The market's pop higher at the open is long but a memory, as the major market averages have all fallen into negative territory.

Meanwhile, Ralph Acampora, the widely followed chief technical analyst at

Prudential Securities

, had some cautionary remarks about the market.

"We are concerned about the near-term market outlook -- the above shifts in groups, stocks and indicators suggests that a normal correction is currently unfolding," wrote Acampora. "'Normal' means a decline in the range of 5% to 10%. We don't think that this is unreasonable in the light of the fact that so many huge gains were realized since the market's low registered in October 1998. But this normal correction could turn ugly if interest rates become a problem short term."

The

Nasdaq Composite Index

, which surged 1.7% early on, was down 5 to 2369.

The

Dow Jones Industrial Average

was down 92 to 9212. The

S&P 500

was down 7 to 1232. The

Russell 2000

was down 2 to 410.

TheStreet.com Internet Sector

was down 27 to 506.

TheStreet.com E-Commerce Index

was down 5 to 100.

In the Treasury market, the 30-year bond was up 16/32 to 99 1/32, yielding 5.32%. (For more on the fixed-income market, see today's early

Bond Focus.)

On the NYSE, decliners were beating advancers 1,552 to 1,158 on 307 million shares. On the Nasdaq losers were beating winners 1,943 to 1,508 on 418 million shares.

On the NYSE, 40 issues had set new 52-week lows while 16 had touched new highs. On the Nasdaq, 34 issues had set new highs while new lows totaled 32.

On the Big Board,

Compaq

(CPQ)

was most active, with 7 million shares changing hands. It was up 5/16 to 43 15/16.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, on volume of 16 million. It was down 3/16 to 100 1/4.

Tech Focus

Analyst action helped lift the semiconductor arena overall today as

Merrill Lynch

upgraded its short-term ratings on the entire semiconductor equipment sector by a notch.

The

Philadelphia Stock Exchange Semiconductor Index

was up 1.

Merrill upgraded

Applied Materials

(AMAT) - Get Report

,

Cymer Laser

(CYMI)

,

KLA-Tencor

(KLAC) - Get Report

and

Novellus Systems

(NVLS)

to short-term and long-term buy ratings.

Merrill also upgraded several other stocks in the sector.

Merrill, in a note, said: "We think the current recovery in the semiconductor sector will expand. Device manufacturers current focus on 'technology' buys is likely to broaden to 'capacity' buys by the fourth quarter of 1999."

Among some of the other tech indices, the

Philadelphia Stock Exchange Computer Box Maker Index

was down 1%. The

Morgan Stanley High-Tech 35

was down 1%. The

Nasdaq 100

was up fractionally.

In the news, a host of linkups were announced in the tech arena

this morning.

Internet software company

Spyglass

(SPYG) - Get Report

announced that Douglas Colbeth, its president and chief executive officer, will be taking a temporary medical leave -- expected to last about eight weeks -- from his daily responsibilities effective immediately. The company said the medical leave is being provided "to proactively treat a cardiac condition which was recently diagnosed." Spyglass fell 3/4, or 6%, to 11 3/8.

11:00 a.m.: Nasdaq Struggles to Remain in Positive Territory

The

Nasdaq Composite Index

was the only major market average in positive territory in the wake of news that Ralph Acampora, the widely followed chief technical analyst at

Prudential Securities

, sees a 5% to 10% correction in the stock market.

Shares of semiconductor equipment stocks gained handsomely, pushing the

Philadelphia Stock Exchange Semiconductor Index

up 2.5%, helping it recover a little bit of the ground it lost last week.

Merrill Lynch

upgraded its short-term ratings on the entire semiconductor equipment sector by a notch today.

Morgan Stanley Dean Witter

, meanwhile, also upgraded some semiconductor equipment stocks.

The Nasdaq Comp was up 9 to 2382. The Nasdaq Comp peaked at 2414.98 before coming off the top.

The

Dow Jones Industrial Average

was down 51 to 9253. The

S&P 500

was down 2 to 1237. The

Russell 2000

was down 1 to 412.

TheStreet.com Internet Sector

index was down 20 to 513.

TheStreet.com E-Commerce Index

was down 5 to 101.

Louis Todd, head of equities trading at

J.C. Bradford

, said something to keep an eye on is the fact that last week about $3 billion left equity mutual funds, citing

AMG Data Services

, while the new stock offerings calendar is building up, indicating a shift in supply and demand, he said, which could put some pressure on the market.

"There's a pretty big pipeline," he said of new issues.

Meanwhile, market participants have been pretty happy overall with fourth-quarter earnings. Also, the U.S. economy, despite weakness in economies around the globe, continues to steam ahead, a fact that has raised the possibility that the

Federal Reserve

will hike interest rates later this year. That possibility, in part, sent stocks tumbling last week.

Treasuries were firm this morning after falling for five straight sessions. The 30-year bond was up 10/32 to 98 27/32, yielding 5.33%.

On the

New York Stock Exchange

, decliners were beating advancers 1,356 to 1,191 on 202 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,610 to 1,555 on 290 million shares.

On the NYSE, 31 issues had set new 52-week lows while 10 had touched new highs. On the Nasdaq, 32 issues had set new highs while new lows totaled 24.

10:00 a.m.: Nasdaq Leads March Higher

After last week's beating, the tech-heavy

Nasdaq Composite Index

was leading the market higher to kick the week off and was up 1.7%.

The Nasdaq Comp was up 40 to 2414.

The

Dow Jones Industrial Average

was up 25 to 9329. The

S&P 500

was up 7 to 1247. The

Russell 2000

was up 3 to 415.

TheStreet.com Internet Sector

was down 2 to 531. Meanwhile,

TheStreet.com E-Commerce Index

was down fractionally at 105.

The 30-year Treasury bond was up 9/32 to 98 27/32, yielding 5.33%.

Most Up at Open -- NYSE

STMicroelectronics (STM) - Get Report, up 5 7/16 to 95 7/16

:

Merrill Lynch

upgraded STMicroelectronics to near-term accumulate from near-term neutral and upgraded the stock long-term buy from long-term accumulate.

Most Up at Open -- Nasdaq

Novellus Systems (NVLS) , up 4 1/4 to 70 7/8

: Merrill Lynch upgraded Novellus to near-term buy from near-term accumulate.

Most Down at Open -- NYSE

AMR (AMR) , down 1 15/16 to 58

:

American Airlines

, a unit of AMR, canceled about 90 flights on Saturday and upwards of 200 on Sunday, 9% of scheduled connections, as a result of an escalating dispute with its pilots union over the progress of its recent merger with

Reno Air

(RENO)

.

Most Down at Open -- Nasdaq

Siebert Financial (SIEB) - Get Report, down 3 3/4 to 31 3/8

.