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800-634-3194(March 20, 2002) STOCK INDICES: A combination of unexpectedly robust housing starts (up 2.8%) and worries that Intel's prospects were not as rosy as previously expected sent stocks sharply lower. The chart had been growing negative, and an increasingly negative mind set encouraged traders to bank profits and head for the exits. The housing starts number raised the prospect of a rate hike in either May or June in the minds of many traders. We'll see. A break to near 1127 basis the June S&P wouldn't be a surprise.
M. Steven Morgan www.commodityreview.com
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