S&P 500 1,123.92 +.50%
Click here for the Weekly Wrap by Briefing.com.
Bottom Line: Last week's action was positive for the Bulls as the overall market consolidated recent gains and most sectors/stocks rose. The technology and steel sectors led the way. Technology investors bid shares higher from very oversold levels after a few bell-weathers made positive comments with respect to future growth and traders speculated the bad news had already been discounted in the stocks. Steel stocks broke higher from their recent consolidation on earnings optimism, low valuations and speculation that energy prices would fall further in coming weeks. Falling interest rates, after better-than-expected inflation readings and positive comments from Greenspan, also helped lift shares. Finally, the comments by Judge Walker, who ruled against the Justice Dept. in the Oracle/PeopleSoft case, were a big positive for technology stocks towards week's end. This should provide the catalyst for imminent consolidation within this sector still burdened by the overcapacity generated during the bubble of the late 90's. On the negative side, most measures of investor anxiety are now approaching levels of complacency normally associated with short-term tops.
Sunday, September 12, 2004
Economic Week in Review
ECRI Weekly Leading Index 132.60 +1.14%
Consumer Credit for July rose to $10.9 billion versus estimates of $7.5 billion and a downwardly revised $4.3 billion in June. The more rapid growth in debt coincides with a rebound in consumer spending, which accounts for two-thirds of the U.S. economy. "Consumers charged up a storm in July, taking advantage of heavily discounted merchandise," said Richard Yamarone, chief economist at Argus Research. Consumers are watching their finances, other measures suggest. The rate at which cardholders repaid debt climbed to a record in June, and the delinquency rate fell to a four-year low, Moody's Investors Service reported. The so-called payment rate climbed to almost 17%, Bloomberg reported.
The Import Price Index for August rose 1.7% versus estimates of a .6% increase and a .3% rise in July. Costs of imported business equipment, consumer goods and vehicles were unchanged last month, suggesting profit margins will shrink until companies can pass along rising raw materials prices. The cost of imported petroleum surged 9.6% after rising 2% in July. Imports account for about 15% of all goods and services bought in the U.S., Bloomberg reported.
Initial Jobless Claims plunged to 319,000 last week versus estimates of 345,000 and 363,000 the prior week. Continuing Claims fell to 2.9M versus estimates of 2.87M and 2.88M prior. There were 3.19M job openings in July, the most since September 2001 and a sign hiring may pick up and propel the economy, Bloomberg said. Claims during the next several weeks may be difficult to interpret because of distortions stemming from Hurricane Frances and the timing of the Labor Day holiday, said Stephen Stanley, chief economist at RBS Greenwich Capital.
Wholesales Inventories for July rose 1.3% versus estimates of a .6% rise and a 1.1% increase in June. "The fact that businesses are willing to accumulate inventories shows a good degree of business optimism and suggests that we are indeed emerging from the soft patch," said Wesley M. Beal, an economist at IDEAglobal. "This indicates to me that we're seeing some inventory rebuilding, which is good news because levels have been so low they actually posed the risk of missed sales," said Timothy Rogers, chief economist at Briefing.com.
The Producer Price Index for August fell .1% versus estimates of a .2% increase and a .1% rise in July. The PPI Ex Food & Energy for August fell .1% versus estimates of a .1% increase and a .1% gain in July. "This lets the Fed continue raising rates at a moderate pace," said Richard Yamarone. "Despite the rise in oil prices through mid-August, inflation and inflation expectations have eased in recent months," Alan Greenspan said.
The Trade Balance for July fell to -$50.1 billion versus estimates of -$51.5 billion and -$55.0 billion in June. The trade gap with China grew to $14.9 billion, the widest ever, and accounted for almost a third of the imbalance, Bloomberg reported. The shortfall is likely to intensify pressure for the country to stop pegging its currency to the dollar, which holds down the price of Chinese exports, Bloomberg said.
