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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject5/24/2001 2:52:53 PM
From: besttrader  Read Replies (1) of 37746
 
Buy the dip for next couple of weeks??? -->

12:35 ET Dow -38, Nasdaq +2, S&P -5.09: [BRIEFING.COM] While the Dow remains weak, the Nasdaq has gravitated back to the flat line. Despite the weakness yesterday and the shaky start this morning, Briefing.com believes that the orderly nature of the retreat suggests that the underlying tone remains intact. As such, once new home sales data and Senate development wears off sometime today, the market should resume its advance. We continue to view this market as a buy-on-the-dips environment. This dynamic should continue to underpin market for at least another couple of weeks, at which point news cycle is likely to turn rather negative as we enter warnings season....Seeing techs rebound somewhat while cyclicals remain out of favor. Biotech, banks and fuel cells are leading the way higher...Gold is very weak with the June contract down $7.00 at $277 per ounce. Technical damage in the low $280s is probably forcing out some of the more recent longs. Briefing.com continues to believe a break below $275 could get very ugly...Shorts continue to get squeezed by Krispy Kreme Doughnuts (KKD 72.68 +3.20) as the stock is at another new 52-week high. Stock has advanced 77% since the beginning of the month...On a downgrade from Salomon Smith Barney, International Paper (IP 38.34 -0.96) is the leading Dow loser today. NYSE Adv/Dec 1297/1605... Nasdaq Adv/Dec 1692/1761.
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