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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: techanalyst1 who wrote (11742)	5/23/2002 10:36:37 PM
From: Bill Harmond	Respond to of 57684

Check out the TA on OXY, CVX, BJS; particularly the MACD.

To: techanalyst1 who wrote (11742)	5/24/2002 1:54:17 AM
From: stockman_scott	Respond to of 57684

LATE RALLY AUGURS WELL FOR THE TREND By Harry Boxer, The Technical Trader (www.thetechtrader.com) The day ended spectacularly but it certainly didn’t start out that way. After a firm opening, the market sold off sharply, very similar to what’s happened the last 3-4 days. Each morning this week we had a sell-off, then went into a mid-day consolidation and got some firming of prices or a sharp rally late in the later part of the session, which happened again today. This time the rally started a little earlier. About two hours before the close, the market suddenly thrust forward on all the indices and we went into a very strong rally. With about an hour to the indices bullishly consolidated at a high level without pulling back much and then closed very strongly at the highs for the day going away. The S&P 500 broke back through important short term resistance at 1090 and through its moving averages on the hourly chart, closing with a bang up around 1097, auguring very well for the trend. The current up trend line and trend channel is holding, and at this point the S&P 500 looks like it will make an attempt at taking out its recent high of 1106. Should that be successful, my next objective would be up in the 1120-30 zone. The Nasdaq 100 closed near price resistance at 1285 and is right at its 40 day moving average on the hourly chart, so it still has some work to do, but a push through here could get us back up through 1300 and possibly test the 1330-50 resistance zone. Obviously, if that’s taken out then my next target would be around 1400-20 on the NDX, but that’s getting a bit ahead of ourselves and the NDX is still trailing the SPX. A review of the indices showed the Dow recovered nearly 140 points, ending up 58. The S&P 500 recovered 17 points, ending up 11. The Nasdaq Composite, up 24, and Nasdaq 100, up 22, also recovered sharply off the lows, the NDX 45 points off the low. Despite all of that, the SOX Index was still down 2.85 today and hampered the NDX a bit although it was way off the lows by about 16 points. The technicals confirmed the action today. The technicals were ugly early on today, but ended up very nicely by nearly 2-1 on New York, with 2000 issues up, 1100 and change down. Up/down volume was nearly 3-1. Nasdaq advance-declines were 20-14. The up/down volume was significant, pushing 2 ½ to 1. Total volume was about 1.7 billion on Nasaq and 1.15 billion on New York. It was a mixed picture on my personal board today because several stocks came way off the lows but did not get into the plus column. However, Microsoft was stellar today, up another 1.13. The leader on my board today was eBay, up 3 ½ points on some very significant news from Yahoo! Net on the day the only big loser was Nvidia, down 2.32, even though they had announced stellar earnings. Investors sold on the forward-looking statements which apparently disappointed. Some of the small caps continued strong today. IDCC was up another 70 cents. OVTI was up another 20 cents. I’m optimistic that if the market continues thrusting here the secondary stocks will come on again. But for now no complaints, the market closed at the best levels of the day, and I’m quite pleased with the fact it held where it did and then came on strong the last couple hours. I’ll be off tomorrow but I’ll be back on Tuesday -– have a nice weekend! Good trading! Harry