Friday: Garzarelli as Contrarian

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Elaine Garzarelli now posing as a contrarian indicator.

"Some people look at it that way," conceded one trader, who went on to say that he never paid much attention to anything the popular market pundit says.

While the earnings continue to pour in, traders said that they are looking more at the big picture, where the benchmark 30 year bond and the S&P Futures are, in trying to figure out where today's market is heading. "It'll probably be down 15 or 20 at the open," said one.

On yesterday's drop, one trader said that he'd heard it was the result of "a major put transaction in the option pits."

The 30 year treasury bond is at 95 10/32, down 5/32, pushing the yield up 0.01 % to 6.87%. The S&P Futures are down two points.

Informix

(IFMX:Nasdaq) says that it is suing

Oracle

(ORCL:Nasdaq) over Oracle's hiring of eleven former Informix employees. The two companies compete in the database software sector.

Oakley

(OO:NYSE) warned that it would not meet

First Call

estimates of nine cents per share. The company also reported that it had 39.3 million dollars in sales for the fourth quarter, down 4.7 million from the year-ago quarter.

LTV

(LTV:NYSE) came in with earnings of 32 cents a share, topping

First Call

estimates by six cents.

Tribune

(TRB:NYSE) beat

First Call

estimates by three cents with fourth quarter earnings of 57 cents a share.

Black & Decker

(BDK:NYSE) earned 32 cents a share for the quarter, pegging

First Call

estimates.

Monsanto

(MTC:NYSE) came in with fourth quarter earnings of 15 cents a share, in line with

First Call

estimates, before taking a 84 cents a share charge for restructuring.

In Asia, the Nikkei slipped to 17,689.36, down 220.10. The Yen's weakness continues to worry traders. The Hang Seng fell sharply, dropping 230.78 to 13379.55. Traders saw yesterday's Dow as a contributing factor.

European markets also felt the effects of yesterday's fall in the U.S. market. The Dax closed down 35.22 at 2998.24. In London, the growing conviction that there will not be a U.K. rate hike until after the general election, which must be held by May, and the softening of the Pound this week, may be damping the effect of the Dow drop on the FTSE. The index is at 4222.29, down 49.20.

By Justin Lahart

jlahart@thestreet.com