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

To: Dealer who wrote (45647)	12/26/2001 8:01:04 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- Shares poised for some down action By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:53 AM ET Dec 26, 2001 NEW YORK (CBS.MW) -- Stocks are poised for a less-than-merry open on Wednesday as potential buyers appear content to sit out the holiday season. With the no earnings releases on schedule this week and few corporate announcements expected, investors are looking to 2002 for direction. The fourth-quarter earnings season will kick off in mid-January and companies wishing to confess their sins will do so during the first couple of weeks of the new year. Most market watchers believe that a 2001 close with the Dow Industrials at 10,000 and the Nasdaq around the 2,000 level will be a small miracle in itself after the indexes plunged to nearly 8,000 and 1,400, respectively, in the aftermath of Sept. 11. The Dow is up about 25 percent and the Nasdaq 39 percent from the Sept. 21 intraday nadir. Checking the futures markets, the March S&P 500 contract gave up 2.70 points, or 0.2 percent, and was trading about 1.70 points below fair value, according to HL Camp & Co. Nasdaq futures lost 5.00 points, or 0.3 percent, while the Dow Jones Indicative Index erased 23 points, or 0.2 percent, to 10,011. In the government bond arena, prices hugged the flat line in early action. The 10-year Treasury note was off 1/32 to yield ($TNX) 5.14 percent while the 30-year government bond climbed 3/32 to yield ($TYX) 5.48 percent. No data is on tap for Wednesday. But Thursday's calendar contains the week's most pivotal release: the December consumer confidence index, seen coming in at 82.7, according to economists polled by CBS MarketWatch.com. That's virtually unchanged from November's 82.2 reading. Check economic calendar and forecasts. In the currency sector, the dollar put on 0.4 percent to 120.31 yen while the euro slid 0.9 percent to 90.36 cents. --------------------------------------------------------------------------------