Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (15722)	6/3/1999 9:18:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

I pay more attention to my mid term trends and indicators but on further inspection, I saw what you are seeing (my little white squiglies in the bottom window of my charts <g>) Also if you missed my edit - Kosovo cease fire terms accepted by Milosovic. Here is the jobless claim data released this morning. Thursday June 3, 8:56 am Eastern Time Weekly jobless claims seen aiding Wall St open (Adds weekly jobless data, analyst comments on data) By Jennifer Shaw NEW YORK, June 3 (Reuters) - U.S. stocks are seen opening on a steady to higher note on hopes for peace in Kosovo. A slightly larger than expected rise in weekly jobless claims could boost the trend, as could buying in the technology sector. The U.S. Labor Dept. reported that jobless claims for the week ended May 29 rose to 305,000, slightly higher than the 299,000 figure analysts had expected. ''It takes away a little bit of the nervousness if you are looking for some comfort for today,'' said Barry Hyman, market strategist of Ehrenkrantz, King & Nussbaum. ''The benficiaries have been technology,'' he added. At 8:40 a.m. EDT (1240 GMT) June S&P futures were up 3.30 points at 1299.50. The data are a prelude to the May non-farm payroll employment figures due out on Friday morning. Wall Street has been ultra-sensitive to economic data since the Federal Reserve shifted to a tightening bias on interest rates. Bill Meehan, chief market analyst at Cantor Fitzgerald, saidthe weekly claims were "relatively speaking, not a terri Bill Meehan, chief market analyst at Cantor Fitzgerald, saidthe weekly claims were ''relatively speaking, not a terri bly important piece of data, but every piece of data is very carefully watched now.'' Meanwhile, Serbia's parliament backed a Kosovo peace deal on Thursday. However, there was still no sign that Slobodan Milosevic had caved in under pressure from Russian and European Union envoys. ''There's talk about peace in Kosovo and that should help the market,'' said Meehan. Blue-chip stocks ended lower on Wednesday as interest-rate jitters again dogged Wall Street. The technology sector rallied as bargain hunters resurfaced after the recent selloff. ''The technology stocks that were treated like toxic waste onTuesday were bid up on Wednesday,'' Meehan said. ''We coul d open slightly higher,'' he added. Last night, Richmond Federal Reserve president Alfred Broaddus said he saw an overheating risk in the U.S. economy. Broaddus currently does not have a vote at Federal Open Market Committee meetings. Buoyant home sales data sent the blue chips sharply lower yesterday, but the market came back to end down just 18.37 points, or 0.17 percent, at 10,577.89. ''Yesterday's rally was very encouraging,'' said Peter Cardillo, director of research at Westfalia Investments. ''You might see a trend of tech stocks improving today,'' he added. News that Texaco Inc. (NYSE:TX - news) on Wednesday abruptly ended talks with Chevron Corp. (NYSE:CHV - news), bringing to a halt what many expected would be the oil patch's next mega-merger. Texaco shares closed at $64.50 per share. Chevron closed at $92. Analysts said the news could affect the oil sector but was not likely to hurt the broader market. ''I don't think that's going to affect the market negatively. It may affect the oil, but it leaves the field open for other bidders,'' said Westfalia's Cardillo. U.S. retailers report same-store sales for May this morning. On the technology front, computing giant Hewlett-Packard Co.(NYSE:HWP - news) said it expects double-digit revenue growth in t he second half of 1999 and a slight dip in the company's operating profit margin. It also said costs for its split into separate computer and measurement companies could total $200 million in the second half of this year. Hewlett closed at $89.69 per share. ''That's probably more of a plus than a negative,'' said Westfalia's Cardillo. In the New York papers this morning, the Wall Street Journal's Heard on the Street column discusses deals put together by top-tier investment firms. The New York Times Market Place column discusses MCI WorldCom Inc.'s (Nasdaq:WCOM - news) statements preceding its announcement of the proposed acquisition of SkyTel Communications Inc. (Nasdaq:SKYT - news). At 0800 EDT/1200 GMT, June S&P 500 futures were up 2.30 points at 1298. The benchmark 30-year bond was up 3/32 to yield 5.92 percent. biz.yahoo.com Good Luck, Lee