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

To: Return to Sender who wrote (9696)	5/4/2003 11:11:02 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95652

Closing Technical Market Comments Fri May 2nd 2003 Phenomenal Follow-Up thetechtrader.com Today was a phenomenal follow-up to yesterday’s strong recovery. The market started from the get-go with a strong rally in the morning, backed off to retest support successfully and went to the morning highs just before the lunch hour. Then shortly after, the market pulled back and did some more retesting, again successfully, holding the previous highs and trend lines, as well as the moving averages. We then started another rally late in day that got right back up to and slightly above the early morning highs before late backing and filling during the last few hours. In the closing five or ten minutes, the market surged again on what appeared to be some late short covering. We closed up near the highs for the session. The Dow was up 127; the S&P 500 rose almost 14; the Nasdaq Composite was up more than 30 and the Nasdaq 100 up 23; the SOX Index gained more than 10 or three percent. It was a strong day across the board. Technicals were also very strong today. Advance/declines were 24 to 7 on the NYSE; 22 to 9 on Nasdaq. Up/down volume was an extremely strong ratio of about 5 to 1 on NYSE and 6 to 1 on Nasdaq. Total volume was heavy, with about 1.5 billion shares on NYSE and 1.8 billion on Nasdaq. It was a tremendous day for the market leaders. eBay was up 2.54; Broadcom up 1.08; and IBM up 1.68. Several other lower priced stocks had big days, with Juniper up .95; NVIDIA up 1.48; OmniVision rebounded strong up 1.03 and Veritas up .87. There were very few losers on my board today, just a couple lower-priced stocks that had some fractional losses. But it was a very strong day today, an exceptional day for some of the biotechs, especially the low-priced stocks. Stepping back and reviewing the overall patterns, the market had a key day, particularly in the morning, when it broke out above the entire trading range of the past few weeks and surged to new highs for the entire year and closed at the upper end of that range. I’ve been anticipating a market top and we may see one shortly, but today was a strong indication that general market momentum has not waned and we can still surge further forward. However, the VIX and VXN are at ranges that indicate the market is very near a top. Historically, when it has come to these ranges, it has pretty much reached every major top in the last couple years. So we’ll see how Monday and Tuesday goes. I anticipate the possibility of a strong opening on Monday, but we may see some profit-taking and pulling back from these levels. We’re quite lofty here. Good trading! Harry