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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: parker_meridian who wrote (49314)	4/9/2001 6:28:47 PM
From: Andrew	Read Replies (1) \| Respond to of 62348

Market Summary April 9, 2001 Posted Daily Between 5 and 6:30 PM EST by Lance Lewis Yawn... Asia was lower last night as Japan fell 4 percent (back below 13,000 on the Nikkei) and Hong Kong fell a percent. Europe was up a percent this morning, and the futures were lower (at least they were till AMZN came out and assured everyone that it would indeed post a loss this quarter, which caused an almost limit-up move in the NDX futures.) We gapped up at the open, and continued to climb higher till we reached Friday’s highs. From there, we flipped over and headed back near Friday’s lows before a bounce into the close for the last two hours that sent us out at the mid-level of the day. Volume was light, with the Naz posting its lightest volume of the year (1 bil on the NYSE and 1.4 bil on the Naz.) Breadth was just shy of 2 to 1 positive on the NYSE and only slightly positive on the Naz. Big winners were in the Internuts as the INX rose 8 percent. Big losers were in the semis as the SOX lost 3 percent. AMZN was out before the open assuring everybody that it would most definitely have a loss this quarter. As with DELL of last week, this yawn of a pronouncement was met with drunken buying (although bulls appeared too tired to climb up on the chandeliers.) But the buying was enough to jam AMZN by 30 percent to the upside. The buying didn’t carry through to the rest of stock-land though. The semis in particular were heavy after a couple analysts untouted them with one analyst calling 2001 the "worst year ever" for the semiconductor industry. The SOX fell 3 percent on the day and came within a hair of a new low before bouncing with everything else into the close. FDRY warned of lower revenue this morning and bounced on the news, not that a bounce on the news means anything. Barrons had a rather ugly story on IBM this weekend that helped to push it down 2 percent. Everything else was in the usual chaos mode. With volume as light as it was, the day was mostly a sleeper. Financials were a bit higher. The BKX and XBD both rose a percent. GE rose 2 percent. MBI and the other credit insurers all bounced from Friday’s pasting. As MBI’s and other’s losses grow along with the deterioration of the economy, the real danger will come when MBI and other are downgraded by debt rating agencies and thus force many money market funds to dump any paper that is insured by them. By the way, hats off to reader John Porter for correctly calling PG&E’s demise several months ago as well as the implications of it. Retailers were weaker on the day as the RLX fell 2 percent. Oil rose 22 cents. The XOI rose 2 percent, and the OSX rose 3 percent. Gold fell $1.70, and lease rates slipped a touch. The HUI fell a percent. The US dollar index rose a touch, and the euro slipped back below 90 cents ahead of Thursday’s ECB meeting. Treasuries were lower all across the curve. John Berry, who is often the Fed’s mouthpiece, had an article in Sunday’s Washington Post that poured cold water on the idea of a Fed rate cut anytime soon before their May meeting. That didn’t stop many from wishing for one today (a wish that never came true obviously.) This week is a holiday shortened week, but I suspect there’s plenty of time for things to get wild. The data coming out of companies over the next few weeks is going to be ugly, and I think the bulls have likely used up their allotment of "hope" over the past few days. That leaves nowhere left to go but down when the bad news start dribbling out again in the form of negative guidance. We continue to hang around in Friday’s trading range (despite the SOX heading back to Thursday’s lows), but I don’t think this is the pause to refresh. It’s more like the yawn before break. We should see the major averages turn to follow the SOX at some point soon, and it may just come as part of an island reversal or as one reader called it "Abigail’s island, part II." The NASDAQ finally completed its full conversion to trading in decimals today, so I’m sure everybody will be relieved that we won’t have the headache of having to deal with all those fractions when the majority of its listed shares eventually trade below a buck…