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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: LastShadow who wrote (19794)	8/16/1999 7:56:00 AM
From: LastShadow	Read Replies (1) \| Respond to of 43080

From a technical standpoint, Friday's session was huge... The tech heavy Nasdaq gapped higher, crossed back above its 50-day moving average and closed at its high -- all on robust volume... Under normal circumstances, a session like that would set the sector up for a nice short-term rally... While such a recovery rally remains a good possibility, all it will take to derail the rebound is a stronger than expected CPI report on Tuesday... Inflation fears didn't go away with Friday's benign PPI data - they simple were moved to the back burner... One or two negative reports, however, and the market will resume its obsession with the inflation, the Fed and higher rates... On the other hand, if the data continue to paint a rosy picture of inflation then the rebound could last through the week... Resistances for the Nasdaq are at 2657 (50% retracement of 7/16 to 8/10 slide) and at 2708 (61.8% retracement). In addition to this week's economic data, traders will be keeping an eye on a number of key earnings reports... Hewlett-Packard (HWP 106) gets the ball rolling on Monday, with Dell (DELL 41 7/16), Lycos (LCOS 37 15/16) and Applied Materials (AMAT 69 3/4) the headliners on Tuesday... Other notables include ADC Telecom (ADCT 45 1/8-W), Analog Devices (ADI 48-W), Network Appliance (NTAP 55 15/16-W), Ciena (CIEN 34-Th), Novell (NOVL 25 1/4-Th) and Wind River (WIND 14 5/8-Th)...