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Wednesday, January 16, 2008

S P 500 Daily

  Probably will test to 1398 1400 on ES

Market Notes

The 10-year note's yield rose 2 basis points, or 0.02 percentage point, to 3.70 percent at 11:54 a.m. in New York, according to bond broker Cantor Fitzgerald LP. It touched 3.61 percent, the lowest since July 2003. The price of the 4 1/4 percent security due in November 2017 fell 6/32, or $1.88 per $1,000 face amount, to 104 15/32. The two-year note's yield increased 4 basis points to 2.53 percent.
Fed funds futures on the Chicago Board of Trade showed a 40 percent chance the Fed will reduce its 4.25 percent target rate for overnight lending between banks by three-quarters of a percentage point by its Jan. 30 meeting, compared with odds above 50 percent earlier this week. The balance of bets is for rates to be cut by a half-point. The central bank hasn't eased by more than 50 basis points in a single move since Oct. 2, 1984, when it trimmed the target rate by 1.75 percentage points. Policy makers cut rates in increments of 50 basis points twice in January 2001.
The Fed will release its Beige Book regional survey at 2 p.m. in Washington. The report, a summary of anecdotal information on current economic conditions gathered by Fed banks and named for the color of its cover, is traditionally provided two weeks before a meeting of the policy-setting Federal Open Market Committee. Fed Chairman Ben S. Bernanke testifies to Congress tomorrow on his near-term economic outlook. In a Jan. 10 speech, he pledged ``substantive additional action'' to prevent a recession and said more interest-rate cuts ``may well be necessary.''

Could see some upward bias on the ES We shall see the 1398 to 1400 Tested

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