Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: LTK007 who wrote (11597)	12/8/2001 8:07:39 AM
From: Rich1	Respond to of 99280

Todays Big Picture...from IBD... Despite surprisingly large job losses reported Friday, the stock market remained focused on the future. The U.S. shed 331,000 jobs in November, well above the 189,000 forecast. To make matters worse, the government revised October figures to 468,000 jobs lost, up from 415,000. But the job market is a lagging indicator of the economy's direction. And the stock market largely treated it that way. The main averages trended lower for most of the day. But the selling was always subdued. In the last hour, buyers lifted stocks off their lows. As usual, the Nasdaq showed the biggest move, losing 1.6%. The S&P 500 gave back 0.8% while the Dow slipped 0.5%. Volume eased for the second straight day, just what you'd like to see as the market digested its big gains from earlier in the week. Indeed, the market closed up strong for the week. The Nasdaq surged 4.7%. The Dow and S&P couldn't get past their 200-day moving averages but still gained 2% and 1.7%, respectively. Also for a second day in a row, the restrained selling sent option players scurrying for bearish puts. They pushed the put/call volume ratio to 0.73. That's a rather high level when you consider the market has rallied between 20% and 40% in the past 11 weeks. The market seemed to turn a corner over the past week or so. The prior week's pullback helped a lot of stocks complete their bases as they formed handles in low volume. They started breaking out in heavy volume last week. And in most cases, they ended the week in fine shape. Take Numerical Technologies (NMTC). The chip-equipment maker blasted to a 52-week high on Wednesday. It built on those gains Thursday and then pulled back in lower volume on Friday. It came public as the market rolled over in April 2000. A better-known name is Cheesecake Factory (CAKE), which showed the same sort of action as Numerical. The restaurant chain earns an A+ from IBD's Stock Checkup at investors.com. But it's not among the top five companies in the group. Those honors belong to Ryan's Family Steak Houses (RYAN), Landry's Restaurants (LNY), Outback Steakhouse (OSI), Darden Restaurants (DRI) and Krispy Kreme Doughnuts (KKD). A handful of industry groups put together gains of 10% or more last week. Electronics-Semiconductor Equipment, which includes Numerical Technologies, rallied 11.5%. Electronics-Semiconductor Manufacturing jumped 10.2%. Genesis Microchip (GNSS) is the new leader among the chipmakers. It broke out Oct. 19 and has advanced more than 50%. Despite upbeat comments late Thursday from Intel (INTC) and Advanced Micro Devices (AMD), chips declined Friday. Intel gave back 0.92 to 33.25. It found support at its 10-day moving average, which has maintained its uptrend the past five weeks. AMD gapped up and gained 1.60 to 17.85 in almost four times its average volume. Computer Software-Security picked up 12%. It's led by McAfee.com (MCAF), which broke out on Oct. 11. It's up more than 80%.