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From:editorial@mail.realtimetraders.com
To:editorial@realtimetraders.com
Subject:Was Thursday's rebound a dead cat bounce?
Cc:
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Date:Fri, 1 Jun 2001 00:52:37 -0700 (PDT)

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June 1st, 2001
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Morning Watch List
This section contains 6 stocks that are expected move in 1 to 5 days.
Click here for this morning's Watch List Stocks: http://www.realtimetraders.com/marketinfo/watchlist.asp Beyond The Numbers
Was Thursday's rebound a dead cat bounce?
Thursday morning all the major indices managed to start out on a positive
note, and finished the session slightly higher. Dow Jones gained 39 points,
Nasdaq Composite for its part finished the session higher by 26 points, and
the broader S&P 500 index finished the session higher by 7.74 points.
However, traders were quick to point out that Thursday's modest gains can
be attributed to some intermediate support in the major indices and short
covering. Some veteran traders call this type of bounce as a "dead cat bounce".
Traders said the market as a whole is waiting on earnings pre-announcement
to determine where the markets will be heading in the short-term. Thus far the
overall earnings picture does not seem to be improving due to the negative
comments by Goldman Sachs, USB Warburg and the downward earnings
revisions by Sun Microsystems and Altera Corporation.
Some Clarification on Thursday's sector analysis
Thursday we received several emails regarding some confusion about
Thursday's sector analysis. Thursday's sector analysis contained a sentenced
that read "It is our opinion the worst in terms of earnings warning may be behind
us". By this statement we were merely trying to suggest the magnitude of the
earnings warnings in the second quarter might not be as severe as the first
quarter. We were not trying to suggest most of the pre-announcements for the
second quarter are done.
Our readers may recall that some of the better known companies did not offer
any guidance for the second quarter because of the economic uncertainty. In
our opinion the companies had expected the earnings picture to remain cloudy.
We sincerely apologize for any confusion we may have caused by Thursday's
sector analysis. As always we appreciate your feedback, and request that you
send us an email with suggestions on what type of new information you would
like to see added to our site. Please also include on the email the type of
information that is currently available on our site that may not be important to
you as an investor or trader.
Sector Analysis
Technology may not be the only sector that might face problems
It is not a great surprise to hear that consumers are starting to feel the pain
from the recent technology meltdown. However, it is somewhat surprising to
see restaurants express concerns about the weak economy. Thursday shares
of restaurant chains came under pressure due to rising concern the economic
slowdown is likely to negatively impact the restaurant industry. Names such as
Wendy's International (WEN - which lost $0.75 to close at $24.65), Brinker
International (EAT - which lost $2.10) and Rare Hospitality (RARE - finished
the session lower by $3.78) came under considerable pressure on above
average volume. Readers may want to watch this sector for the next few
sessions. Should this industry's earnings fall short of estimates, it is clearly an
indication that the consumer has become weary of the economic slowdown
and cut back on discretionary spending.
Economic Reports & Bond Markets
Thursday the long bond gained almost a point and closed above the 100 mark.
Friday morning the average hourly earnings, average work week, and this
week's most important economic report, the monthly unemployment rate are
scheduled to be released at 8:30AM. We will report the actual numbers along
with the market reaction to the numbers as soon as the reports become
available in our breaking news section.
Market Breadth
Thursday's NYSE advance/decline reading was 1822/1236 Vs.
Wednesday's reading of1098/1962
Thursday's Nasdaq advance/decline reading was 2258/1591 Vs.
Wednesday's reading of 1094/2765
New Highs and New Lows
Thursday's NYSE new high/lows was 110/22 Vs. Wednesday's
reading of 82/37
Thursday's Nasdaq new high/lows was 126/38 Vs. Wednesday's
reading of 81/47
Important Market Moving News
Visit our Before The Bell page -Http://www.realtimetraders.com/sp/beforethebell.asp for the most important news that may effect your portfolio. This
page also provide information on stocks that are going to gap open
higher/lower and the reasons if any. We also alert traders to the
actively traded stocks before the bell.
Upgrades / Downgrades / Coverage Initiations
Click on the following link for today's upgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=upgrades Click on the following link for today's downgrades.http://www.realtimetraders.com/marketinfo/g_minfo.asp?page=dngrades Click on the following link for today's new coverage initiationshttp://www.realtimetraders.com/marketinfo/g_minfo.asp?page=coverage Please remember that we will only be able to continue to offer our
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Some of Today's Key Earnings Releases
Click here for a complete list of today's earnings. http://www.realtimetraders.com/earnings/earnings.asp
Company Name Expected earnings Symbol

Maxwell Shoe 0.31 MAXS
Piedmont Natural Gas 1.24 PNY



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