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To: Jerry Olson who wrote (13598)	9/4/2001 1:25:09 PM
From: Jane4IceCream	Read Replies (1) \| Respond to of 208838

IMNX.....choo choo Long IMNX <plus bunch o' others> Jane

To: Jerry Olson who wrote (13598)	9/4/2001 1:26:13 PM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

you are toooo lucky chart man ! ;-) GSPT did kind of fade ....QCOM been 'ol faithful today still, very fadeable ... got the dilly dally doldrums rise earlier ...want to short PDLI here ...give me a sign! ;-)

To: Jerry Olson who wrote (13598)	9/4/2001 1:29:46 PM
From: 2MAR$	Respond to of 208838

FED WATCH: In Comes NAPM, Out Go Rate Cut Expectations By Steven Vames Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Just as many economists had begun to see more storm clouds hanging over the U.S. economy, faint puffs of black smoke from the nation's factories have many now thinking the economy is headed for clearer skies. And that's causing Fed watchers to rethink their forecasts for U.S. monetary policy in the months ahead. A surprisingly strong report from the National Association of Purchasing Management Tuesday has swayed many economists into thinking that another interest rate cut from the Federal Reserve at its August policy meeting is less likely. "This morning's NAPM report reduces the odds of a Fed rate cut in October," said Louis Crandall, chief economist at Wrightson Associates in New York. The NAPM report revealed the first increases in overall activity and volumes of new orders for manufactured goods in more than a year, as well as the first increase in factory production in eight months. The data dovetailed with last Friday's government report on factory orders, which rose unexpectedly in July. "The manufacturing recession is coming to an end," said Sung Won Sohn, chief economist at Wells Fargo Bank. The Fed's policy-setting Open Market Committee will meet next on Oct. 2. Until the release of Tuesday's report, expectations had been mounting that the FOMC would announce yet another rate cut at that meeting, extending a year-long monetary easing campaign that has seen the Fed slash its target Fed funds overnight rate by three percentage points to 3.50% in seven separate moves. Declines in consumer confidence, an endless stream of poor profit reports from U.S. corporations, falling durable goods orders, rising corporate layoffs and a deepening technology slump had all combined to fuel concerns that the slowdown seen since the end of last year would extend into a longer period of economic gloom. As such, a majority of Wall Street's top economists had said that Fed policymakers would likely cut rates at least one more time. And while many are still clinging to their forecasts for one more rate cut as a sort of 'insurance policy' from the Fed, the idea of a rebound for the nation's so-called 'old economy' manufacturing businesses could be enough to prompt Fed policymakers to sit back and let their earlier easings filter through the economy. "We still see the Fed cutting rates by a quarter point on Oct. 2, but market uncertainty over that event has been significantly increased by this report," said John Ryding, senior economist at Bear Stearns in New York. That tentative move toward a more optimistic economic outlook will most likely be affected by upcoming data, such as retail sales and Friday's report on August employment conditions. "The substantial rise in the NAPM, if accompanied by some signs of firming in consumer spending in August, may be sufficient to keep Fed policy on hold at the October FOMC meeting," said Jade Zelnik, chief economist at Greenwich Capital Markets in Connecticut. In addition to economists, financial market speculators were also sharply swayed in their bets for future rate cuts. Pricing on the Chicago-traded October federal funds futures contract showed that expectations for a 25 basis-point rate cut at the October Federal Open Market Committee meeting have been slashed. The October contract posted a session low of 96.60, pricing in roughly a 43% likelihood of a quarter-point rate ease at the Oct. 2 FOMC meeting, according to traders at the Chicago Board of Trade. The odds are sharply lower from as much as 80% to 90% seen late last week, brokers and analysts noted. Traders said the December fed funds continued to suggest the likelihood of just one more rate ease this year, which would encompass a cut in October if it did materialize. -By Steven Vames, Dow Jones Newswires; 201-938-2206; steven.vames@dowjones.com (END) DOW JONES NEWS 09-04-01 01:28 PM * end of story *