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To: limtex who wrote (110079)12/31/2001 3:51:21 PM
From: limtex  Read Replies (2) | Respond to of 152472
 
BINGO - Natural Home



To: limtex who wrote (110079)12/31/2001 5:41:20 PM
From: Ibexx  Read Replies (1) | Respond to of 152472
 
From Prudential's Closing Market Commentary (12/31/01):

[In exerpts]

"Year-end position squaring and tax loss selling made the rounds today, curtailing the Santa Claus rally. The low-volume gains from the past three sessions also brought some profit taking into the fold as traders reeled in positions ahead of the New Year. It is hard to read much into year-end trades, however, due in part to their mechanical nature. And it is also hard to believe that brave new worlds are created with skeleton crews manning desks the day before a holiday.

It only seemed apropos that 2001 finish on a somber note. Biotechs were plagued by Imclone, which fell 8 points after the FDA didn't accept the company's filing for Erbitux, its experimental cancer treatment. Bristol Meyers, which licensed the rights to market the drug was dragged in the mud by the announcement

Techs faded into the stretch. The Dow’s decline was enhanced by accelerated losses in IBM and Microsoft—both falling more than a point by the close. Eastman Kodak fell a point on a negative Barron’s article, 3M also fell a stick and Honeywell was the only gainer on the illustrious 30-stock index.

Rising sectors included gold, steel, electronics defense, chemicals and healthcare. Airlines caught a little lift from America West, which gained after winning approval for $380 million in federal loan guarantees, enabling the carrier to avert bankruptcy filing.

Energy stocks fell back as crude prices receded 57 cents a barrel on speculation that OPEC production cuts will not be fully honored. Financials fell back while retailers fell prey to some profit taking after a sharp snap back last week.

Treasuries rose in thin trading, helped in part by the equity fade out. But action was curtailed by the early close and the NAPM and employment data due out later this week. The 10-year finished out 2001 yielding 5.02%.

Summing up, it was a quiet session with a sharp kick into the close. For 2001. T.G.I.O. Thank God It’s Over.

Happy New Year—Here’s to a better year in 2002. . . "


Ibexx

T.G.I.O. indeed.