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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (32618)	6/6/2001 2:25:40 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70770

Dow 11175.84 +114.32 (+1.03%) Nasdaq 2233.66 +77.73 (+3.61%) S&P 500 1283.57 +16.46 (+1.30%) 10-Yr Bond 5.261% -0.063 NYSE Volume 839,195,000 Nasdaq Volume 1,305,656,000 TOTAL EQUITY CALL VOLUME : 641,591 TOTAL EQUITY PUT VOLUME : 374,075 TOTAL VOLUME : 1,015,666 EPC=0.58 Close Dow +114.32 at 11175, Nasdaq +77.71 at 2233, S&P +16.45 at 1283: Impressive. There's no other way to describe today's market action. Most every sector was in the green today, but clearly techs and biotechs were the standouts. The initial catalyst was chipmaker Xilinx's (XLNX 45.61 +4.02) affirmation of guidance coupled with strong business turns and lower cancellations and pushouts. See Briefing.com's Story Stock on XLNX. Later, some bullish analyst comments from SuperComm presentations carried the torch this afternoon.... The Semi Index (SOX 647.90 +40.92) led the way today, especially communication chip stocks: RFMD +14%, ANAD +13%, BRCM +12%, PMCS +12%.... Biotechs were running on a plethora of news items and analyst comments. See Briefing.com's InPlay page for details. Oil turned out to be less of a story than expected. At its meeting in Vienna, OPEC members decided not to increase production despite Iraq stopping shipments. But the oil drillers were weak on OPEC's promise to reconsider if prices spike. Telecom equipment stocks were surprisingly strong despite yet another cap-ex reduction. Quest (Q 36.23 +0.08) once again lowered its cap-ex budget for this year and next, yet another indication that a telecom rebound is not in sight. On the positive side, Lucent (LU 8.49 +0.49) affirmed guidance...Rising from the ashes this afternoon were steel stocks as Bush has asked the ITC to look into possibly curbing imports. Impressive gains seen by BS +39%, X +9%, NUE +8%. See our recent bullish Stock Brief on the group... In sum, we view today's move as very favorable for additional gains. The sentiment seems to be that in the absence of any negative news, stocks are predisposed to go higher. Comverse (CMVT 67.52 +8.86) is a good example. Negative shocks are still seen as buying opportunities by underweighted (in stock, especially tech) money managers....Only one report tonight (ABS), but Ciena (CIEN 59.57 +4.84) will present at SuperComm tomorrow at 8ET so it could be a mover tomorrow. XOI +0.5%, S&P Midcap 400 +1.7%, DJTA +1.4%, DJUA -2.2%, DOT +1.7%, Nasdaq 100 +4.6%, SOX +6.7%, Russell 2000 +1.8%, NYSE Adv/Dec 1984/1094, Nasdaq Adv/Dec 2440/1339