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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 686.10

-0.5%

4:00 PM EST

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To: Johnny Canuck who wrote (32543)	5/31/2001 11:43:13 AM
From: Johnny Canuck	Read Replies (1) of 70451

11:04 ET Nasdaq Composite : -- Technical -- Holding on to modest gains, which in the face of several cautious pre-open comments, is a positive. However, the pattern of the turnaround off yesterday's low, the accompanying modest volume on today's bounce and the recent failure at a relatively minor ceiling raise questions regarding the ability to sustain the upside momentum. If the negative bias resumes the index would run into a solid support in the 2057/2052 area. 10:44 ET Semtech Corp (SMTC) 26.41 +2.07 (+8.5%): -- Update -- Issue reiterated Outperform at Morgan Stanley (pre-market) after company announced agreement to supply ICs for use in the Microsoft Xbox system; although near-term business conditions remain weak, firm believes that SMTC's analog biz model and strong record of execution should make stock attractive to long-term investors at current prices. 10:18 ET Sector Watch: Biotech : Sector index (BTK at 601) attempting to recover after a week long consolidation. Leading the way higher are MLNM (+5.2%), PDLI (+4.4%), IMNX (+3.8%) and HGSI (+3.8%) but volume thus far is modest. Follow through beyond its 200 day simple ma (618) and a secondary ceiling at 626 bolsters the case for a run to new highs.

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