Dow 10615.83 +399.10 (+3.91%)
Nasdaq 2079.44 +156.22 (+8.12%)
S&P 500 1238.16 +46.35 (+3.89%)
10-Yr Bond 5.118% -0.070
NYSE Volume 1,918,940,000
Nasdaq Volume 3,082,351,000
EQUITY OPTION
TOTAL EQUITY CALL VOLUME : 1,550,513
TOTAL EQUITY PUT VOLUME : 617,019
TOTAL VOLUME : 2,167,532
EPC=0.40 Neutral.
Volume indicates the move has legs. Short term sell signals on SOX and COMPX. Strong resistance on SOX at 645. Possible run of COMPX to 2400, if we can get a continuation tomorrow. Expect continued short covering in early part of session. Pullback at 8:30 AM PST will indicate strength of the rally. We should see rotation into second tier stocks after current run is over if this move is for real.
Anticipation of another 0.5 rate cut should power the rally for now. Need continued good earnings on surface to power rally also.
*****************
Close At about 10:54 ET the Fed cut interest rates by 50 basis points. This means the federal funds rate now stands at 4.5% while the discount rate is 4.0%. The "surprising" nature of this inter-meeting cut left investors scrambling to situate themselves. Notably, the Fed's move was not a surprise to Briefing.com -- as recently as Monday our stance was reiterated as follows: "Bottom line: we still hold out hope for an intermeeting cut, but if we don't see anything early this week, a 50 bp cut at the May 15 meeting
**********************
Market Outlook
Surprise! Its A Rate Cut
By:Kevin O'Grady
The combination of an upside earnings surprise from Intel last night and an unexpected 50 basis point interest rate cut late in the morning rewarded the bulls who stayed the course. Investors had all but given up on an intra meeting Fed rate cut, figuring that the recent rally in stocks took the pressure off the Fed to make an immediate move. The revised thinking is that Greenspan was waiting for just such an opportunity, so it wouldn't appear that he is catering to the market. Along with the rate cut, the Fed issued a statement indicating that it is leaning toward easing rates even further. The growing consensus on Wall Street is that interest rates could fall another 50 basis points before the Fed is done. As a result, many investors plan to maintain a bullish stance in the near-term if companies can continue to beat earnings expectations. However, there is still some concern that the economy is not strong enough yet to support a long-term rally.
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Symbol Price Change Volume Bid/Ask Day Range
ADCT 8.36 0.26 (+3.21%) 21,253,200 8.70 - 8.78 8.31 - 9.13
ADTN 27.80 1.66 (+6.35%) 683,900 26.12 - 35.00 26.10 - 29.00
AFCI 16.59 2.14 (+14.81%) 2,006,500 13.75 - 13.90 15.65 - 17.24
ALA 34.00 3.65 (+12.03%) 3,018,800 31.80 - 34.20
