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

To: Johnny Canuck who wrote (36822)	4/24/2002 3:00:16 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68145

Neither good earnings nor a stronger than expected semiconductor book-to-bill ratio could help the market today. Despite numerous attempts to push into the green the tech sector weighed on the overall market today, prompting many a trader to simply sit on the sidelines. The major indices meandered for most of the trading session in a tight range until the final hour of trading when some fund dump programs hit and stocks, especially tech related issues, sold off into the closing bell. In the final minutes of trading the Nasdaq barely managed to hold support at the 1,725 area and thus posted its fifth straight losing session. In after hours the earnings reports were again on the positive side, the most notable of those from AMZN, which handily beat estimates. This may be enough of an excuse to give us our bounce tomorrow. The Dow and the Nasdaq are in must-bounce zones right now. Further downside in these indices tomorrow could prompt an avalanche of selling in large caps. If the after hours market is any indication however we should be looking at a positive open in the morning for the market. Economic data releases tomorrow will also give traders something to spin and trade off of. Traders should note however that most of the selling of this week has been confined to the large cap bloats. The small cap market is still alive and well which bodes well for momentum trading (Spiderman). buysellshort.com