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To: Return to Sender who wrote (5984)	6/11/2003 12:27:13 PM
From: Return to Sender	Respond to of 13403

OT: The put to call ratio is getting a little on the low side today: cboe.com investorshub.com Too many calls will make it difficult for the market to make any further headway. The volume looks fairly healthy today but the NASDAQ has a long way to go to achieve a positive A/D ratio. From Briefing.com: 12:00PM : After a weak start the indices have spent the majority of the morning trading in a range above the unchanged mark, exhibiting mild gains... The advance from early gains was spearheaded by the Dow and supported by the bulk of the sectors... As a matter of fact, the only laggard of note through the morning has been the semiconductor sector, which is weak due to a batch of unfavorable brokerage comments and developments... Specifically, Merill Lynch downgraded Taiwan Semi (TSM 9.96 -0.43) to Neutral from Buy citing valuation concerns and Morgan Stanley downgraded the semiconductor sector to In-Line from Attractive due to the sharp price rise in recent months and potential for disappointing guidance... Speaking of disappointing guidance, Texas Instruments (TXN 18.56 -1.83) and Cymer (CYMI 30.78 -1.86) warned for Q2 providing additional pressure to the semiconductor sector, which has acted as a major drag on the Nasdaq throughout the session... Nevertheless, the Nasdaq was able to find its way into positive territory due to notable strength in the biotech sector, which benefited from favorable comments out of Merrill Lynch indicating that the recent bout of profit-taking is probably over and the sector is likely to move higher... In the last half hour, however, the biotech sector has moved off its session highs and the Nasdaq has slipped back into negative territory... Among the strongest S&P 500 sectors is the homebuilding group, which is finding favor following a stronger than expected Q2 earnings report out of Lennar Corp (LEN 72.78 +3.03), which checked in $0.35 above the Reuters Research consensus of $1.70 and amid speculation of a 25 bp cut, and possibly a 50 bp cut at the next FOMC meeting on June 25... The bond market is also continuing to advance on the aforementioned assumption... The 10-yr note is +8/32 with its yield at 3.16%...NYSE Adv/Dec 1884/1261, Nasdaq Adv/Dec 1366/1533 biz.yahoo.com BTW, congrats to Richard on his win! RtS