Bottom Line: Overall, last week's data were positive. The ECRI Weekly Leading Index, which has been a very accurate predictor of future economic growth, broke its recent downtrend last week. Consumers, after a brief respite, are beginning to spend again. Moreover, it also appears they are beginning to shore up their finances, which is a very good sign. Measures of inflation are decelerating, thus leading to falling interest rates as future inflation expectations diminish. I continue to anticipate a decline in crude prices to around $35/bbl. which should lead to a further deceleration in inflation measures. The plunge in jobless claims was likely a result of hurricane disruptions, however they continue to head in the right direction. Finally, managers are displaying more optimism as inventories are at more healthy levels, which should also help to boost current growth. I continue to expect U.S. economic growth to approach 5% during the fourth quarter. Falling energy prices, declining interest rates, stabilizing Chinese growth, rebuilding in Florida, an end to the uncertainty and bitterness over the U.S. election, companies purchasing equipment before tax incentives expire at year-end, diminishing terrorism fears and an improving big picture in Iraq should provide the catalysts.
Consumer Credit for July rose to $10.9 billion versus estimates of $7.5 billion and a downwardly revised $4.3 billion in June. The more rapid growth in debt coincides with a rebound in consumer spending, which accounts for two-thirds of the U.S. economy. "Consumers charged up a storm in July, taking advantage of heavily discounted merchandise," said Richard Yamarone, chief economist at Argus Research. Consumers are watching their finances, other measures suggest. The rate at which cardholders repaid debt climbed to a record in June, and the delinquency rate fell to a four-year low, Moody's Investors Service reported. The so-called payment rate climbed to almost 17%, Bloomberg reported.
The Import Price Index for August rose 1.7% versus estimates of a .6% increase and a .3% rise in July. Costs of imported business equipment, consumer goods and vehicles were unchanged last month, suggesting profit margins will shrink until companies can pass along rising raw materials prices. The cost of imported petroleum surged 9.6% after rising 2% in July. Imports account for about 15% of all goods and services bought in the U.S., Bloomberg reported.
Initial Jobless Claims plunged to 319,000 last week versus estimates of 345,000 and 363,000 the prior week. Continuing Claims fell to 2.9M versus estimates of 2.87M and 2.88M prior. There were 3.19M job openings in July, the most since September 2001 and a sign hiring may pick up and propel the economy, Bloomberg said. Claims during the next several weeks may be difficult to interpret because of distortions stemming from Hurricane Frances and the timing of the Labor Day holiday, said Stephen Stanley, chief economist at RBS Greenwich Capital.
Wholesales Inventories for July rose 1.3% versus estimates of a .6% rise and a 1.1% increase in June. "The fact that businesses are willing to accumulate inventories shows a good degree of business optimism and suggests that we are indeed emerging from the soft patch," said Wesley M. Beal, an economist at IDEAglobal. "This indicates to me that we're seeing some inventory rebuilding, which is good news because levels have been so low they actually posed the risk of missed sales," said Timothy Rogers, chief economist at Briefing.com.
The Producer Price Index for August fell .1% versus estimates of a .2% increase and a .1% rise in July. The PPI Ex Food & Energy for August fell .1% versus estimates of a .1% increase and a .1% gain in July. "This lets the Fed continue raising rates at a moderate pace," said Richard Yamarone. "Despite the rise in oil prices through mid-August, inflation and inflation expectations have eased in recent months," Alan Greenspan said.
The Trade Balance for July fell to -$50.1 billion versus estimates of -$51.5 billion and -$55.0 billion in June. The trade gap with China grew to $14.9 billion, the widest ever, and accounted for almost a third of the imbalance, Bloomberg reported. The shortfall is likely to intensify pressure for the country to stop pegging its currency to the dollar, which holds down the price of Chinese exports, Bloomberg said.
Bottom Line: Overall, last week's data were positive. The ECRI Weekly Leading Index, which has been a very accurate predictor of future economic growth, broke its recent downtrend last week. Consumers, after a brief respite, are beginning to spend again. Moreover, it also appears they are beginning to shore up their finances, which is a very good sign. Measures of inflation are decelerating, thus leading to falling interest rates as future inflation expectations diminish. I continue to anticipate a decline in crude prices to around $35/bbl. which should lead to a further deceleration in inflation measures. The plunge in jobless claims was likely a result of hurricane disruptions, however they continue to head in the right direction. Finally, managers are displaying more optimism as inventories are at more healthy levels, which should also help to boost current growth. I continue to expect U.S. economic growth to approach 5% during the fourth quarter. Falling energy prices, declining interest rates, stabilizing Chinese growth, rebuilding in Florida, an end to the uncertainty and bitterness over the U.S. election, companies purchasing equipment before tax incentives expire at year-end, diminishing terrorism fears and an improving big picture in Iraq should provide the catalysts.
