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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/21/2001 10:25:03 AM
From: besttrader	of 37746

10:15 ET PurchasePro.com (PPRO) 3.11 +0.53 (+20.5%): Investors applauding news that CEO of controversial B2B company has resigned. In a press release distributed by PrimeZone, PPRO announced that CEO/founder Charles E. Johnson, Jr., has left the company and resigned his position on the board. Board member R. Todd Bradley will assume the CEO post. 10:15 ET Nasdaq Composite : -- Technical -- Minimal pullback remains above short term key floor with index now poised for a new recovery high. Breakout suggest a run to resistance at 2250/2255 (100 day simple ma/Jan low/50% retracement off Jan high). Intraday support to watch is now at 2215. 10:15 ET Philip Morris (MO) 51.99 -0.38: Traders note Dow Jones headlines which indicate that MO's IPO spin-off of Kraft might have run afoul of securities laws: headlines note that an IPO pre-marketing report was incorrectly released and that some IPO buyers could seek refunds and damages. The Kraft IPO had been expected in June. 10:12 ET Immune Response (IMNR) 5.85 +0.80 (+15.8%): Reports that preliminary interim clinical results from an ongoing Phase II trial indicate that treatment with Remune appears to induce both allo and HIV specific cell mediated immune responses. 10:08 ET Sector Watch: Biotech : Highlighted VRTX and HGSI in Morning Movers story in wake of upgrade. Gapped higher but failed at targeted resistances at 40 and 71.17, respectively. Intraday watching bottom of today's gap (36.67 VRTX, 68 HGSI) for support. Continued stabilization above leaves door open for another rally attempt later in the session. 09:56 ET Nasdsaq Composite : -- Technical -- Two of the last three sessions index has failed near resistance at 2215. Intraday will watch support at 2195/2190 for indication of the health of the current push. A failure here allows for a run to the recent range bottom in the 2175/2170 area. Ability to hold above would set the stage for another breakout attempt with next resistance at the recovery high of 2132.

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