As of about 8 am CST, S & P futures up 14, NASDAQ futures up 82 (yes, 82).

Get ready for a huge rally at the opening (that is, a continuation of the pre-open rally). There is determination to take this market higher - now.

The release of PPI and spending figures this am is being spun as 'great news'. Inflation is 'benign', up only 0.1 % after removing food and energy (stuff we don't actually use). The NASDAQ (tech) is being bought hand over fist in anticipation of Intel's upcoming earnings announcement after the bell today. The entire sector (pc's, semi equipment, etc.) will do well based on that enthusiasm. That Intel has *missed* their numbers the past 2 quarters is forgotten. They probably won't miss this one (yipee). If they do miss, well, who knows (who cares?).

The most significant thing about today will be to watch how we trade as the day grinds on. We're set up for a moon shot. Will we get one? Probably. That won't tell us much except that the mania lives.

If we get a reversal today it will tell us a lot.

See you after the closing bell!

-- Me (me@me.me), January 13, 2000

Answers

The Nasdaq opened up with a ratio of about 2.7 winners to losers, it's been downhill from there.Nary an hour does a market make but therre was absolutely no follow thru on the open.

Ray

-- Ray (ray@totacc.com), January 13, 2000.

The moon shot looks unlikely. We'll see if it can hold onto gains through the day.

I see lots of "block trades" going off. No doubt in my mind that the smart money is still using every rally to exit the tech market. I saw the same thing even on the moon shot days. Fewer blocks going off on the down days.

There just isn't the enthusiasm there used to be.

-- Me (me@me.me), January 13, 2000.

Sorry.

The I Ching says that the futures impact is an act of ignorance. That the flavor of the times is
Retreat.
Retreat from a point of weakeness.
Confidence is accompanied by obstacles.
A cautious yielding brings good fortune.
Continuing to the end brings misfortune.
There is no advantage to experienceing the collective flow.

Further, the aspect for the Dow is 'inexperience' while the NASDAQ is 'conflict'. There are many attributes to each. The collective is not good for the long term. The earliest glimpses of the trend seem to suggest that the mood of the times is changing. The suggestion is that the 'pinnacle' has been reached and the journey gets darker from here as we seek the 'depths of the valley'.

For the year, the I Ching says that the stock market has peaked. The aspect is 'Grace' or 'Adorable Enchantment' (in other words to remember fondly) and the moving lines lead to
'Calculated Waiting', the nourishing rains are not seen in the clear blue sky. THe enlightened being eats, drinks, feasts, and enjoys as if nothing is a bother. The flavor is waiting.

taoist in the deep woods.

-- taoist in the woods (taoist@far.country), January 13, 2000.

No inflation? How does it happen that the price of oil more than doubles and there is no inflation? Seriously. Is that even within the realm of possibility?

-- Mara (MaraWayne@aol.com), January 13, 2000.

I agree! In my area housing costs have almost doubled and yet we have had hardly any inflation. The oil companies are charging Northern Californians 170+ per gallon, housing and rental costs are soaring and yet we haven't any inflation? Huh?

I'm SO confused!!!

-- ComeonNow (cynical@home.com), January 13, 2000.

FWIW - Top Market News as of about 11:20 am CST

Anecdotal information, I know, but I do casually watch the block trades going off. Personally, I don't have 100,000 shares of anything. So I presume that when these get sold, it's by heavy hitters, and that accumulation takes place over time.