Saturday, September 11, 2004
Friday, September 10, 2004
Weekly Scoreboard*
Indices
S&P 500 1,123.92 +50%
Dow 10,313.07 +.22%
NASDAQ 1,894.31 +1.12%
Russell 2000 569.91 +1.81%
S&P Equity Long/Short Index 965.59 +.70%
Put/Call .83 -18.63%
NYSE Arms .74 +60.87%
Volatility(VIX) 13.76 -3.64%
AAII % Bulls 50.50 +21.66%
US Dollar 88.39 -.66%
CRB 271.61 -2.36%
Futures Spot Prices
Gold 403.80 -1.03%
Crude Oil 42.81 -2.84%
Unleaded Gasoline 116.42 -2.43%
Natural Gas 4.57 -4.13%
Base Metals 108.26 +2.55%
10-year US Treasury Yield 4.18% -2.79%
Average 30-year Mortgage Rate 5.83% +1.04%
Leading Sectors
Disk Drives +4.56%
Networking +4.37%
Iron/Steel +4.16%
Lagging Sectors
Hospitals -.47%
Drugs -1.12%
Papers -1.67%
*% Gain or loss for the week
S&P 500 1,123.92 +50%
Dow 10,313.07 +.22%
NASDAQ 1,894.31 +1.12%
Russell 2000 569.91 +1.81%
S&P Equity Long/Short Index 965.59 +.70%
Put/Call .83 -18.63%
NYSE Arms .74 +60.87%
Volatility(VIX) 13.76 -3.64%
AAII % Bulls 50.50 +21.66%
US Dollar 88.39 -.66%
CRB 271.61 -2.36%
Futures Spot Prices
Gold 403.80 -1.03%
Crude Oil 42.81 -2.84%
Unleaded Gasoline 116.42 -2.43%
Natural Gas 4.57 -4.13%
Base Metals 108.26 +2.55%
10-year US Treasury Yield 4.18% -2.79%
Average 30-year Mortgage Rate 5.83% +1.04%
Leading Sectors
Disk Drives +4.56%
Networking +4.37%
Iron/Steel +4.16%
Lagging Sectors
Hospitals -.47%
Drugs -1.12%
Papers -1.67%
*% Gain or loss for the week
Mid-day Update
S&P 500 1,118.32 -.01%
NASDAQ 1,880.47 +.59%
Leading Sectors
Software +2.72%
Semis +2.57%
Disk Drives +2.20%
Lagging Sectors
Homebuilders -.84%
Commodity -1.15%
Iron/Steel -1.31%
Other
Crude Oil 44.12 -1.08%
Natural Gas 4.64 -.39%
Gold 403.40 +.75%
Base Metals n/a
U.S. Dollar 88.28 -.62%
10-Yr. T-note Yield 4.17% -.69%
VIX 14.12 +.79%
Put/Call .78 -11.36%
NYSE Arms .93 -1.06%
Market Movers
PSFT +10.2% after saying Oracle won permission from a U.S. judge to proceed with its $7.7 billion hostile bid for it.
AA -7.9% after lowering 3Q estimates and Morgan Stanley downgrade to Equal-weight.
NTSL +21.6% after Cisco said it will buy the company for $128 million.
VLTR +18.4% after Goldman Sachs rated the company Outperform.
TTWO +5.0% after beating 3Q sales estimate and missing 3Q earnings estimate.
JOSB +6.6% after beating 2Q estimates.
CMO -10.6% after saying higher borrowing costs were dampening profits.
Economic Data
Producer Price Index for August fell .1% versus estimates of a .2% rise and a .1% increase in July.
PPI Ex Food & Energy for August declined .1% versus estimates of a .1% increase and a .1% rise in July.
Trade Balance for July fell to -$50.1B versus estimates of -$51.5B and -$55.0B in June.
