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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Ms. X who wrote (2608)	4/24/1998 4:37:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 34810

i will look I just wondered if you did SPX or oex I remember the gold call...

To: Ms. X who wrote (2608)	4/26/1998 4:36:00 PM
From: mph	Respond to of 34810

Here's some bearish sentiment for ya: Sunday April 26, 12:38 pm Eastern Time Wall Street Week Ahead - Fearing the Fed By Marjorie Olster NEW YORK, April 26 (Reuters) - Wall Street will shift its attention this week from corporate earnings to fears the Federal Reserve may soon raise U.S. interest rates. With a barrage of new economic data coming to the market, analysts will be busy trying to gauge whether the mix of solid growth and a tight labor market are creating enough inflationary pressures to spur the Fed into action. ''The situation most people are going to be watching right now is what happens with interest rates,'' said Joseph Barthel, chief investment strategist at Fahnestock & Co. The Dow Jones industrial average backtracked late last week after closing at a record high of 9184.94 on Tuesday. The blue chip average Friday fell 79 points, ending at 9064.62. For the week it lost 103 points, or 1.1 percent. Concerns that borrowing costs may be headed higher began creeping back into the market after several Federal Reserve policymakers warned recently of building price pressures. The Fed's policy-setting committee is due to meet next on May 19. Stock investors have also been watching with a worried eye as the benchmark long bond yield edges up toward the 6.0 percent level. ''If you go through 6.0 percent, that will spook the market,'' Barthel said. The yield on the 30-year Treasury bond ended Friday at 5.95 percent. The key reports for the week will be the government's initial estimate of first-quarter gross domestic product and the employment cost index, both due Thursday at 0830 EDT/1230 GMT. GDP growth is forecast at 3.3 percent down from 3.7 percent in the fourth quarter. The quarterly employment cost index, which will be closely watched for signs of wage inflation from the tight labor market, is expected up 0.9 percent versus 1.0 percent in the fourth quarter. Barthel said stocks were correcting and concerns that share prices had gone too high were giving investors pause. ''The market is sort of telling you the rally has gotten a little long in the tooth,'' he said, adding a number of internal indicators were showing a loss of momentum. Barthel predicted trading this week would be choppy again with the possibility of marginal new highs or a break below the 9000 level. Charles Payne, head analyst at independent market research firm Wall Street Strategies, said he expects the Dow to trade sideways in a 200 point range this week. ''Personally I think right now there is 80 percent chance we don't raise rates at all but it's the dark cloud,'' he said. There may be bursts of excitement in the event of another bank or brokerage takeover, Payne added. The heavy flows from mutual funds that have been a driving force in the rally are expected to slow going into May, which could also put a dent in stocks, analysts said. Other major economic data on next week's calendar include National Association of Purchasing Management April index on Friday at 10 a.m.EDT/1400 GMT. The NAPM is seen falling to 53.8 from 54.8 in March. March Personal income and spending numbers are due at 0830 EDT Friday. Related News Categories: US Market News, currency, options Help Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon See our Important Disclaimers and Legal Information. Questions or Comments?