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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Nutty Buddy who wrote (6195)	10/15/2002 9:48:04 PM
From: Return to Sender	Respond to of 95442

SHORT-TERM OVERBOUGHT! By Harry Boxer, The Technical Trader (www.thetechtrader.com) thetechtrader.com Today was a huge day and the fourth straight gain in the last four trading sessions, in which the Dow has run up 1000 points off the low. The Nasdaq 100 is up more than 155 points, and the S&P 500 is up 110 points. Very strong percentage gains, nearly 20% on the Nasdaq 100, and an incredible thrust off the lows and probably has completed the intermediate downtrend. The market is now extended. We’re now at secondary overhead resistance and very formidable resistance that may prove tough to get through in the next day or two. I would not be surprised and it would be healthy if the market backed off and consolidated and retrenched a little here. But it looks like the market may very well be a buy on any pullbacks. At the end of the day, all the indices closed at the high for the day going away on a very strong thrust. The Dow was up 378, S&P 500 up 40, Nasdaq Composite up 62, Nasdaq 100 nearly 50, and the SOX index a roaring 23 points, up almost 9% today. Advance-declines showed a very strong 3 to 1 positive advantage with 2434 up and 845 on New York. Up/down volume was 7 ½ to 1, with 1.6 billion up, 227 million down. Advance-declines on Nasdaq were 25 to 8, very strong there, and up/down volume was better than 10 to 1, which is very indicative of the thrust you need coming off an important low. Total volume traded was over 1.8 billion on New York and about 1.9 billion on Nasdaq. So we had another stronger day on high volume with excellent breadth. No complaints there. A review of my personal board showed an outstanding day for most tech stocks, led by IBM, up more than 5, Microsoft 3, QLogic up more than 4, Qualcomm 2 1/2, Broadcom almost 2 points, and most others were up more than a point or so. Veritas also advanced 1.40 and Emulex 1.70, very significant advances for low-priced stocks. Basically the day started off with a big gap-up and then went sideways most of the day until the end, and then just exploded in the last 20 minutes and closed at the high for day on the Nasdaq 100. The S&P 500 acted a little differently with a rising flag formation, a rising channel, all day, and closing at the top of that channel at the end of the day as well. Although they had a strong close, Intel reported disappointing earnings after the close & most tech stocks are getting hammered in overnight trading so tomorrow’s opening should not be a good one as the expected profit taking I was looking for has already begun. As I said before it’s technically healthy for the market to do some backing & filling & retracement and there’s always this morning’s gap to consider as well. Good Trading! Harry