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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/2/2001 12:19:14 PM
From: besttrader	of 37746

12:00 ET Dow -52, Nasdaq +26, S&P -3.19: [BRIEFING.COM] We have a mixed market at mid-day; the Nasdaq is higher while the Dow is struggling. While the markets are mixed, each of the major indices trades in the lower half of its respective daily range. Technology opened particularly strong behind a couple positive developments in the sector. Morgan Stanley came out this morning stating its seeing signs of stabilization in Cisco Systems' (CSCO +7.4%) North American enterprise networking market. Prior guidance from CSCO had been the market trough won't be seen for at least another three quarters. Separately, communications chip maker Brocade Communications (BRCD +10.1%) announced it will meet or beat previously reduced second quarter estimates... On the broader markets, oil-related issues are getting hammered behind much stronger than anticipated gasoline and crude oil inventories. The higher reserves are mitigating concerns of supply shortages during the peak Summer season which has sent the spot price of crude oil down by 2.8% intraday.... A couple of economic reports sent conflicting signals regarding domestic economic health. Factory orders for April rose by 1.8% which beat consensus estimates and constituted the first sequential rise in three months. On the flip side, new vehicle sales dropped to 13.6 million compared to 14.1 million in March. The vehicles data is supportive of those who contend it's only a matter of time before a decline in consumer confidence and spending begins to serve as an additional drag (the U.S. is already light on capital spending) on the domestic economy. Total volume traded on the markets today is on the heavy side. The Nasdaq continues to demonstrate favorable market internals while the S&P 500 looks slightly weak. DJTA +0.1%... DJUA -1.7%... SOX +0.3%... XOI -3.5%... BTK -3.3%... Nasdaq 100 +0.2%... S&P Midcap 400 -0.8%... Russell 2000 -0.6%... NYSE Adv/Dec 1282/1576... Nasdaq Adv/Dec 1976/1540. 11:30 ET Dow -83, Nasdaq +12, S&P -7.07: [BRIEFING.COM] The major indices are now retesting the day's worst levels. Oil-related issues are especially weak on the session with the XOI posting a 3.4% intraday loss. The catalyst is the release of gasoline and crude oil inventories which both demonstrated a swell in supplies. Gasoline inventories rose by 1.6% last week while crude oil hit its highest inventory level since August 1999. These data are easing concerns over a summer fuel shortage and sending the spot price of crude down 68 cents per barrel to $28.26, a 2.3% intraday drop. DJTA +0.3%... DJUA -1.8%... SOX +0.7%... XOI -3.4%... BTK -2.7%... Nasdaq 100 +0.3%... S&P Midcap 400 -0.6%... Russell 2000 -0.5%... NYSE Adv/Dec 1216/1579... Nasdaq Adv/Dec 1868/1498.

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