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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (45416)	12/20/2001 10:06:40 AM
From: stockman_scott	Respond to of 65232

BRIEFING.COM's MARKET COMMENTARY General Commentary Wednesday was a session of indecision for the Nasdaq. The index gapped lower to open at 1981 and after making attempts to push both higher and lower, it finished the session at 1982. Put another way, after six and a half hours of trading, the index' opening and closing levels differed by only one point. As a rule, the market continues to absorb earnings warnings (which have been much slower this quarter) yet we still have a dearth of real catalysts to drive prices in either direction. Thursday shouldn't be much different barring an unscheduled pre-announcement coming from a leading name. The earnings calendar is relatively light and the economic reports have "footnote" written all over them. From a strictly technical perspective, the outlook is less than self evident as the near-term indicators are mixed. Wednesday's activity characterized the broader indecision in the technical outlook relatively well. Nonetheless, if pressed we would lean towards favoring sideways to higher trade activity over the next several sessions. To the upside, look for initial resistance in the well documented area of 1998/2004 followed by subsequent overhead at 2020. If the index should clear those two hurdles, watch for additional resistance in the range of 2035/2042. If the index should head lower, look for initial support around modest congestion at 1966/1970 -- after that, the Nasdaq may find additional modest support at its 20-day EMA around 1953. Yet the real area to watch on the downside will be support at 1935. This is the level that held on the last sell wave and it also approximates the Nasdaq's 200-day simple moving average in addition to the lower end of its 10-day Bollinger bands.

To: Dealer who wrote (45416)	12/20/2001 10:51:24 AM
From: stockman_scott	Respond to of 65232

From a market update I just saw... <<...When the Market wants to go down, it doesn't look ahead. It looks at the bad news NOW, TODAY. But just watch if the Market falls enough over the next day or two, it all of a sudden will go back up (at least the strongest stocks) because the analysts will say that the "economy will look good again in 3-6 months and these represent good value." In other words, it will look ahead again. It's a continuing game...>>