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

To: Timetobuy who wrote (44417)	11/23/2001 8:44:55 AM
From: Dealer	Respond to of 65232

M A R K E T .. S N A P S H O T -- Shares readying for sour start Treasurys find buyers By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:38 AM ET Nov 23, 2001 NEW YORK (CBS.MW) -- Stocks are looking to backpedal for another session on Friday as investors continue to rest after going on a buying spree since late September. The futures markets point to a sloppy start for shares. The December S&P 500 futures contract, in fact, gave up 3.10 points, or 0.3 percent, and was trading about 3.20 points below fair value. And Nasdaq futures lost 0.50 point while the Dow Jones Indicative Index gained 37 points, or 0.4 percent, to 9,872. Stocks will observe an early 1 p.m. close on Friday. Shares of some tech bellwethers squeaked out a gain in pre-open action. Intel (INTC) edged up 7 cents to $30.88 in Instinet while Cisco Systems (CSCO) rose 15 cents to $19.30. Sun Microsystems also gained some traction on light volume. Both Sun and Cisco logged losses on Wednesday. Treasury focus Treasury prices climbed in thin trade, with the bulk of the gains concentrated in the long end of the curve. Government issues have been hugely volatile of late. In many instances, the market has opened on a positive note only to collapse shortly after as nervous investors bail out amid subtle signs from the most recent data that the economy may be turning around. The yield on a 30-year bond is now at a one-month high after plunging to a 3-year low after Treasury's announcement on Oct. 31 that it would no longer sell 30-year issues. The 10-year note, which enjoyed a sharp rally on the 30-year's coattails, saw its yield briefly pierce the 5-percent mark on Wednesday -- a 3-month high. Sharply lower long rates fueled a stock rally during the first two weeks of November as asset allocations shifts benefited the equity realm. But higher yields are now tempering enthusiasm for stocks and the averages' advance has stalled in the past week. The fixed-income cash market will observe an early 2 p.m. close on Friday. The 10-year Treasury note was up 1/8 to yield ($TNX) 4.925 percent while the 30-year government bond sprinted 20/32 to yield ($TYX) 5.32 percent. No economic data is on Friday's calendar. Next week's main events include the release of November consumer confidence, October existing homes, October new home sales and the Fed's Beige Book report on economic conditions. Check economic calendar and forecasts. In the currency sector, the dollar inched up 0.1 percent to 124.01 yen while the euro gained 0.3 percent to 88.03 cents.