Recommendations
Goldman Sachs reiterated Outperform on AA, VLTR and SUN. Goldman reiterated Underperform on NSM, S, MET, KSS, VC and ASH. Citi SmithBarney reiterated Buy on TXU, target $53. Citi reiterated Buy on CCE, target $25. Citi rated NUE Sell, target $74. Citi rated X Sell, target $34. Citi reiterated Buy on CWST, target $16.50. Citi reiterated Sell on COP, target $65. CCE cut to Reduce at UBS, target $36. VC cut to Underperform at CSFB. Merrill upgraded NUE to Buy, target $114. CPWM rated Sector Outperform at CIBC, target $42. KO raised to Buy at Legg Mason, target $52. GDW raised to Overweight at Morgan Stanley. PMI cut to Underweight at Morgan Stanley. APPB raised to Overweight at JP Morgan. AKS raised to Overweight at JP Morgan. MRVL rated Overweight at JP Morgan. IDIX rated Outperform at Bear Stearns.
Mid-day News
U.S. stocks are mixed mid-day as technology shares are rising and commodity-realted stocks are falling after a better-than-expected inflation report. Sharp, a Japanese electronics maker, will support its newest Aquos brand liquid-crystal-display flat-screen tv with a $60 million global ad campaign, the Wall Street Journal said. OAO Yukos Oil's largest oil pumping unit may lose all its field development licenses, Interfax reported. Four U.S. airports will begin testing a system that scans boarding passes to detect any residue that might indicate a passenger has recently handled explosive materials, the Washington Post reported. Vice-President Cheney said indicators measuring unemployment and other statistics miss 400,000 people who make money selling items on EBay, the AP reported. Michael Eisner will step down as CEO of Disney in 2006, Bloomberg reported. Texas Instruments CEO Templeton said he is optimistic about demand for the semiconductors that his company supplies for half the world's mobile phones, Bloomberg said. U.S. public-health advisers may recommend all Americans receive flu inoculations each year, expanding the potential market for vaccine makers Chiron and Sanofi-Aventis by almost two-thirds, Bloomberg reported. Hurricane Ivan, with winds of 145 mph, forced evacuations in Jamaica as it moved on a track toward Cuba and Florida, where residents braced for the third powerful storm to hit the state in a month, Bloomberg reported. U.S. Treasury notes are heading for their biggest weekly gain in five after prices paid to producers unexpectedly declined last month, the first measure of inflation for August, Bloomberg said.
BOTTOM LINE: The Portfolio is higher mid-day on strength in my software and semi-equipment longs. I have not traded today and the Portfolio is still 125% net long. It is another positive day for the Bulls as the market consolidates recent gains and most stocks are higher, notwithstanding terrorism fears and hurricane concerns. The fact that energy prices are falling in the face of likely disruptions in the Gulf and ongoing problems in Russia is a positive. The strength in the tech sector is also a positive for the overall market as it was the main weak link. A successful Oracle/PeopleSoft merger will likely lead to more consolidation in the sector. This is badly needed due to the lingering affects of overcapacity generated during the bubble. Too many crippled tech companies are still competing for the same dollars, thus hurting the stronger players. As well, the ECRI Weekly Leading Index turned up today and appears to have broken its recent downtrend, which bodes well for future economic growth. Finally, another government report showing that inflation is not a significant threat is resulting in another fall in long-term interest rates. On the negative side, measures of investor anxiety continue to fall. I expect U.S. stocks to rise modestly into the close on falling oil, declining interest rates, optimism over future economic growth, strength in the technology sector and short-covering.
NASDAQ 1,880.47 +.59%
Leading Sectors
Software +2.72%
Semis +2.57%
Disk Drives +2.20%
Lagging Sectors
Homebuilders -.84%
Commodity -1.15%
Iron/Steel -1.31%
Other
Crude Oil 44.12 -1.08%
Natural Gas 4.64 -.39%
Gold 403.40 +.75%
Base Metals n/a
U.S. Dollar 88.28 -.62%
10-Yr. T-note Yield 4.17% -.69%
VIX 14.12 +.79%
Put/Call .78 -11.36%
NYSE Arms .93 -1.06%
Market Movers
PSFT +10.2% after saying Oracle won permission from a U.S. judge to proceed with its $7.7 billion hostile bid for it.
AA -7.9% after lowering 3Q estimates and Morgan Stanley downgrade to Equal-weight.
NTSL +21.6% after Cisco said it will buy the company for $128 million.
VLTR +18.4% after Goldman Sachs rated the company Outperform.
TTWO +5.0% after beating 3Q sales estimate and missing 3Q earnings estimate.
JOSB +6.6% after beating 2Q estimates.
