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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (40868)	3/14/2002 2:29:45 PM
From: Sully-	Respond to of 99280

Stocks Fall Despite Good News By AMY BALDWIN AP Business Writer Stocks Are Lower Thursday Despite News of Companies Rebuilding Inventories NEW YORK (AP) -- Investors collected profits for a fourth straight session Thursday, selling stocks lower despite news from the government that companies are rebuilding their inventories. The market gave up a modest advance as profit takers moved in. Analysts said investors were cashing in their gains from the past month as they pondered whether stocks have more upside potential ahead of first-quarter earnings results due out in April. "Everyone is trying to guess the pace of the recovery and which sectors will do best," said John C. Forelli, portfolio manager for Independence Investment LLC in Boston. In midafternoon trading, the Dow Jones industrial average was off 0.49 at 10,501.36 after losing 130.50 Wednesday, its first loss in four sessions. The Dow has gained 5.1 percent in the past month, and on Tuesday hit its highest closing level of the year at 10,632.35. "It was real serious buying that brought us to these levels. We are waiting for new breakthrough buying to bring us to the next levels," said Ronald J. Hill, investment strategist at Brown Brothers Harriman & Co. The broader market was also lower. The tech-dominated Nasdaq composite index fell 6.90, or 0.4 percent, to 1,855.13. Trading in technology has been sluggish with the Nasdaq essentially flat with its level of four weeks ago. The Standard & Poor's 500 index declined 2.14, or 0.2 percent, to 1,151.95. The Commerce Department that said businesses rebuilt inventories by 0.2 percent in January, the first such increase in a year and another optimistic sign that the recession will soon be over. But technology, which has been particularly distressed by rising inventories, still suffered. Analysts said companies are still waiting for companies to increase their capital spending. Microsoft fell 97 cents to $61.13, and Intel stumbled 33 cents to $31.01. Other losses came from companies whose earnings results disappointed investors. Lands' End dropped 15 percent, down $8.29 at $46.40 after missing fourth-quarter expectations by a penny a share. Wall Street's biggest gains came out of Old Economy sectors, such as manufacturing, which often are the first to emerge from recession. Caterpillar climbed $1.38 to $58.87, while 3M rose 80 cents to $120.30. Both are Dow industrials. Eastman Kodak, also a Dow stock, rose 79 cents to $31.79 after reaffirming its first-quarter and full-year outlook. Advancing issues outnumbered decliners slightly more than 17 to 13 Thursday on the New York Stock Exchange. Volume came to 792.77 million shares, compared with the 828.74 million traded at the same point Wednesday. The Russell 2000 index, which measures the performance of smaller company stocks, rose 1.27, or 0.3 percent, to 496.72. Overseas, Japan's Nikkei stock average closed Thursday up 1.3 percent. In Europe, Germany's DAX index gained 0.7 percent, and France's CAC-40 rose 0.5 percent, while Britain's FT-SE 100 fell 0.2 percent. biz.yahoo.com

To: Zeev Hed who wrote (40868)	3/14/2002 2:31:34 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

We'll see if 1851 holds at all. At this point in the day, I doubt we'll see a rush of buying. We may drop to 1841 before we get any hint of buyers. If we end at the LOD, it could be a good expiration related buying opportunity, in addition to the oversold bounce thing.

To: Zeev Hed who wrote (40868)	3/14/2002 2:36:12 PM
From: Sully-	Read Replies (1) \| Respond to of 99280

14:32 ET Micron Tech: Niles cuts earnings estimates (MU) 32.50 -1.60: Lehman analyst Dan Niles reduces estimate for MU's just completed FebQ to ($0.05) from $0.00 and for FY02 to $0.01 from $0.17. Believes Micron bit production during Q2 was less than anticipated down closer to 20% (vs 10%) and bit shipments down close to 10% (vs up 5%).

To: Zeev Hed who wrote (40868)	3/15/2002 4:00:00 AM
From: Psycho-Social	Respond to of 99280

I don't see good "top" indicators either, I am blind here. My indicators also are presenting a muddy picture. The only thing I'm relying on to stay 100% in cash are the continued overbought readings on Jake Bernstein's measures of trader sentiment. Perhaps things will look clearer when I do my weekend analysis.