13:30 ET Dow +9, Nasdaq +46, S&P +8.84: [BRIEFING.COM] Not surprisingly, the Nasdaq has broken out to its best levels of the session. Buy interest in technology is relatively broad based with participation evident from most of the key groups. Semiconductors continue to see buy interest with the SOX now posting a 4.1% intraday gain. The move comes despite an earnings warning from PMC Sierra (PMCS +11.1%) which is demonstrating substantial strength at this point in the session. Outside of technology, oil-related issues are experiencing buy interest on the back of an intraday increase in the price of crude oil. The XOI is posting a 2.4% intraday gain while the front contract on crude is higher by $0.65 (2.5%) to place the per barrel price at $26.21. DJTA +1.9%... DJUA -0.2%... SOX +4.1%... XOI +2.4%... BTK +0.9%... Nasdaq 100 +2.0%... S&P Midcap 400 +1.1%... Russell 2000 +1.3%... NYSE Adv/Dec 1914/1044... Nasdaq Adv/Dec 2098/1403.
13:00 ET Dow -2, Nasdaq +34, S&P +6.70: [BRIEFING.COM] Since the first half hour of today's session, the Nasdaq has maintained a relatively tight 20-point range in the 2042-2062 area. Barring substantial sell pressure late in the day, the index is positioned to close above its opening level of 2029 which is a bullish near-term technical indicator. Somewhat surprisingly, the Nasdaq has taken out a number of near term resistance levels in recent sessions. It isn't the direction of the move that is entirely surprising but rather the magnitude of the moves on what has been either largely expected news (e.g. rate cut) or relatively negative news (e.g. size of rate cut/earnings warnings). While the index may be somewhat overbought on a very near-term basis, the overall technical picture has improved substantially since surviving several sessions of solid tests to the 1974/2000 level. In today's session, Nasdaq internals continue to carry a bullish posture with favorable breadth and advancing volume outpacing declining volume by a 3 to 1 margin. Watch for late day volatility -- particularly on a Friday -- but the prospects for a substantial sell off in today's session appear limited. The Nasdaq is trading towards the day's best levels despite lackluster participation from the Dow. DJTA +1.6%... DJUA -0.4%... SOX +3.5%... XOI +1.9%... BTK +04%... Nasdaq 100 +1.3%... S&P Midcap 400 +1.0%... Russell 2000 +1.3%... NYSE Adv/Dec 1915/1018... Nasdaq Adv/Dec 2053/1386. |
