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

To: RR who wrote (55957)	11/3/2002 8:44:10 PM
From: Jill	Read Replies (1) \| Respond to of 65232

Teresa's newsletter tonight suggested that we may have put in a bottom...high volume in recent times almost looks like traditional capitulation, market has wrung out most of the traders, and we've been making fewer new lows...and in spite of big VIX spikes...didn't tumble into the abyss... Next few days should be positive anyway, towards FOMC...

To: RR who wrote (55957)	11/4/2002 12:19:35 PM
From: stockman_scott	Respond to of 65232

Stocks Hold Sharp Gains at Late Morning on Microsoft Victory By Erin Schulte The Wall Street Journal Online Monday November 4, 11:28 am ET A sweeping victory for Microsoft in its long-running antitrust case and its stock's advance helped major indexes scoot higher Monday. The Dow Jones Industrial Average climbed around 157 points by late morning, while the Nasdaq Composite Index moved up 3.5%. Microsoft, which rose 7.4%, accounted for about 27 points of the Dow industrials' gains. Late Friday, a federal judge upheld the Redmond, Wash., company's antitrust settlement with the Bush administration and nine states. It was seen as a key victory for Microsoft, which two years ago was found guilty of breaking antitrust laws and was ordered to split up; the breakup was later thrown out on appeal. The court's decision not to impose tougher penalties than those negotiated with the Bush administration means that Microsoft's flagship software will remain mostly unchanged as the engine for the technology industry and for the company's own extraordinary profits. Monday's gains were an extension of a heady four-week rally on Wall Street. On Friday, Wall Street shook off a trio of disappointing economic reports, with the Dow industrials gaining 120.61 points, or 1.4%, to 8517.64. The Nasdaq Composite Index, dominated by technology issues, gained 30.95, or 2.3%, to 1360.70. Stocks overcame news that consumer spending and manufacturing activity declined and that the unemployment rate increased. Analysts said professional investors afraid of missing the boat were buying on Monday. "The market managed bad news so well on Friday, any portfolio manager or professional investor knows that's a very good sign," said Hugh Johnson, chief investment officer at First Albany Corp. Mr. Johnson said part of the reason the market has rallied in the past two sessions is because last week's third-quarter gross domestic product report showed an increase in capital spending, driven by technology equipment and software. It was the first increase since the third quarter of 2000. "It has been absolutely the question: When will we see profits turn and spending on technology begin to improve?" he said. "There was some sign of that in the third-quarter report." After hitting five- and six-year lows, the market staged a stunning October rally, raising hopes that the month would live up to its reputation as a bear- market killer. But analysts say investors shouldn't declare a bull market just yet. Sparked largely by third-quarter corporate profits that beat lowered expectations, the rally could stumble once investors return their attention to the soft economic recovery. The October rally, which pushed the Dow industrials more than 1,100 points higher after hitting a five-year low on Oct. 9, gave blue chips their second- strongest October percentage gain ever, of 10.6%. In major U.S. market action: Stocks gained. On the Big Board, where 533.8 million shares traded, 2,067 stocks rose and 940 fell. On the Nasdaq, where 898.3 million shares changed hands, 1,974 stocks advanced and 913 declined. Bonds slid. The 10-year Treasury note fell 1/2 point, or $5.00 for each $1,000 invested. The yield, which moves inversely to price, rose to 4.06%. The 30-year bond was down 1/2 point to yield 5.08%. The dollar was stronger. It traded at 122.49 yen, up from 122.18, while the euro traded at 99.47 cents, down from 99.62 in the previous session.