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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (46520)	5/10/2001 9:46:19 PM
From: advocatedevil	Read Replies (1) \| Respond to of 70976

Jacob, Jim Schroeder made a few comments early this morning about AMAT upside resistance levels that you may find interesting: Morning Movers : Two weeks of consolidation for most of the market with no fresh catalyst to drive the market higher. That is until the upgrade this morning from Morgan Stanley in the chip equipment sector. One of the point gain leaders is Applied Materials (AMAT 51.04) which is currently projected to open more than 3 points higher. This suggests AMAT will run to resistance in the 54.24/54.86 area. If able to sustain the momentum following the opening advance AMAT must still work through a number of solid resistance barriers before it is positioned for a run at the recent high. An important secondary ceiling is at 56.56/56.85. Penetration of this bolsters the view that the two weeks of sideways trading was merely a temporary consolidation. Resistances of interest for other issues in the Morgan Stanley upgrade: KLAC 53.75/54, 56.67; LRCX 30, 30.90, 31.65 and ASML 27.05/27.44. Microsoft (MSFT 70.40) is indicated to open less than a point higher (+0.84) but is of interest as it pushes back toward a major chart barrier between 72.15/72.37. This marks the May high and the recovery high from last Nov. If able to breach, the next resistance is at 73.50/74. Some other momentum stocks and first levels of interest: CIEN 64/64.75; BEAS 36/36.35, 37; SEBL 46, 48. Based on the pre-market indicators, which have improved as the opening draws near, the Nasdaq Composite is positioned to surge back through the 2200 area with the recent recovery high the next resistance at 2232. The 2251/2255 (Jan low/retracement) barrier would come into play shortly thereafter. -- Jim Schroeder, Briefing.com AdvocateDevil