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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Susan G who wrote (5176)	5/19/2001 10:43:04 AM
From: SusieQ1065	Read Replies (1) \| Respond to of 5732

Is LENS starting to breakout of a basing pattern? home.earthlink.net

To: Susan G who wrote (5176)	5/19/2001 10:49:33 AM
From: SusieQ1065	Read Replies (1) \| Respond to of 5732

Briefing-"Nasdaq needs to take out the 5/2 high soon, or sellers will take one more shot at recapturing control" Updated: 21-May-01 General Commentary Despite last week's big gains, traders should note that the Nasdaq came up a little shy of the 5/2 high of 2232.66... The index needs to take this ceiling out decisively over the next few days, or sellers will take one more shot at recapturing control of the sector/market. The biggest hurdle left for bulls to climb is earnings... Recent rally is predicated on the assumption that earnings will trough this quarter or next... However, if over the next couple of weeks more and more companies warn that conditions aren't improving, and that earnings will remain sluggish into early next year, then money managers will begin to lose confidence in the advance... Without continued buying from the big boys, the market will lack the fuel needed to extend the rally (over the short-term). Even if this scenario were to unfold, Briefing.com does not see a move to new lows... Not even close... There are simply too many positives: sharply lower interest rates, significant sums of cash on the sidelines, bullish market internals and softer earnings comparisons ahead (beginning Q401 and getting much softer in Q102). In other words, investors needn't be alarmed by a correction... Pullbacks occur regularly during major advances... And with the trend having gone from bearish to bullish, retreats will be much shallower and shorter than those of the recent past, as investors are back to buying the dips. Computer Associates (CA), Intuit (INTU), Nvidia (NVDA) and ADC Telecom (ADCT) top the relatively small list of companies scheduled to report results this week... For a full list, see Briefing.com's Earnings Calendar. Robert Walberg