CMO -10.6% after saying higher borrowing costs were dampening profits.
Economic Data
Producer Price Index for August fell .1% versus estimates of a .2% rise and a .1% increase in July.
PPI Ex Food & Energy for August declined .1% versus estimates of a .1% increase and a .1% rise in July.
Trade Balance for July fell to -$50.1B versus estimates of -$51.5B and -$55.0B in June.
Recommendations
Goldman Sachs reiterated Outperform on AA, VLTR and SUN. Goldman reiterated Underperform on NSM, S, MET, KSS, VC and ASH. Citi SmithBarney reiterated Buy on TXU, target $53. Citi reiterated Buy on CCE, target $25. Citi rated NUE Sell, target $74. Citi rated X Sell, target $34. Citi reiterated Buy on CWST, target $16.50. Citi reiterated Sell on COP, target $65. CCE cut to Reduce at UBS, target $36. VC cut to Underperform at CSFB. Merrill upgraded NUE to Buy, target $114. CPWM rated Sector Outperform at CIBC, target $42. KO raised to Buy at Legg Mason, target $52. GDW raised to Overweight at Morgan Stanley. PMI cut to Underweight at Morgan Stanley. APPB raised to Overweight at JP Morgan. AKS raised to Overweight at JP Morgan. MRVL rated Overweight at JP Morgan. IDIX rated Outperform at Bear Stearns.
Mid-day News
U.S. stocks are mixed mid-day as technology shares are rising and commodity-realted stocks are falling after a better-than-expected inflation report. Sharp, a Japanese electronics maker, will support its newest Aquos brand liquid-crystal-display flat-screen tv with a $60 million global ad campaign, the Wall Street Journal said. OAO Yukos Oil's largest oil pumping unit may lose all its field development licenses, Interfax reported. Four U.S. airports will begin testing a system that scans boarding passes to detect any residue that might indicate a passenger has recently handled explosive materials, the Washington Post reported. Vice-President Cheney said indicators measuring unemployment and other statistics miss 400,000 people who make money selling items on EBay, the AP reported. Michael Eisner will step down as CEO of Disney in 2006, Bloomberg reported. Texas Instruments CEO Templeton said he is optimistic about demand for the semiconductors that his company supplies for half the world's mobile phones, Bloomberg said. U.S. public-health advisers may recommend all Americans receive flu inoculations each year, expanding the potential market for vaccine makers Chiron and Sanofi-Aventis by almost two-thirds, Bloomberg reported. Hurricane Ivan, with winds of 145 mph, forced evacuations in Jamaica as it moved on a track toward Cuba and Florida, where residents braced for the third powerful storm to hit the state in a month, Bloomberg reported. U.S. Treasury notes are heading for their biggest weekly gain in five after prices paid to producers unexpectedly declined last month, the first measure of inflation for August, Bloomberg said.
BOTTOM LINE: The Portfolio is higher mid-day on strength in my software and semi-equipment longs. I have not traded today and the Portfolio is still 125% net long. It is another positive day for the Bulls as the market consolidates recent gains and most stocks are higher, notwithstanding terrorism fears and hurricane concerns. The fact that energy prices are falling in the face of likely disruptions in the Gulf and ongoing problems in Russia is a positive. The strength in the tech sector is also a positive for the overall market as it was the main weak link. A successful Oracle/PeopleSoft merger will likely lead to more consolidation in the sector. This is badly needed due to the lingering affects of overcapacity generated during the bubble. Too many crippled tech companies are still competing for the same dollars, thus hurting the stronger players. As well, the ECRI Weekly Leading Index turned up today and appears to have broken its recent downtrend, which bodes well for future economic growth. Finally, another government report showing that inflation is not a significant threat is resulting in another fall in long-term interest rates. On the negative side, measures of investor anxiety continue to fall. I expect U.S. stocks to rise modestly into the close on falling oil, declining interest rates, optimism over future economic growth, strength in the technology sector and short-covering.
Friday Watch
Earnings of Note
Company/Estimate
None of note.
Splits
None of note.
Economic Data
Producer Price Index for August estimated to increase .2% versus a .1% increase in July.
PPI Ex Food & Energy for August estimated to rise .1% versus a .1% increase in July.
Trade Balance for July estimated at -$51.5B versus -$55.8B in June.
