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Research firm IDC has also lowered its forecasts for the PC market for 2002 and 2003, citing weaker PC demand from consumers and business users.

Inventories at U.S. wholesalers increased 0.6% in July. This was the first back-to-back monthly increase since the end of 2000. This indicates that demand is actually improving.

J.P. Morgan is trading down $1.36 to $22.55 after this morning's downgrade. This has led the Bank Index (BKX.X) lower by about 1% and Broker Dealer Index (XBD.X) lower by about 1.5%.

Although there is mostly red running across the screens at the moment, pre-9/11. What is interesting is the support the Dow has now found at the 50% retracemet level, as it has given back gains from the rally of July 24 - August 22. We may be seeing consolidation before a 9/11 rally. Given the lack of sellers this morning before that date, this theory appears as good as any.

Chart of The Dow

Steve Price
Option Investor


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