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Market Updates

Jobless claims fall by 11,000

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This morning's jobless data shows that first-time claims for jobless benefits fell by 11,000 to 411,000 for the week ended May 4th, the lowest level in nearly two months. Economists were looking for number closer to 406,000. The four-week average of new claims, which smoothes out the weekly fluctuations, fell by 7,500 to 428,000.

Stock futures are dipping lower this morning after yesterday's strong upside move. S&P futures currently trade down 2.5 points at 1,804.00. NASDAQ futures are down 6 points at 1,275 and Dow futures are off 35 points at 10,080.

Fair value for the S&P 500 today is $0.45. That price will not change during the trading session. HL Camp & Company has their computers set for program buying at $1.37 and set for selling at $-0.97. Fair value for the NASDAQ-100 today is $3.40. If you would like more information on Fair Value and how it is derived, please visit www.programtrading.com.

Same-store sales are out

Look for some retailing stocks to be active today as many are reporting same store sales before the opening of trading.

Those reporting declines in April (not a full list) same store sales are GPS, ANN, S, GYMB, WTSLA, ANF, FD, TLB.

Those reporting gains in April (not a full list) same store sales are COST, WMT, MIK, RSTO, PSUN, PNRA.

DOX defendend

Yesterday's sole decliner in the GSTI Software Index (GSO.X) were shares of Amdocs Ltd. (NYSE:DOX) $17.74 after a Merrill Lynch downgrade. This morning, JP Morgan is defending the stock saying that concerns over a weakening pipeline are based on misinformation, as JP Morgan believes DOX is currently on track for FY02 and a big miss is unlikely. Morgan says DOX is sitting on $1.33 billion in backlog, which is approximately 76% of the forecast revenues for the year. Morgan maintains its long-term rating of "buy" and price target of $30.

Jeff Bailey
Senior Market Technician
Option Investor

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