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Market Updates

Creeping Higher

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The markets continue to trudge higher today, but not with the vigor we had yesterday. The Nasdaq is up 24 points, and 6 points away from 2,100. The Dow is above 10,500, and up 0.51% on the day.

The leading sectors are biotechnology and networking, up 4.42% and 3.66% respectively. Not many sectors are in negative territory. Only gold, chemicals, and utilities are lower, but semiconductors keep bouncing in and out of negative territory.

Qualcomm, Siebel, and Pacific Care are the best Nasdaq-100 stocks, and Adobe, Fiserv, and Electronics for Imaging are the worst. Over on the Dow, IBM, Merck, and HP lead the way, and Phillip Morris, Proctor and Gamble, and GE lag.

CSG Systems Daily Chart

Yesterday Premier Investor profiled a short play in CSG Systems (NASD:CSGS). The stock is trying to mount a very small rally, but it doesn't look like it has any steam. We suggested that conservative traders might want to wait for a confirmation break below $53.50 before shorting the stock. Based on today's action, CSGS might consolidate just above this level for a day two before breaking down. If and when it does, a drop to the 200-day moving average at $47.65 looks possible, with a pause around $50.

Jeff Canavan
Assistant Analyst
www.premierinvestor.net

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