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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: The Phoenix who wrote (38273)	7/13/2000 11:02:18 AM
From: Eski	Read Replies (1) \| Respond to of 77400

Vroom! Vroom! By Lewis J. Borsellino July 13, 2000 9:20 AM EST If S&P futures can sustain trading above the current level, the upside momentum will accelerate. This morning, S&P futures were trading at 1511, up 530 points. We see 1511 to 1513, however, as a very critical area, and we must sustain trading above this level. On the upside, we have a small number at 1514, another at 1516, a major objective at 1518, and above that 1521 and 1525.50. Yesterday, Morgan Stanley was a big buyer of probably 3000 contracts, between 1506.50 and 1510.50. On the downside, we have 1509, 1507, 1505, 1502.50, 1500 and a key area at 1498.50. Under that, we have a major number at 1496.50-1497, then 1494, 1492.50 and 1488. This morning, we see the pivotal area between 1507 and 1509. Also worth noting, in spite of yesterday's up move, 48 of the 88 sub-indexes in the S&P 500 fell, and more stocks in the 500 were lower than higher by a very slight margin. PPI and Retail Sales are coming out tomorrow, followed CPI and Humphrey Hawkins next week. And with earnings continuing to pour in, this market is going to be dominated by news. If we get benign inflation talk from Greenspan, good earnings overall and an election year, look out for upside in this last half of the year! NASDAQ Composite broke the barrier of being down on the year with its 3.6% rally. It's now up 0.7% on the year. Huge up volume yesterday in the NASDAQ, running at a pace of 5 to 1 versus the down volume. The future was unable to settle above 3940 as we closed at 3930.50 -- still up 149 handles on the session. This is targeting a move to 4050 in the short term. On the way, 4009 as an 88% retracement of the recent down move from 4058 to 3652. Ultimate target is 4140. For today, we have support between 3911 and 3901, 3882 to 3856, which is a critical support band. if we fall below this on an hourly close, all long bets are off and it should lead to a quick move down to 3780. We have support below that between 3765 and 3750. Resistance is at 3955 to 3964, a key band between 3977 and 3982, above that look for 4009, and above that 4058. There will be resistance between 4033 and 4040. Dow still has not been able to take out the 10,863 area in cash. A settlement below 10,730 will change the momentum in the short term from upside to neutral. The market just may need to regroup for a while before putting in another leg higher