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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/21/2001 1:42:30 PM
From: besttrader	of 37746

13:35 ET Dow -25, Nasdaq +79, S&P +11.53: [BRIEFING.COM] The Nasdaq is again extending near the day's best levels on broad-based buy interest and heavier than average volume. While the index has experienced a few periods of hesitation today, it has yet to undergo a meaningful sell-wave. Technology buy interest is being led by both semiconductors and biotech with the SOX and BTK both posting sizeable 5.6% intraday gains. The question at this point is whether the current Nasdaq rally can be sustained in the intermediate term given the magnitude of today's move. One of the bearish contentions is the market lacks catalysts to drive near-term buy interest. In fact, with earnings season wrapped up for the most part, a new wave of warnings is likely to hit the markets over the next several weeks. The counter to this view is that everything including the kitchen sink was thrown into last quarter's cautious business outlook. DJTA +0.7%... DJUA +0.7%... SOX +5.6%... XOI -0.6%... BTK +5.6%... Nasdaq 100 +5.0%... S&P Midcap 400 +1.8%... NYSE Adv/Dec 1767/1209... Nasdaq Adv/Dec 2358/1387.

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