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To: ms.smartest.person who wrote (1562)	8/16/2002 4:09:04 PM
From: ms.smartest.person	Respond to of 5140

Market Update - Dow, NASDAQ finished higher on late rebound. By Trading-Ideas.Com Friday, August 16, 2002 5:30:12 AM -------------------------------------------------------------------------------- U.S. stocks finished higher continuing from where they left off on Wednesday, as investors were encouraged after CEOs signed off their financial statements with SEC. Also, more and more buyers are stepping in believing that a short-term bottom has been reached and not willing to lose out on a meaningful rebound. When all was set and done, Dow closed up 74.83, or 0.86 percent, to 8,818.14 while NASDAQ gained 10.64, or 0.80 percent, to 1,344.94. Dow Industrials (DJIA) rose roughly 30 points at the open but quickly came under selling pressure losing about 55 points by 10 a.m. Index then recovered rising almost 100 points by 10.30 a.m. It then consolidated with a slight downside bias till 3 p.m. when renewed buying pushed the index up 74.83 points to 8,818.14. After Wednesday's 200-plus point gain, it was encouraging to see Dow follow through confirming that buying was for real closing above the 8,800 level making a decisive move through its previous recovery high of 8,762. Index rose as high as 8,850 where it tested resistance at its 50-day moving average and backed off slightly. Index would get another chance to overcome that level on Friday. A move through there would open the door for a move up to around 9,000. IBM was among the strong performer for Dow making a decisive move through $75 level. This stock is acting well and appears to have additional upside ahead, which bodes well for Dow. Support is at 8,700 on any profit taking and then at 8,600. Technology stocks rose as NASDAQ Composite gained 10.64, or 0.80 percent, to 1,344.94. NASDAQ traded on both sides of the unchanged level eventually finishing with a gain of 10.64 points. Index showed a lot of strength near the end - a positive sign. NASDAQ took out resistance at 1,335 level early on rising as high as 1,350 where it encounter resistance and backed of slightly. After the market closed, Dell Computer (DELL) reported in-line earnings but provided positive guidance on revenue and earnings per share for the September quarter, which could lift tech stocks on Friday. NASDAQ could retest resistance at 1,350-1,355 but a close above there could push it up to around 1,385-1,390 to test resistance at its 50-day moving average. Support is at 1,335 and then around 1,320-1,325 on any profit taking. -------------------------------------------------------------------------------- trading-ideas.com