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Strategies & Market Trends : World Outlook -- Ignore unavailable to you. Want to Upgrade?

To: Tarzan who wrote (1751)	4/15/2003 12:29:19 PM
From: Don Green	Read Replies (1) \| Respond to of 51677

USD Fails to Capture Stock Gains, Eyes Now on Wall St. by Jes Black At 8:00:00 AM US April NY Fed Manufacturing Index (exp -1.0, prev -2.5) At 9:00:00 AM Canada Bank of Canada Monetary Policy Meeting (exp n/f, prev n/a) At 9:15:00 AM US March Capacity Utilization (exp 75.3%, prev 75.6%) US March Industrial Production (exp -0.2%, prev 0.1%) The dollar again failed to confirm the rise in US equities futures as they passed overnight highs and reached key resistance barriers in London trade. All eyes will be on Wall Street and the earning numbers today to see if the Street can beat yesterday's impressive gains. This is especially true for currency traders since the dollar failed to capitalize from yesterday's rally overnight as geopolitical uncertainty has yet to subside. On Monday, stocks surged ahead of the close on upbeat earnings and shrugged the new allegations by Washington that Syria is making WMDs, supports terrorists like Hammas and is harboring Iraqi officials wanted by the US. While the US and UK have denied the likelihood of military action, the US has said it will invoke sanctions against the country if it does not cooperate. Syria denies having chemical weapons or hiding Iraqi officials, but Against the backdrop of increasing tensions with Syria, the market's rally appeared to be more of relief than hope. This is because in recent weeks expectations have been cut in half as negative corporate forecasts for Q1 outstripped positive ones by 3 to 1. Merrill Lynch Chief investment strategist Bernstein also pointed out that investors are showing an increased appetite for riskier stocks due to fear of being left on the sidelines in the event of a rally. So it was interesting to see that the indexes rose nearly 2%, but on one the lightest volumes of the year and when actual earning fell, despite beating the numbers. Citigroup beat estimates even though earnings actually fell from $4.8 billion the year to $4.1 billion. Fleet Boston's earnings fell 23 percent while IBM also missed the number by a penny after the bell. Today's major companies reporting are GM, J&J, Continental, Microsoft, Allstate, and many regional/national banks.