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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (174)	10/11/2001 11:18:40 AM
From: stockman_scott	Respond to of 99280

Stocks Soar, Post-Attack Losses Dissolve Thursday October 11, 10:42 am Eastern Time By Elizabeth Lazarowitz NEW YORK (Reuters) - Stocks shot higher in early morning trading on Thursday, as a batch of corporate earnings helped the broad market erase the losses that followed the deadly Sept. 11 attacks on the United States, one month ago. The air attacks that destroyed the World Trade Center and damaged the Pentagon and left more than 5,500 people dead also knocked the wind out of the market, sending major indexes more than 11 percent lower in the week after the assaults. The market has gradually gained back nearly all of those losses, however, and Thursday's technology-led surge helped the broad Standard & Poor's 500 index (.SPX) retrace all of the ground loss since its close on Sept. 10. ``Psychologically, it's important short-term,'' said Peter Coolidge, senior equity trader at Brean Murray & Co. ``It shows that at least on a short-term basis, there is still investor confidence around.'' The technology-laced Nasdaq Composite Index (.IXIC) jumped 52.78 points, or 3.25 percent, to 1,679.04, and is now down only 1 percent since its Sept. 10 close, the day before the attacks. The blue-chip Dow Jones industrial average (.DJI) jumped 123.86 points, or 1.34 percent, to 9,364.72, and is down more than 2 percent from its pre-attack level. The broader Standard & Poor's 500 Index (.SPX) was up 13.19 points, or 1.22 percent, at 1,094.18, surpassing the Sept. 10 close at 1,092.54. Wall Street reacted calmly to a fifth day of U.S. retaliatory strikes in Afghanistan as it has thus far. The United States stepped up bombing raids aimed at rooting out followers of Osama bin Laden, who the U.S. government has accused of masterminding the Sept. 11 attacks. The New York Stock Exchange observed a moment of silence at 8:48 a.m. EDT (1248 GMT) to mark the month since the attacks. The market got further support from fewer-than-expected weekly jobless claims, although the report indicated the labor market remains anemic. The success of the U.S. strikes thus far, and prospects for further economic stimulus as Congress haggles over the details of what could be a multibillion-dollar plan are lifting investors' hopes, said James Volk, co-director of institutional trading at D.A. Davidson & Co. ``This economic stimulus package ... has convinced people that maybe the economy could turn around sooner rather than later,'' Volk said. Investors got satisfaction from companies like online brokerage E-Trade Group Inc. (NYSE:ET - news) that met or beat analysts' consensus estimates. ``That's led to some encouragement that perhaps the worst is behind us,'' said Jeff Kleintop, chief investment advisor at PNC Advisors. Late on Wednesday E-Trade reported its profit rose 29 percent, beating Wall Street estimates, as cost controls and non-stock operations helped offset sharply lower customer trading. The company also upped its forecast for the fourth quarter and reiterated its estimates for fiscal 2002. E-Trade jumped 86 cents to $7.52. Global powerhouse General Electric Co. (NYSE:GE - news) rose $1.11 to $39.02 after it posted a 3 percent rise in profits, meeting Wall Street estimates. Internet media giant Yahoo! Inc. (NasdaqNM:YHOO - news) late on Wednesday reported a loss and a drop in revenues and said it may have to cut more jobs as it grapples with an ``unprecedented'' economic downturn. Excluding a range of costs Yahoo met Wall Street's forecasts, and while it cut its full-year and fourth-quarter revenue forecasts, the company said it could meet existing operating profit goals for the year by cost-cutting. Yahoo rose$1.18 to $12.11. Genentech Inc. (NYSE:DNA - news), the world's second-largest biotechnology company, posted a 22 percent rise in earnings, driven by strong sales of its antibody-based cancer drugs. Its stock gained $4.20 at $45.

To: Zeev Hed who wrote (174)	10/11/2001 11:36:59 AM
From: ajtj99	Read Replies (1) \| Respond to of 99280

Well, the Dow is still 180-points from closing the WTC gap, so that may help the Turnips' scenario for a longer, more drawn out topping action. If it wasn't for that gap in the Dow, I'd have to say that any close above 1700 COMPX could spell the end of the move, since the SPX and NDX have closed their WTC gaps, and the COMPX seems like it is going to close the WTC gap today also.