AMAT 53.03 5.44 (+11.43%) 45,875,300 55.01 - 55.15 50.54 - 55.05
AMCC 22.86 2.52 (+12.39%) 25,755,500 24.51 - 24.74 22.06 - 26.25
ANAD 15.82 1.73 (+12.28%) 1,619,400 15.63 - 17.50 14.84 - 18.20
ANDW 16.88 1.52 (+9.90%) 884,300 17.00 - 17.50 15.62 - 17.50
ANN 26.71 0.96 (+3.73%) 493,200 26.01 - 27.49
AOL 49.00 5.10 (+11.62%) 43,729,400 45.50 - 50.00
APAT 7.85 0.39 (+5.23%) 26,000 7.85 - 7.89 7.73 - 8.32
ASYS 7.50 1.10 (+17.19%) 173,000 7.00 - 7.95 6.60 - 8.10
AVCI 14.30 1.49 (+11.63%) 4,286,300 15.25 - 15.34 13.85 - 15.50
AVNX 16.71 2.70 (+19.27%) 4,507,700 17.90 - 18.00 15.40 - 18.45
AXP 42.58 3.60 (+9.24%) 9,343,400 39.15 - 43.10
BKB 43.38 0.00 (+0.00%) 100 41.44 - 44.12
BKHM 4.91 0.24 (+5.14%) 1,850,900 4.91 - 5.15 4.72 - 5.13
BRCM 34.01 4.61 (+15.68%) 18,010,600 34.01 - 34.05 31.56 - 37.50
CIEN 58.06 4.97 (+9.36%) 46,005,700 60.65 - 60.79 57.35 - 67.00
CMGI 2.74 0.34 (+14.17%) 5,080,100 2.83 - 2.85 2.59 - 2.80
CMTN 2.88 0.43 (+17.55%) 919,100 3.01 - 3.06 2.67 - 3.05
CNXT 11.79 2.75 (+30.42%) 11,721,000 12.75 - 12.80 9.77 - 12.25
COSN 2.72 0.29 (+11.93%) 2,603,400 2.71 - 2.81 2.55 - 2.82
COVD 1.41 0.11 (+8.46%) 4,101,700 1.42 - 1.43 1.35 - 1.50
CPWR 10.37 0.50 (+5.07%) 4,730,700 10.71 - 10.73 9.98 - 10.85
CS 14.65 1.10 (+8.12%) 3,924,700 13.96 - 15.40
CSCO 17.93 1.27 (+7.62%) 140,897,600 18.57 - 18.59 17.15 - 19.50
CYMI 30.00 3.30 (+12.36%) 1,672,000 29.50 - 30.98 27.70 - 31.74
DCLK 10.94 0.75 (+7.36%) 5,227,500 11.01 - 11.20 10.42 - 11.19
DIS 31.90 1.90 (+6.33%) 7,502,800 29.70 - 31.98
DITC 11.58 0.15 (+1.31%) 645,700 11.60 - 11.90 11.27 - 12.37
DK 10.43 0.05 (+0.48%) 703,700 10.40 - 10.44
EXDS 10.41 1.30 (+14.27%) 25,648,800 10.89 - 11.00 9.80 - 11.20
EXTR 21.75 3.73 (+20.70%) 11,411,100 22.80 - 23.20 19.48 - 24.45
FDRY 10.63 1.44 (+15.67%) 4,795,800 11.30 - 11.45 9.79 - 11.24
FDX 41.49 1.48 (+3.70%) 1,236,500 39.61 - 42.36
FFIV 6.12 0.62 (+11.27%) 362,000 6.20 - 6.49 5.92 - 6.50
GALT 18.62 0.00 (+0.00%) 18.38 - 18.25
GE 47.89 2.43 (+5.35%) 36,443,100 44.90 - 47.96
GLW 24.94 2.04 (+8.91%) 18,799,000 23.90 - 25.99
GPS 25.31 1.81 (+7.70%) 6,790,200 23.91 - 26.21
HEII 5.70 -0.30 (-5.00%) 43,300 5.60 - 5.90 5.70 - 6.20
HIFN 20.14 3.44 (+20.60%) 222,200 17.00 - 18.75 17.00 - 20.43
HIV 5.50 0.00 (+0.00%)
IBI 15.11 0.99 (+7.01%) 805,500 14.19 - 15.39
INKT 5.41 1.01 (+22.95%) 6,656,900 6.15 - 6.24 4.75 - 5.56
INTC 31.28 5.24 (+20.12%) 154,867,500 31.97 - 31.99 28.60 - 32.19
IOM 3.44 0.06 (+1.78%) 1,132,500 3.40 - 3.51
ITWO 19.97 1.93 (+10.70%) 22,195,800 18.30 - 18.39 18.52 - 21.80
JBL 29.20 3.07 (+11.75%) 4,781,000 28.15 - 31.95
JDSU 23.31 2.99 (+14.71%) 66,308,300 24.40 - 24.48 21.72 - 25.50
JNJ 93.95 -0.50 (-0.53%) 6,417,000 91.68 - 94.45