Alert: BLOCK TRADE - H.J. Heinz 100,000 at 38 1/2 (NYSE:HNZ) - Reuters - Thu 12:15pm

Alert: BLOCK TRADE - Office Depot 215,000 (NYSE:ODP) - Reuters - Thu 12:14pm

Alert: BLOCK TRADE - Boston Scientific 300,000 (NYSE:BSX, health) - Reuters - Thu 12:14pm

INSTANT VIEW-US Treasury details debt buyback plan - Reuters - Thu 12:14pm

FOCUS-Telefonica unveils new $20-bln push in Latam - Reuters - Thu 12:13pm

Alert: BLOCK TRADE - Brunswick Corp 101,000 (NYSE:BC) - Reuters - Thu 12:12pm

Alert: Ryan Beck Maintains Warner-lambert at Buy, Ahp at Hold (mergers, NYSE:AHP, health, NYSE:WLA) - Reuters - Thu 12:12pm

RESEARCH ALERT - CSFB ups Apple Q1'00 EPS estimate - Reuters - Thu 12:12pm

Alert: Ryan Beck Upgrades Pfizer to Buy From Hold (mergers, health, NYSE:PFE) - Reuters - Thu 12:11pm

U.S. Options - T-bond vols edge lower after data - Reuters - Thu 12:08pm

Koch Industries to pay $30 mln fine for oil spills - Reuters - Thu 12:08pm

Alert: BLOCK TRADE - Host Marriott Corp 886,600 (NYSE:HMT) - Reuters - Thu 12:07pm

Warner-Lambert to begin merger talks with Pfizer - Reuters - Thu 12:07pm

NCB has Smurfit , CRH among year tips - Reuters - Thu 12:07pm

Lands' End holiday sales fall 14.6 percent - Reuters - Thu 12:07pm

REUTERS MONEYGRAPH-IMF SDR rates-Jan 13 US 1.37377 - Reuters - Thu 12:06pm

Alert: BLOCK TRADE - Pinnacle West 526,000 at 31 (NYSE:PNW) - Reuters - Thu 12:06pm

-- Me (me@me.me), January 13, 2000.

Yadda yadda yadda. The 22nd most successful stock market portfolio in the USA was picked by a chimp.

What makes you think you're smarter than a chimp. ;p

-- Servant (public_service@yahoo.com), January 13, 2000.

Me,

Thanks for your input.

Mara,

Oil is again pushing $27 a barrel, the CRB Commodity Index is over 206 and the 30 year bond is pushing 6 3/4% this is bad news for inflation. The Federal governments reporting on inflation is quite suspect.

Ray

-- Ray (ray@totacc.com), January 13, 2000.

Servant -

Is the chimp seeking employment?

-- Me (me@me.me), January 13, 2000.

The rising prices for food and gasoline aren't being reflected in the inflation index because (surprise!) they have been taken out of the "market basket" used to figure inflation. Not sure when that happened, just learned of itmyself a couple of months ago. Anyone with more info?

-- Cash (cash@andcarry.com), January 13, 2000.

The gov't bond buy-back is the most telling story. The fixed income markets are in real trouble and these clowns are pulling out all the stops. As the bonds go, so does the US.

In 2000, the Japanese gov't will need to finance (borrow) 1/2 of its budget. rates are going much much higher. Commodities - TO THE MOON!

-- Ishkabibble (ishman@home.com), January 13, 2000.

It is amazing to see some of those block trades (and megabucks) go sailing by, isn't it? Host Marriott Corp currently shows volume of 1.384 million shares, and that one 886,600 trade accounts for most of it! One block trade today that's twice the size of yesterday's total volume! *sheesh*

'Course it's at 8 3/4 and is trading in a range of 7 3/8 - 14 7/16, so whoever did that trade may not have made much on the deal, or even *gasp* lost money (and will just write it off come tax time).

-- DeeEmBee (macbeth1@pacbell.net), January 13, 2000.

The mania lives.

-- Me (me@me.me), January 13, 2000.

Me:

What will prevent the bulls from stampeding on Friday?

Intel is boasting, and that makes bulls bellow with delight. The factory treasurer has invested in Intel stock for a long time, and he told me earlier this week of positive reports he'd heard suggesting Intel would do well. So tomorrow he'll probably be grinning when his stocks go up, up, up!

-- dinosaur (dinosaur@williams-net.com), January 13, 2000.