Replies to post #77 on Paint the Table (PTT)

[Foxlette]

lets' see if the market follows the chart

warming you up:

NEW YORK (CBS.MW) -- An upgrade from Intel and gains in Oracle after the company reaffirmed its profit target gave techs mileage on Thursday.

Despite a late-day turnaround on Wednesday, performance in the tech realm was spotty. Chip stocks were the main drives of the Nasdaq's ascent while the software and Internet groups couldn't brush off the effect of losses in shares of AOL Times Warner and Veritas Software.

Among shares trading before the official start of the session, Intel (NasdaqNM: INTC - news) ran up 55 cents to $34.41 in European dealings. The stock was upped by Merrill Lynch to an intermediate-term "strong buy" from a "buy" on belief that the launch of the 0.13 micron Northwood will put the chip leader in the best competitive position it's been since 1999.

Investors will also be keeping a close eye on the equipment makers. A rally in the group was stoked on Wednesday by comments from ringleader Applied Materials (NasdaqNM: AMAT - news) , which said at the Banc of America Securities technology conference in San Francisco that a bottom has come and gone for the industry, mirroring similar remarks from other executives.

Oracle (NasdaqNM: ORCL - news) , meanwhile, gained 34 cents to $16.96 in Europe. The company held a call with analysts late Wednesday during which it revealed that it was on track to report fiscal-third quarter earnings of 10 cents a share, in line with current expectations. The software company also said that it expects to make 17 or 18 cents a share in its fiscal fourth quarter, up from the current analyst projections of 16 cents. While Oracle said it expects sales in 2002 to be better than 2001, it added that demand remains below normal.

Turning to the futures markets, the March S&P 500 contract rose 1.00 point, or 0.1 percent, and was trading 2.40 points above fair value, according to HL Camp & Co. Nasdaq futures gained 12.00 points, or 0.8 percent and were trading 11.40 points above fair value.

In earnings news, Dow company Procter & Gamble (NYSE: PG - news) reported fiscal second-quarter earnings that were a sliver ahead of analysts' expectations. Going forward, the consumer products company said it remains "comfortable" with the financial targets already provided for the full fiscal year.

Investors have another bankruptcy filing to ponder: McLeodUSA (NasdaqNM: MCLD - news) filed for Chapter 11 protection as part of an agreement with bondholders to support a recapitalization of the independent competitive local exchange carrier. Communications carrier Global Crossing (NYSE: GX - news) filed for bankruptcy protection on Monday in an effort to reorganize its finances.

Mixed reading for Treasurys
Treasury prices traded mixed after taking a hit on Wednesday following the rally in stocks and more encouraging economic news.

In the meantime, the World Economic Forum kicks off a five-day annual meeting in Manhattan Thursday, which in the past has been held in Davos, Switzerland. Read the related story.

The 10-year Treasury note was off 1/32 to yield 5.015 percent and the 30-year government bond rose 3/32 to yield 5.425 percent.

Investors had plenty of economic new to comb through: weekly initial claims rose 30,000 to 390,000 but stayed below psychologically-charged 400,000 level for the fourth straight week; December personal income rose for the first time in four months, gaining 0.4 percent, more than the 0.3 percent that had been expected; personal spending declined 0.2 percent, surpassing the expected 0.1-percent decline; and the fourth-quarter employment cost index gained 0.9 percent, less than the projected 1-percent rise.

Still on the economic front is the Chicago PMI Index

In the currency sector, the dollar edged up 0.3 percent to 133.11 yen while the euro added 0.1 percent to 86.30 cents

[JXM]

well, the chart is looking perfect for continued downside. 1960 would reverse the trend.

http://www.stockcharts.com/webcgi/Pnf.asp?S=$compq&Y=U&B=10&N=A&T=on

 
  
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