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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Dealer who wrote (38489)7/2/2001 7:56:52 PM
From: Sully-  Read Replies (1) of 65232
 
General Commentary

Nasdaq ended Monday's session narrowly lower, snapping its winning streak at five... More importantly, a slew of companies issued earnings warnings after the close... While none of the firms guiding estimates lower would be considered sector heavyweights, the sheer number of confessions likely to spook traders... Throw in the thin trading conditions and shortened session due to tomorrow's holiday, and you have a potentially explosive mix... First support for the Nasdaq is in the 2120 area, with secondary support in the 2100-2084 range.

A move back to the 2100-2084 area shouldn't be seen as a serious threat to the recent recovery rally... To the contrary it would represent nothing more than normal corrective activity... In fact, we could see the Nasdaq fall well below this floor without any serious technical damage being done -- an unlikely event given that the market transitions into earnings season early next week.

Security and CRM software firms likely to absorb the brunt of Tuesday's initial sell-off given the warnings from Internet Security Systems (ISSX) and E.piphany (EPNY)... If selling stays confined to group, techs likely to stage closing rally try... However, if retreat spills over into chip and networking stocks, correction likely to run into the early part of the next session.

In sum, next day or two should amount to nothing more than a slight detour on the road to new recovery highs.

Robert Walberg
Briefing.com
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