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12:00PM : The market began the week on just a slightly negative note but the slow deterioration has continued with the Nasdaq Composite back below the 2000 level. Early trading was underpinned to some extent by upticks in the often key semiconductor sector. The group was benefiting from favorable comments on Intel (INTC -0.3% ) from Salomon-- feels Street estimates too low for Q4 and Q1 and order rates should be better their guidance, Taiwan Semi (TSM -1.3%)-- Bear Stearns positive after conversation with company; Micron Tech (MU +0.4%)-- upgraded by Lehman; upgrades on XLNX, ALTR, LSI by Dresdner Klnwrt Wass. There were also upgrades on EMS stocks (SANM, SLR, FLEX, CLS) by CIBC. Unfortunately, the market was unable to build on these positives and instead focused in on the wireless downgrades (Lehman and Wachovia) and the asset allocation shift announced by Merrill Lynch. The firm lowered equity to 50% from 60% and raised bonds to 30% from 20%; stated that equity valuations now seem extreme. A call of this nature will often have only limited impact but in this case with the market averages up extensively off the Sep lows and with the earnings deluge to begin this week (16% of the S&P 500 scheduled), investors have preferred to move to the sidelines. Volume is moderate with market internals firmly in the bearish camp. DOT -4%, SOX -1.2%, XOI -0.6%, NYSE Adv/Dec 1090/1808, Nasdaq Adv/Dec 1106/2230
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