NT on Wednesday(also in Yahoo):
The overall market was schizoid, with the Dow at a new high but the
Nasdaq off. In the face of all that, NT took a breather. A positive
action was that NT bounced off of $66.50 twice in the afternoon, to
finish up 3/16ths. That is important in that the previous resistance
point of the 8 week range had been well below that ($63+). It wouldn't
be bad to see NT consolidate in this general area, just below the
all-time high of $69 1/4, for a little while. It was also positive in
light of LU giving some back, and Csco moving up to another all-time
high(it means the market, while liking Csco's prospects, aren't assuming it is coming at NT's expense).
If we do stay in this general area for the rest of the week, then next
week's action will be even more dependent upon what "whisper" numbers
are bandied about for NT, and anything they share at the show in Las
Vegas 4/11-4/16/99. I would still be surprised to see us breakout over
$70 and hold there prior to the earnings release, unless some key
analyst starts touting stronger than expected results in the next two
weeks. Naturally, I would be happy to be proven wrong to the upside :)!!
Finally, Yahoo's better than expected results after the close today($.11 vs consensus $.08; +13% sequentially) may bring back the tech stocks tomorrow. We are still in an enviroment where a rising tide is lifting most boats.
Paul
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