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Technology Stocks : SIEB Siebert Financial Brokerage -- Ignore unavailable to you. Want to Upgrade?

To: Ditchdigger who wrote (111)	2/4/1999 9:26:00 AM
From: Goldbug Guru	Read Replies (1) \| Respond to of 284

Stocks in London were sharply higher on news of a larger-than-expected 50 basis point rate cut by the Bank of England. Thursday February 4, 8:38 am Eastern Time Pent-up demand seen boosting U.S. stocks at open By Jennifer Shaw NEW YORK, Feb 4 (Reuters) - Wall Street looked set for a higher opening Thursday, with money seen continuing to pour in from the sidelines, after the Fed's Wednesday decision to leave interest rates unchanged unleashed pent-up demand for stocks. Bargain hunting could boost technology shares. ''I think were going to be stronger this morning, on the heels of the Fed meeting and other positive forces,'' said Arthur Hogan, chief market analyst at Jefferies & Co. ''The selloff was overdone. There was pent-up demand,'' Hogan added, acknowledging that demand and money were still present. The Dow Jones industrial average ended up 92.69 points, or 1.0 percent, at 9,366.81 on Wednesday after the Federal Reserve wrapped up two days of meetings and left interest rates unchanged. Analysts say while Wall Street didn't expect a rate increase, the looming specter of credit tighening had dampened investor psychology during the two-day meeting. ''No one was expecting the Fed to raise rates but I guess the market had to hear it from the Fed,'' said Peter Cardillo, director of research at Westfalia Investments. ''The march to 10,000 continues.'' Analysts said the Dow also appeared set to extend a rally in stocks overseas. Stocks in London were sharply higher on news of a larger-than-expected 50 basis point rate cut by the Bank of England. Meanwhile, technology stocks were expected to rise after selling in the sector early in the week. ''There's been a lot of carnage in the sector,'' said Jefferies' Hogan. ''There's going to be technology bargain hunting.'' On Wednesday, the technology-laced Nasdaq composite index rose 29.99 points, or 1.2 percent, to 2,493.41. Rate-sensitive financial stocks could also get a boost on Thursday as the market gains power. ''What you are going to see now is the market broadening,'' said Westfalia's Cardillo. ''We are heading into a new rotation with financial stocks as the new leaders,'' Cardillo added. Data on U.S. December factory orders, due out at 1000 EST/1500 GMT, were seen having little effect on U.S. stocks. However, market-watchers will talke a close look at minutes from the December 22 FOMC meeting. The minutes are due out at 1400 EST/1900 GMT. The Wall Street Journal's Heard on The Street Column says Smithkline Beecham Plc is in talks to sell its Diversified Pharmaceutical Services division. The New York Times' Market Place column discusses the recent beneficiaries of Internet trading, citing Siebert Financial Corp (Nasdaq:SIEB - news). At 0830 EST/1330 GMT March S&P futures were up 4.00 at 1282. The long bond was down 15/32 at 5.29 percent. BUY SIEB ON WEAKNESS Yesterday's weakness 47 down to 43 then power to the finish line around 50. BULLISH!