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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: Pullin-GS who wrote (11241)	1/2/1998 9:21:00 AM
From: Glenn D. Rudolph	Respond to of 22053

U.S. STOCK OUTLOOK: HIGHER; EXPECTED NEW YEAR SEASONAL RALLY Futures World News - January 02, 1998 08:30 $1 STOCK COMMENTS V%FWN P%FWN Chicago-Jan. 2-FWN--U.S. STOCK INDEXES AND STOCK INDEX futures are called to open higher today, with support from the expected after New Year's rally and gains in European markets. Don Wellenreiter, commodity trading adviser with Defined Risk Asset Management, said today's trade should be quiet with most traders taking the day off. He said the market typically rallies at the start of a new year as money from mutual funds, pension plans and 401ks comes into the market, so many traders will try to buy into the market today. "There's really nothing going on in the world," Wellenreiter said. "They're going to try to get in before the rush next week." He said the March S&P 500 futures contract should see resistance at 984 to 985 and 989 to 990, with support at 976 to 975; 968 to 967; and from 960 to 959. The National Association of Purchasing Management December survey will be released today at 9 a.m. CST. Expectations are for a 53.5 figure after 54.4 in November. The 30-year Treasury bond yield, which moves in the opposite direction of its price, was last at 5.91%. March T- bonds were last up 7/32 at 120 22/32. The U.S. dollar, meanwhile, is higher versus the world's major currencies. The greenback was last up .90 pfennig against the German mark, at DM1.8057 and up 1.55 yen against the Japanese yen, at Y132.17. Stocks indexes and futures on Wednesday closed mixed. The Dow Jones Industrial Average closed 7.72 lower at 7,908.25. The March S&P 500 futures contract ranged from a high of 984.20 to a low of 975.40 before closing down .20 at 979.10. The S&P 500 Index closed down .41 at 970.43 while the Nasdaq Composite Index closed up 5.32 at 1,570.35. Japanese markets are closed and will reopen Monday. Major European markets were higher, with the German DAX Index last up 97.36 at 4,321.66, the French CAC-40 last up 40.73 at 3,039.64 and the London FTSE-100 last up 58.0 at 5,193.5. Total volume in the S&P 500 futures Wednesday was 47,825, with options call volume at 4,385 and options put volume at 6,541. Based on Wednesday's GLOBEX trading levels, the pivot point for the March S&P 500 contract is 979.55, with resistance at 983.70 and 988.35 and support at 974.90 and 970.75.