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Stock futures showing fractional losses

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Stock futures are showing fractional losses this morning as S&P futures trade down 2.2 points, NASDAQ futures are off 1.5 points and Dow futures are down 37 points. Bonds are seeing some buying this morning with yields dipping red. The three major bond yields we keep an eye on show the 5-year ($FVX.X) at 4.438%, 10- year ($TNX.X) at 4.880% and 30-year ($TYX.X) at 5.424%.

Fair value for the S&P 500 today is $2.58. HL Camp and Company has their computers set for program buying at $4.04 and set for program selling at $1.32. Fair value for the NASDAQ-100 today is $4.78.

Prudential starts Siebel (SEBL) with "hold" rating

This morning, Prudential starts coverage of Siebel Systems (NASDAQ:SEBL) with a "hold" rating and sees near-term risk in the shares. Prudential thinks consensus estimates are too high and are likely to come down. Prudential would get more bullish on stocks once estimates stabilize.

Salomon lowers S&P EPS forecast

Salomon Smith Barney is lowering its 2001 and 2002 S&P earnings per share forecasts to reflect a deeper cyclical trough in earnings and more muted recovery. Forecasts for 2001 and 2002 go to $48 and $52, which translate to a 14.8% decline in 2001 and an 8.3% rebound in 2002.

Economic Data

The jobless claims data are out this morning and shows that claims rose 8K to 393K in the week ending August 18. Consensus was for 390K. We would not expect today's number to have much effect on today's market environment.

Jeff Bailey
Senior Market Technician

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