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

To: Johnny Canuck who wrote (36207)	2/21/2002 3:19:41 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70044

Updated: 21-Feb-02 General Commentary For one day at least, traders looked beyond the short-term accounting/debt woes and did some nibbling at stocks that had been beaten down over the past month... Bargain hunting may not last long, but it was encouraging to see the tech-heavy Nasdaq find support in the 1740-1720 range... Will now be watching to see if index can build on Wednesday's gain... First resistance is in the 1805-1815 range, with penetration setting up a run at the 1843 area... Index needs to work back above this ceiling to repair the technical damage wrought by the Enron scandal. Rebound was broad-based, with no one group standing out... Among the day's notable winners were Brocade (BRCD 27.96 +2.37), Emulex (EMLX 38.03 +2.75), Network Appliance (NTAP 18.05 +0.76), KLA-Tencor (KLAC 59.77 +1.30), Novellus (NVLS 42.84 +1.25), Teradyne (TER 33.59 +2.00), Dupont Photomask (DPMI 45.73 +2.33), QLogic (QLGC 43.49 +1.00), Nvidia (NVDA 56.35 +2.80), Genesis Microchip (GNSS 42.83 +2.58), Oracle (ORCL 15.51 +0.72), Microsoft (MSFT 59.90 +0.97), Lucent (LU 5.68 +0.39), F5 Networks (FFIV 21.83 +1.29), Extreme Networks (EXTR 9.55 +0.80), Nextel (NXTL 4.38 +0.83) and AT&T Wireless (AWE 10.37 +0.21). Given that we're still in the void between earnings and preannouncement season, accounting/debt issues will continue to dominate the news cycle over the short-term... As such, market will have trouble building/sustaining upward momentum over the very short-term... However, we repeat, as long as the economic data and earnings comparisons show continued improvement, the intermediate- to long-term bias remains to the upside.