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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: Johnny Canuck who wrote (37870)	7/30/2002 12:36:05 PM
From: Johnny Canuck	Read Replies (5) of 68107

HOW BAD WAS IT? Trim Tabs points out that the amount of market cap lost from July 8 through July 23 of $2.3 trillion not only was the biggest dollar value decline for any one month – let alone 12 days – but was more than the value of the entire U.S. stock market in 1987. CANADIAN MARKETS The S&P/TSX Composite climbed to a one-week high as Standard & Poor’s upgraded the Canadian dollar’s foreign-currency credit rating to AAA, citing low inflation, fiscal and current account surpluses and healthy" trade. The move by S&P prompted investors to buy Royal Bank RY) and other lenders. Royal Bank rose $1.96 to $50.95 and Toronto Dominion (TD) added 42 cents to $31.83. Telus (T) was the index’s biggest percentage gainer, jumping $w1.30, or 21 percent, to $7.40 after forecasting more revenue in 2003 than analysts expected and saying that a unit agreed to sell a $500 million interest in its accounts receivable. Nortel Networks (NT) surged 26 cents, or 19 percent, to $1.65. Today, Nortel’s weighting in the S&P/TSX Canadian Information Technology Sector Index will increase by about 2.89 percent, reflecting an adjustment in the number of its shares that are freely traded. In the gold sector, Placer Dome (PDG) rose 40 cents to $13.10 after the miner raised its offer to buy Australia’s AurionGold by 13 percent to $820 million.

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