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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	6/13/2001 12:07:03 PM
From: besttrader	of 37746

12:00 ET Dow +39, Nasdaq +10, S&P +1.50: [BRIEFING.COM] The markets were volatile in the first hour of trading but since then the bias has been to the upside. The Dow is currently working on a break of resistance at 11,000 which, if successful, is likely to draw additional buy interest to the markets. Retail Sales data for May were released this morning. Aggregate sales rose 0.1% and ex-auto sales rose 0.3%, both of which were close to expectations. Also worth noting is an upward revision to the April numbers which were ratcheted up to 1.4% growth from an original reading of 1.1%... There has been a conspicuous lack of notable earnings warnings since yesterday which is contributing to the positive trend at mid-day. After yesterday's warning from Finnish cell phone maker Nokia (NOK +2.9%), Merrill Lynch came out with a downgrade on the issue this morning. In a related but separate call, the firm is cutting its global handset sales estimate to 390 million units in 2001 from original expectations for 450 million units. For 2002, Merrill Lynch now sees global handset sales of 450 million units which is down from its original estimate of 550 million units... The PC sector is demonstrating relative strength today with Apple Computer (AAPL +6.0%) contributing to gains in the group. Apple's strength is due in part to positive comments coming out of Goldman Sachs. The firm expects material outperformance by Apple over the next few months based on anticipated in-line results in an environment where peers are disappointing. Goldman says AAPL's new product lineup will allow them to buck industry trend and the firm sees 25-30% upside in the next six months... Market internals are generating moderately bullish readings on both the NYSE and the Nasdaq. Total volume traded is on the light side however which will become more and more common over the Summer months. DJTA -0.1%... DJUA -1.8%... SOX +2.3%... XOI -0.5%... BTK +3.0%... Nasdaq 100 +1.0%... S&P Midcap 400 +0.8%... Russell 2000 +0.6%... NYSE Adv/Dec 1772/1119... Nasdaq Adv/Dec 1826/1456.

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