<<MF May 31st 2001.pdf>>  			Good Thursday Morning - Comments From The Local Guys!
With the markets short-term overbought, investors should not be surprised if negative corporate news takes its toll on stocks over the next month.
As we have mentioned, the corporate confession period is a great time for companies to lower expectations.
However, investors need to be focused on the big picture.
The Federal Reserve is strongly on the side of the investor.
Additionally, with successful passage of the tax bill through Congress, the Treasury Department will be mailing refund checks to taxpayers, as the tax-cut is retroactive to January of this year.
We believe the economy will respond positively to this 'twin pronged' stimulation.
Investors should take advantage of any weakness in their favorite stocks.
We look forward to hearing from our readers.
Tomorrow, we look for another weak employment report for May.
Overall employment growth is expected to slip another 15,000, following a 223,000 decline in April.
The unemployment rate is projected to rise a tenth to 4.6%.
The 30-year US T-Bond yield is 5.77%.
.
The 5-year is trading at 4.94%.
Spot crude oil is trading at $28.39 p/b.
Natural Gas - Henry Hub -  is trading at $3.92 p/mcf.
AD Time:  New Federal Insider-Trading Rule (Rule 10b5-1) have been adopted by the SEC under the Securities Exchange Act of 1934.
This rule greatly enhances an insider's/employee's ability to trade his/her corporate shares during blackout periods.
Previously, without the protection of this new SEC rule, employees and insiders could safely trade only outside of designated blackout windows.
Under this new rule, insiders/employees may have the ability to purchase and sell their corporate shares even during blackout periods if a written plan was established and in force when the insider/employee was not in possession of material, non-public information.
The new rule contains other restrictions and should be reviewed carefully.
Lehman Brothers has established a turn-key plan that take into account the regulatory procedures for establishing such a plan.
Please email us or call us for more information.
Lehman Brothers' Research.

The Morning Market Call - Thursday May 31st, 2001.

<<MF May 00st <NUMBER>.pdf>> Good Thursday Morning - Comments From The Local Guys!
With the markets short-term overbought, investors should not be surprised if negative corporate news takes its toll on stocks over the next month.
As we have mentioned, the corporate confession period is a great time for companies to lower expectations.
However, investors need to be focused on the big picture.
The Federal Reserve is strongly on the side of the investor.
Additionally, with successful passage of the tax bill through Congress, the Treasury Department will be mailing refund checks to taxpayers, as the tax-cut is retroactive to January of this year.
We believe the economy will respond positively to this 'twin pronged' stimulation.
Investors should take advantage of any weakness in their favorite stocks.
We look forward to hearing from our readers.
Tomorrow, we look for another weak employment report for May.
Overall employment growth is expected to slip another <NUMBER>, following a <NUMBER> decline in April.
The unemployment rate is projected to rise a tenth to <NUMBER>%.
The <NUMBER>-year US T-Bond yield is <NUMBER>%.
.
The <NUMBER>-year is trading at <NUMBER>%.
Spot crude oil is trading at <CUR><NUMBER> p/b.
Natural Gas - Henry Hub - is trading at <CUR><NUMBER> p/mcf.
AD Time: New Federal Insider-Trading Rule (Rule 00b0-<NUMBER>) have been adopted by the SEC under the Securities Exchange Act of <NUMBER>.
This rule greatly enhances an insider's/employee's ability to trade his/her corporate shares during blackout periods.
Previously, without the protection of this new SEC rule, employees and insiders could safely trade only outside of designated blackout windows.
Under this new rule, insiders/employees may have the ability to purchase and sell their corporate shares even during blackout periods if a written plan was established and in force when the insider/employee was not in possession of material, non-public information.
The new rule contains other restrictions and should be reviewed carefully.
Lehman Brothers has established a turn-key plan that take into account the regulatory procedures for establishing such a plan.
Please email us or call us for more information.
Lehman Brothers' Research.
spot crude oil april unemployment rate term overbought periods previously protection checks taxpayers tax turn key plan bond yield safely trade negative corporate news carefully