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

To: Jim Willie CB who wrote (40107)	8/9/2001 3:38:56 PM
From: Murrey Walker	Read Replies (2) \| Respond to of 65232

< sincerely doubt 1900 will hold on Naz by endSept> Okay JW...when I made my remark about a trading range of 1900-2200, I almost made the lower number 1850. I'll give you 1800. In the long haul it makes no difference. Sure there's very little good news out there, but if you'll really be objective about things, the bad is becoming mixed with the good news and that, in itself, is good news if you'll look at where we've been. I don't want to split hairs. I just want the band (the porch) to stop playing the dirge music and lighten up! p.s. I don't think people here mocked the CFZ. They only threw brickbats at the a**holes who visited with nothing but taunts.

To: Jim Willie CB who wrote (40107)	8/9/2001 4:10:46 PM
From: stockman_scott	Respond to of 65232

Stocks Sag as Worries Hit Brokerages Aug 9 3:23pm ET By Elizabeth Lazarowitz NEW YORK (Reuters) - Stocks hung in negative territory in late afternoon trading on Thursday, as investors' persistent fears about sluggish U.S. growth dragged on a variety of sectors, notably banks and brokerage houses. A mixed batch of retail sales reports were also behind the market's slow creep into negative territory, after retailers like Abercrombie & Fitch reported a bigger-than-expected drop in July sales. The economic outlook was no less grim, following a rise in jobless claims and Wednesday's downbeat "beige book" summary of regional economic conditions released on Wednesday, painted a picture of lagging growth. Investors' ongoing uncertainty over when the U.S. economy will emerge from its slump is making for choppy trading, said Jon Brorson, director of equities for Northern Trust. "I don't see a great deal of conviction one way or the other." The technology-heavy Nasdaq composite index <.IXIC> dropped 13.47 points, or 0.69 percent, to 1,952.89, posting its fifth straight session of losses. The Standard & Poor's 500 index <.SPX> was off 2.09 points, or 0.18 percent, at 1,181.44, and the Dow Jones industrial average <.DJI> was down 7.95 points, or 0.08 percent, at 10,285.55.. Worries that the weak economy and struggling stocks will bite into profits at Wall Street's biggest firms buffeted brokerage stocks sending a key index of financial stocks to its lowest level in nearly a month. The American Stock Exchange broker-dealer index <.XBD> was down nearly 3 percent, its fifth consecutive day in negative territory and putting it at levels not seen since July 12. "Financial stocks are always very correlated with the markets and the markets are bad," said Guy Moszkowski, an analyst at Salomon Smith Barney. "And there is a lot of macro-economic pessimism out there about when there could be a recovery." Morgan Stanley was off $2.50, or more than 4 percent, at $55.75, while other financial stocks, like blue-chip company American Express Co. fell 57 cents to $39.22. Trading was moderate with 822 million shares traded on the New York Stock Exchange and 1.1 billion on the Nasdaq. Nortel Networks Corp. slipped 16 cents to $7.46 and was the most-active stock on the NYSE. The world's largest telecommunications equipment supplier said it plans to privately sell $1 billion of convertible senior notes. The sale of the seven-year notes is expected on Thursday night, a person close to the sale said. A convertible bond is a hybrid security that can be converted into company stock, potentially diluting the stock's value. Youth-oriented apparel retailer Abercrombie & Fitch said sales dropped 14 percent from the year-ago, more than double the drop of 4 to 6 percent analysts had expected. The company also said third- and fourth-quarter earnings would be below analysts' forecasts. Its stock tumbled $6.14 to $30. Gap Inc. the No. 1 apparel chain's sales fell 12 percent from a year ago. Gap lost $1.49 to $25.68. One bright spot was women's apparel retailer AnnTaylor Stores Corp. , which said its sales fell 17.4 percent, but that business picked up in the last week of July. Its shares jumped $2.96 to $31.63. "People are looking at retail sales for an indication of where the economy is going," said Tom Schrader, a trader at Legg Mason Wood Walker. "And if you're seeing people shopping more at Kmart and Sears and not at Saks or Neiman Marcus, it tells you they're not so confident."

To: Jim Willie CB who wrote (40107)	8/9/2001 4:13:47 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Top 10 (Letterman style) reasons not to invest in stocks... 10."gentlemen prefer bonds" 9. Unlike Wall street, Las Vegas has showgirls. 8. The kids college is going to be too expensive, besides, the world needs ditch diggers too. 7. Screw the future, just buy that new riding lawn mower you've got your eye on. 6. The markets are going to 0. 5. Soon you'll be able to get a negative real return on a CD. How much fun is that! 4. Maybe you'll stop being cross-eyed from staring at your computer. 3. Fancy Italian cars just take a lot of maintenance. 2. Your carpal tunnel from operating your mouse might go away. Might not work for some people, just depends on what they call their "mouse"! 1. You won't have to watch CNBC ALL day long!