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schaeffer's market recap

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    Market Recap

    It appears that stocks aren't missing a beat in 2004, as the first full
    trading week of the year got off with a bang. The Dow Jones Industrial
    Average topped the 10,500 mark for the first time since March 2002 and,
    more importantly, held on above this key mark through out the afternoon.
    All other major market indices easily gained more than one percent,
    although the winner on the day was the tech sector, which advanced by more
    than two percent. Tech stocks were definitely helped by the positive news
    from the Semiconductor Industry Association (SIA). The SIA announced that
    DRAM sales were up four percent in November while microprocessor jumped
    3.5 percent higher. This increase indicates growing strength in PC sales.

    Tech issues were also boosted higher on news that Siebel Sytems raised its
    fourth-quarter outlook due to better-than-expected license sales. The
    company now anticipates a profit of eight cents per share on revenue of
    $365 million. Prior to today's announcement, the firm had forecast a
    profit between five and six cents per share on revenue of $335-355
    million.

    Surprisingly strong economic news from the construction sector got things
    off on the right foot. Overall construction spending zoomed ahead by 1.2
    percent in November after October's revised 1.1-percent advance. Analysts
    had been expecting a mere 0.5 percent. Spending was strong on roads and
    office buildings, while residential construction added 1.9 percent.

    The drug sector ended the day slightly higher as it was torn in two
    different directions. Eli Lilly warned that 2004 earnings would come in at
    $2.80-2.85 per share compared to the Street estimate of $2.93 per share.
    First-quarter earnings are expected at 65-67 cents per share versus the
    consensus forecast of 67 cents per share. Meanwhile, Pfizer was upgraded
    from "equal weight" to "overweight" on improved pipeline visibility and
    more management focus of improving financial returns.

    The Dow was strong across the board, as only three of its members (J.P.
    Morgan Chase, Altria Group, Wal-Mart Stores) finished in the red.
    Caterpillar, 3M Company, and IBM led the way with double-digit Dow-point
    gains. The blue-chip barometer soared 134 points (or 1.29 percent) higher
    in trading. The Nasdaq Composite also skipped 13 points (or 1.24 percent)
    higher this afternoon.

    Levels to watch for in Tuesday's trading :


    Dow Jones Industrial Average (INDU) - support at 10,000; resistance at 10,
    600


    S&P 500 (SPX) - support at 1090, resistance at 1160


    Nasdaq Composite (COMP) - support at 1950; resistance at 2100
 
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