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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Cactus Jack who wrote (5044)	8/22/2002 11:46:57 AM
From: stockman_scott	Respond to of 89467

Dow tops 9,000 for first time in 6 weeks Thursday August 22, 10:58 am Eastern Time CBS MarketWatch By Julie Rannazzisi NEW YORK (CBS.MW) -- Stocks erased early losses and raced higher Thursday, with the Dow topping the 9,000 level for the first time in six weeks. An analyst upgrade of Microsoft sustained its shares and underpinned the entire software group. Networkers also saw aggressive buyers. Financials recovered despite a drop in J.P. Morgan shares after Moody's placed the Dow company's long-term rating on review for possible downgrade. In the broad market, airline issues raced higher for a second straight session, followed by natural gas, oil service and consumer issues. The Dow Jones Industrial Average (CBOT:^DJI - News) jumped 67 points, or 0.7 percent, to 9,022. Moving higher were shares of Home Depot, Microsoft, Hewlett-Packard, American Express and AT&T while J.P. Morgan, Intel, 3M and Wal-Mart lost ground. The Nasdaq Composite (NasdaqSC:^IXIC - News) rallied 12 points, or 0.9 percent, to 1,421 and the Nasdaq 100 Index (NasdaqSC:^NDX - News) jumped 12 points, or 1.2 percent, to 1,047. The Standard & Poor's 500 Index (CBOE:^SPX - News) climbed 1 percent while the Russell 2000 Index (CBOE:^RUT - News) of small-capitalization stocks added 0.3 percent. Volume came in at 400 million on the NYSE and at 580 million on the Nasdaq Stock Market. Market breadth turned positive, with advancers outpacing decliners by 17 to 11 on the NYSE and by 15 to 13 on the Nasdaq. J.P. Morgan slides; Microsoft rallies J.P. Morgan (NYSE:JPM - News) fell 2.8 percent after rating agency Moody's Investors Service placed the Dow component's credit rating on review for possible downgrade due to concerns over its current and prospective profitability and worries over dwindling activity in the capital markets. The rating agency added the bank's role in the Enron fiasco may "damage its reputation, subject it to greater regulatory scrutiny, and expose it to expensive litigation." Last week, Standard & Poor's placed the ratings of J.P. Morgan, Merrill Lynch and Morgan Stanleyon Credit Watch with "negative implications" due to the deteriorating profitability picture of the investment banking industry. Fellow Dow components Citigroup and American Express rose 1 percent and 1.6 percent, respectively. In the software sector, an upgrade of Dow component Microsoft (NasdaqNM:MSFT - News) from Salomon Smith Barney sent its shares up1.7 percent in recent dealings. The brokerage upped the software kingpin to a an "outperform" from a "neutral" following a recent information technology spending story recently conducted by the firm. The survey, Salomon said, suggests that Microsoft will get an increasing percentage of Fortune 1000 IT budgets over the next 6 months. Additionally, the brokerage said Windows' market share is increasing and that the current shift to the Linux operating system appears to be more of a threat to the Unix system. Salomon acknowledged that the primary risks to its upgrade include the challenging economic environment and softening retail PC Unit growth expectations. Another round of earnings reports from retailers hit the tape on Thursday. Barnes & Noble (NYSE:BKS - News) slid 1.8 percent after posting a second-quarter profit that fell short of expectations. Further, the bookseller lowered its second-half comparable store sales forecast to 2- to 3 percent, down from 4- to 5 percent and trimmed its 2002 earnings target. Limited Brands (NYSE:LTD - News) edged down 0.9 percent after registering a second-quarter profit that handily topped Wall Street's view and adding that it was "comfortable" with the current targets for its third and fourth quarters. Panera Bread (NasdaqNM:PNRA - News) slid over 5 percent after posting an in-line second-quarter profit. The bakery-cafÃ© operator also backed its third- and fourth-quarter earnings-per-share targets, as well as 2002 and 2003 profit projections. Treasurys take a hit Government bonds declined significantly for another session as stocks captured investors' attention. The 10-year Treasury note was off 19/32 to yield (CBOE:^TNX - News) 4.275 percent while the 30-year government bond declined 1 3/32 to yield (CBOE:^TYX - News) 5.086 percent. In economic news, jobless claims fell 2,000 to 389,000 in the latest week vs. the 385,000 level that had been expected by economists. No economic reports are due out for the balance of the week, leaving fixed-income investors with little to focus on. Next week's calendar picks up considerably, though the first week of September will contain the most crucial releases ahead of the Sept. 24 Federal Open Market Committee meeting. In the currency sector, the dollar rose shot up 1 percent to 119.58 yen while the euro declined 0.7 percent to 97.30 cents.

To: Cactus Jack who wrote (5044)	8/22/2002 1:09:46 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

USdollar on bullish crossover with 20MA/50MA, daily stochtx stockcharts.com[h,a]daclyyay[dc][pb50!d20,2!f][vc60][iUb14!Uh15,5,5]&pref=G US$ at 108.1 now 50MA at 107.14 with 20MA crossing now upper cycle chart shows daily stochastix crossing over now gonna run for a bit here but my guess is it will run out of steam because this is manufactured and govt-driven we will see GOLD is not believing the bullshit "painted tape" story it is steady between #305-315 lately both HUI and XAU indexes are up slightly in defiance I suspect this S&P run will end very badly in coming weeks a Fed rate cut here would give the rally some jet assist / jim