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Nasdaq-100

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The Nasdaq-100 (QQQ) traded as high as $48.47, but has pulled back to $47.50. The Disk Drive Index (DDX.X) was the first technology sector to fall into negative territory, and the Semiconductor Index keeps hovering at the zero line.

Nasdaq-100 60-Minute Chart

The triple Qs remain mired in the channel between $49.43 and $43.40. Today's move tried to boost the Nasdaq-100 through the congestion area, but with no luck. Software and Biotechnology are leading the charge. Peoplesoft (PSFT), Veritas (VRTS), and Adobe (ADBE) are all up over $1.5, and Amgen (AMGN) and Maxim (MXIM) are up $1. Noticeably missing from the top of the list are the big caps like Microsoft (MSFT) and Intel (INTC). The Nasdaq-100 is going to need the support of the big names to break out of the channel.

Premier Markets Play Update

We have dropped half of our Du Pont position at $5.20. This was an account management move to lock in some short-term profits, and offset an impending loss in Wal-Mart.

Jeffrey Canavan
Assistant Analyst
www.PremierMarkets.com

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