Recommendations
Goldman Sachs reiterated Underperform on VC and VTS. Goldman reiterated Outperform on HOT and FS. Shares of BEI Technologies(BEIQ) may surge about 45% as Ford Motor installs BEI products in its vehicles to prevent rollovers, Business Week reported. Mobius Management Systems(MOBI) might be a takeover target, Business Week reported.
Late-Night News
Asian indices are mixed on disappointment over Japanese growth and optimism over the rebound in U.S. technology shares. Mike Volpi, a senior vice president at Cisco Systems, has become an outside director of Skype Technologies, a Luxembourg-based provider of Internet telephone services, Business Week reported. Taiwan Semiconductor Manufacturing got its first order from a customer in China for advanced chips made with .13 micron technology, the Commercial Times reported. US Airways Group will probably file for bankruptcy protection Sunday if employee unions don't agree too further benefit cuts, the NY Times reported. Japan's economy grew at a 1.3% annual pace in the second quarter, less than expected, because companies cut inventories and capital spending grew less than predicted. U.S. officials visiting Beijing this weekend will press China to limit textile exports and crack down harder on piracy, Bloomberg reported. Crude oil may fall next week as rising production from OPEC helps replenish global inventories, according to a Bloomberg survey of traders and analysts. China's industrial production growth picked up in August for the first time in six months, suggesting government lending curbs aren't cooling the economy enough, Bloomberg said. Qwest Communications International agreed to pay $250 million to end a SEC investigation into transactions the telephone company used to inflate sales, Bloomberg reported. Novartis AG will concentrate on acquisitions of generic-drug makers instead of combinations with its biggest competitors as the $400 billion industry consolidates, Bloomberg reported.
Late-Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.19%.
NASDAQ 100 indicated -.29%
BOTTOM LINE: I expect U.S. equities to open modestly lower on weakness in Japan and weekend terrorism fears. However, stocks should rise later in the day on a continuing rebound in technology shares, optimism over future economic growth and short-covering. The Portfolio is 125% net long heading into tomorrow.
Company/Estimate
None of note.
Splits
None of note.
Economic Data
Producer Price Index for August estimated to increase .2% versus a .1% increase in July.
PPI Ex Food & Energy for August estimated to rise .1% versus a .1% increase in July.
Trade Balance for July estimated at -$51.5B versus -$55.8B in June.
Recommendations
Goldman Sachs reiterated Underperform on VC and VTS. Goldman reiterated Outperform on HOT and FS. Shares of BEI Technologies(BEIQ) may surge about 45% as Ford Motor installs BEI products in its vehicles to prevent rollovers, Business Week reported. Mobius Management Systems(MOBI) might be a takeover target, Business Week reported.
Late-Night News
Asian indices are mixed on disappointment over Japanese growth and optimism over the rebound in U.S. technology shares. Mike Volpi, a senior vice president at Cisco Systems, has become an outside director of Skype Technologies, a Luxembourg-based provider of Internet telephone services, Business Week reported. Taiwan Semiconductor Manufacturing got its first order from a customer in China for advanced chips made with .13 micron technology, the Commercial Times reported. US Airways Group will probably file for bankruptcy protection Sunday if employee unions don't agree too further benefit cuts, the NY Times reported. Japan's economy grew at a 1.3% annual pace in the second quarter, less than expected, because companies cut inventories and capital spending grew less than predicted. U.S. officials visiting Beijing this weekend will press China to limit textile exports and crack down harder on piracy, Bloomberg reported. Crude oil may fall next week as rising production from OPEC helps replenish global inventories, according to a Bloomberg survey of traders and analysts. China's industrial production growth picked up in August for the first time in six months, suggesting government lending curbs aren't cooling the economy enough, Bloomberg said. Qwest Communications International agreed to pay $250 million to end a SEC investigation into transactions the telephone company used to inflate sales, Bloomberg reported. Novartis AG will concentrate on acquisitions of generic-drug makers instead of combinations with its biggest competitors as the $400 billion industry consolidates, Bloomberg reported.
Late-Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.19%.
NASDAQ 100 indicated -.29%
BOTTOM LINE: I expect U.S. equities to open modestly lower on weakness in Japan and weekend terrorism fears. However, stocks should rise later in the day on a continuing rebound in technology shares, optimism over future economic growth and short-covering. The Portfolio is 125% net long heading into tomorrow.
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