<font color=red>2001 Feb 06: Market Analysis
It's now or never time.
No matter how we slice it, the rising wedge that we have been watching on the NASDAQ 100 Index has cracked to the downside, breaking the 30-day MA:
ispeculator.com
The bad new is that the only question remaining is if it gets its target of testing the lows from whence it came. The good news is that we'll know soon, as earning for Cisco Systems is due for release after the close today, and in all probability, it will be the catalyst to move the market one way or the other. Companies expected to announce earning today include the following:
Aether Systems (AETH)4Q
Ameren Corp. (AEE)4Q
American Standard (ASD) 4Q
Ashford.com (ASFD) 3Q
Boston Commun (BCGI) 4Q
Boston Scientific (BSX) 4Q
CNET Networks (CNET) 4Q
Calpine Corp. (CPN) 4Q
Caraustar Industries (CSAR) 4Q
ChipPAC Inc. (CHPC) 4Q
Cincinnati Financial (CINF) 4Q
Cisco Systems (CSCO) 2Q
Cognizant Technology (CTSH) 4Q
Cone Mills (COE) 4Q
Coventry Health Care (CVTY) 4Q
Crown Amer Realty (CWN) 4Q
Crown Media Holdings (CRWN) 4Q
Emcore (EMKR) 1Q
Equity Office (EOP) 4Q
FelCor Lodging Trust (FCH) 4Q
Flowserve Corp. (FLS) 4Q
General Growth (GGP) 4Q
Glenayre Tech (GEMS) 4Q
HCA-The Healthcare Co. (HCA) 4Q
Haverty Furniture (HVT) 4Q
Homestake Mining (HM) 4Q
Inco Ltd. (N) 4Q
Johns Manville (JM) 4Q
Kansas City Power (KLT) 4Q
Keystone Property (KTR) 4Q
Labor Ready (LRW) 4Q
Liberty Corp. (LC) 4Q
Lincare Holdings (LNCR) 4Q
Lincoln National (LNC) 4Q
Lone Star Steakhouse (STAR) 4Q
MBIA Inc. (MBI) 4Q
MKS Instruments (MKSI) 4Q
Manpower Inc. (MAN) 4Q
Marriott Intl (MAR) 4Q
MicroStrategy (MSTR) 4Q
Navigant Intl (FLYR) 4Q
Ohio Casualty (OCAS) 4Q
OneSource Info (ONES) 4Q
Pacificare Health (PHSY) 4Q
Parkway Properties (PKY) 4Q
Pegasus Solutions (PEGS) 4Q
Performance Tech (PTIX) 4Q
Perot Systems Corp. (PER) 4Q
Precision Drilling (PDS) 4Q
Preview Systems(PRVW) 4Q
QuickResponse (QRSI) 4Q
RadVision (RVSN) 4Q
Realty Income (O) 4Q
Redhook Brewery (HOOK) 4Q
Rent-A-Center (RCII) 4Q
ResortQuest Intl (RZT) 4Q
Rofin Sinar Tech (RSTI) 1Q
SciQuest.com (SQST) 4Q
Smith Residential (SRW) 4Q
Torchmark Corp. (TMK) 4Q
V F Corp. (VFC) 4Q
Vishay (VSH) 4Q
Walt Disney Co. (DIS) 1Q
Watts Industries (WTS) 4Q
Wisconsin Energy (WEC) 4Q
Wyndham Intl (WYN) 4Q
XO Commun (XOXO) 3Q
The economic calendar is light this week, with perhaps Productivity being the most important stat, due on Wednesday. With the news from CSCO, there are only three possibilities:
1. The wedge gets its target, and test the January lows;
2. The January lows are broken on the test and we go lower; or,
3. A higher low is made right here, and the market moves higher from here.
Seldom are things so simple, so let's just trade carefully today, and whatever comes after the close, we'll be ready for it on Wednesday morning. If we can clear this congestion area on that NASDAQ that has been going on for so long, we'll get a decent trend out of it shortly.
Teresa |
