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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/2/2001 11:11:47 AM
From: besttrader	of 37746

11:00 ET Dow -71, Nasdaq +24, S&P -5.02: [BRIEFING.COM] As expected, some additional buy interest hit the markets since the last update but the markets have yet to demonstrate conviction in either direction. While weakness in the Dow has served as a drag for the Nasdaq this morning, the question remains as to what Dow weakness truly represents. Put another way, some investors will question whether the blue chip sell pressure constitutes rotation of assets out of large caps and into technology or whether the markets have simply moved too far too fast and the current sell wave is necessary for consolidation. This is the first day in quite a while that total volume could be characterized as heavy which makes the market activity somewhat more significant from a technical perspective. Factory orders were released this morning and provided some support for those suggesting the economy is recovering. Orders were sequentially higher for the first time in three months and also came in ahead of consensus expectations. Countering the positive factory data, new vehicle sales have been released and totaled 13.6 million compared to 14.1 million in March. The decline came entirely from light truck sales. DJTA -0.2%... DJUA -1.6%... SOX +1.5%... XOI -3.5%... BTK -2.6%... Nasdaq 100 +1.1%... S&P Midcap 400 -0.6%... Russell 2000 -0.5%... NYSE Adv/Dec 1165/1499... Nasdaq Adv/Dec 1823/1400.

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