JNPR 57.41 6.54 (+12.86%) 57,810,900 59.76 - 59.95 54.87 - 66.00
LU 7.57 0.42 (+5.87%) 45,290,000 7.13 - 7.90
MER 66.25 5.65 (+9.32%) 11,573,700 61.75 - 68.50
MERQ 58.92 6.31 (+11.99%) 7,336,800 61.25 - 61.90 54.40 - 63.50
MOT 15.20 1.20 (+8.57%) 28,364,900 12.01 - 15.78
MRVC 7.64 1.32 (+20.89%) 4,464,000 8.26 - 8.40 6.99 - 8.10
MRVL 17.96 2.43 (+15.65%) 2,047,100 18.00 - 18.88 15.85 - 19.14
MSFT 65.43 3.95 (+6.42%) 78,373,200 66.89 - 66.94 63.00 - 66.31
MTZ 14.70 1.15 (+8.49%) 361,200 13.70 - 14.95
MWD 66.90 8.05 (+13.68%) 13,865,000 60.85 - 68.85
NEWP 38.17 6.09 (+18.98%) 7,446,500 42.15 - 42.20 35.10 - 44.00
NT 17.45 2.26 (+14.88%) 35,126,500 16.45 - 18.29
NTBK 9.50 0.44 (+4.86%) 344,400 8.90 - 9.99 8.75 - 9.90
NUFO 19.09 3.24 (+20.44%) 5,562,800 20.15 - 20.20 18.10 - 22.00
NVLS 53.31 5.99 (+12.66%) 21,978,900 54.75 - 55.50 51.05 - 57.38
ONIS 37.98 5.66 (+17.51%) 12,806,900 39.25 - 39.50 37.20 - 40.95
PHCM 87.75 0.00 (+0.00%) 87.00 - 87.75
PHTN 23.94 2.89 (+13.73%) 391,000 22.00 - 25.00 21.49 - 25.50
PMCS 33.00 5.88 (+21.68%) 13,677,500 33.70 - 34.25 29.50 - 34.50
PSFT 30.97 1.88 (+6.46%) 9,083,500 30.64 - 31.38 29.15 - 32.45
PUMA 3.03 0.30 (+10.99%) 1,109,700 3.28 - 3.30 2.93 - 3.21
QCOM 58.75 7.99 (+15.74%) 25,900,900 60.24 - 60.25 52.75 - 60.00
QWST 43.00 0.00 (+0.00%) 42.94 - 43.00
RBAK 19.93 1.13 (+6.01%) 9,512,900 20.48 - 20.50 19.25 - 21.10
RFMD 24.13 5.79 (+31.57%) 27,481,300 25.06 - 25.13 21.50 - 25.38
RHAT 5.84 0.31 (+5.61%) 2,061,700 5.91 - 5.98 5.68 - 6.00
RMBS 20.26 1.31 (+6.91%) 6,609,600 21.30 - 21.45 19.50 - 22.00
RNWK 9.01 0.42 (+4.89%) 2,239,200 9.00 - 9.15 8.80 - 9.58
SCH 21.00 2.87 (+15.83%) 12,736,000 18.94 - 23.00
SCMR 9.74 0.71 (+7.86%) 8,469,800 10.10 - 10.15 9.62 - 10.45
SDLI 146.75 0.00 (+0.00%) 151.75 - 152.00
SFTBF 41.50 0.00 (+0.00%) 12,000 36.00 - 42.50
SHOO 15.05 -0.52 (-3.34%) 105,000 14.20 - 16.00 15.00 - 15.75
SUNW 18.58 2.54 (+15.84%) 78,859,800 20.12 - 20.15 17.05 - 19.49
SVGI 31.54 3.24 (+11.45%) 2,045,300 31.45 - 31.75 30.00 - 32.50
TER 35.00 1.70 (+5.11%) 5,503,200 34.52 - 37.70
TLAB 34.15 -0.94 (-2.68%) 12,907,600 34.66 - 35.20 34.04 - 37.75
TQNT 23.68 6.26 (+35.94%) 12,519,200 24.79 - 24.80 20.76 - 25.60
TXCC 16.39 3.33 (+25.50%) 4,888,000 17.30 - 17.50 14.65 - 17.55
UNFY L 0.35 0.01 (+2.94%) 6,800 3.88 - 3.94 0.20 - 0.35
UTEK 32.45 4.63 (+16.64%) 1,015,800 32.50 - 35.74 28.70 - 35.00
VARL L 2.00 -0.10 (-4.76%) 8,600 12.00 - 10.00 1.75 - 2.50
VERT 1.62 0.17 (+11.72%) 976,500 1.65 - 1.75 1.54 - 1.70
VTSS 30.65 5.06 (+19.77%) 13,936,300 32.50 - 32.75 27.81 - 32.94
WCAP 2.22 0.02 (+0.91%) 10,400 1.69 - 3.90 2.11 - 2.37
WIND 26.08 2.95 (+12.75%) 1,793,400 24.79 - 26.75 23.59 - 26.15
YHOO 18.62 1.31 (+7.57%) 18,713,700 19.15 - 19.17 17.99 - 20.09 |
