purchase applications posted a slight decline. Nevertheless, the recent softness follows a period of strong advances and leave the composite index at a high level of 486.3. The purchase index remains just above the 300 mark and the refi index is still several times higher than one year ago. The EIA and API reports agreed that crude oil stocks fell in the latest week, by more than 1%. With the recent OPEC announcement of stable production, prices will likely edge upward. Both reports also agreed about a rise in distillate fuel stocks. The EIA reported a 0.4% increase in motor gasoline stock, while API reported a 1.1% decline. The mixed results gives no clear direction to prices, but stocks remain well above year ago levels. Refinery utilization increased by 2.4 percentage points to 96.6% according to the API, and increased by 2.6 percentage points to 97.4% according to the EIA.

To: IQBAL LATIF who wrote (40121)	7/5/2001 1:04:40 PM
From: James Strauss	Read Replies (2) \| Respond to of 50167

What Next After The 2175 Nasdaq Failure.... ****************************************************** Ike: A look at the 6 month Nasdaq chart showed a clear intermediate term downtrend punctuated by short term rallies that failed just below the previous peak's high... This created a downward sloping chart pattern... stockcharts.com A comparison of the end of April and end of June bottoms in the 2000 area shows a lower bottom in June... We will most likely retest the 2000 and sub 2000 area with a real battle for support in the 1900 area... bigcharts.com. A look at the 60 minute chart (one week) shows the beginnings of a technical breakdown... stockcharts.com[m,a]ea... 2075, 2050, and 2025 offer light support... After that 2000 and 1900 where the real battle will be waged... Jim