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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.97

-0.3%

Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (33074)	6/26/2001 10:46:50 AM
From: Johnny Canuck	Read Replies (1) of 70330

10:07 ET Nasdaq Composite : -- Technical -- Impressive turnaround for the index following a fractional penetration of support at 2020. Gains in biotech (BTK index bounced off two week range bottom at 570), Internet and comm IC stocks pacing the way. However, the Nasdaq has thus far been stymied by intraday resistance at 2042. The key to improving the short term tone is follow through beyond the 2053 and 2060 barriers. 10:03 ET Economic Data : June consumer confidence rose to 117.9 vs consensus of 114.5; number will provide some optimism on consumer front, though ongoing layoffs and renewed slide in stocks call into question its sustainability. May New Home Sales rose 0.8% to 928K vs consensus of 900K, stronger than expected number not that surprising following similar strength in Existing Home Sales. 10:42 ET IBM (IBM) 112.35 -0.30 (-0.2%): -- Update -- Technical -- Puts together the sixth test of the now well establish two month trading range floor near 111. Bounce is encouraging as are overextended indicators but follow through beyond chart congestion near 113 and the 20/50 day moving averages (114.26/114.69), which stymied the last recovery attempt, are the keys. A failure to hold the range floor opens the door to 108.28/107.37 (100 day simple ma/38% retracement). 09:03 ET Vitesse Semi (VTSS) 17.40: On the heels of AMCC warning, many firms cutting numbers on VTSS this morning; here are some new/old estimates as a gauge: Dain Rauscher cuts FY02 revenue/EPS to $273M and $0.02 from $482M and $0.35; SG Cowen cuts FY02 EPS to $0.23 from $0.51; Wit SoundView cuts FY02 revenues to $398M from $452M. 08:52 ET Jabil Circuit (JBL) 25.30: Hearing from sources at Wit SoundView that the firm believes JBL might be losing market share for Dell (DELL) notebooks to Quanta and for HWP laser printers to Flextronics (FLEX); says JBL shares should come under pressure as this news is disseminated; maintains HOLD rating. 08:32 ET QLogic (QLGC) 54.95: Industry channel checks by Banc of America lead firm to believe that QLGC is on track to meet or exceed firm's Q1 rev. est. of $93.4 mln and EPS forecast of $0.23. (Current consensus estimates for Q1 are $93.8 mln and $0.23). 08:27 ET Bear Initiates Software : Bear Stearns initiates coverage on 6 software firms: Borland (BORL 13.32) with a BUY and $20 target, Peregrine (PRGN 26.98) with a BUY and $47 target; Veritas (VRTS 61.44) with a BUY and $90 target; BMC Software (BMC 27.95) with an ATTRACTIVE and $33 target; Tibco (TIBX 13.30) with an ATTRACTIVE and $18 target; webMethods (WEBM 19.05) with a NEUTRAL. 08:24 ET Sanmina (SANM) 21.95: UBS Warburg downgrading to HOLD from Buy based on valuation; firm sees limited upside from current prices over at least the next six months; would potentially look to upgrade the stock on announcement of new significant outsourcing wins, an improved outlook in the comm equipment markets, or a lower valuation. Firm reduces price target to $16 from $34.

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