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Edging higher still

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Stocks continue to edge higher as the session progresses as each hour sees an intra-day high and brings bears further to assess if gains can continue to build.

The recently battered and bruised Airline Index (XAL.X) 32.63 +12.09 % continues to show some rebound ability from its recent lows and remains today's sector gainer.

After a gap higher at the open, the more tech-laden NASDAQ-100 Index (NDX.X) 940 +4.38% has traded within a 13-point range today as all eyes and ears look toward semiconductor giant Intel's (NASDAQ:INTC) $16.16 +6.95% earnings after the bell.

The treasury market is now closed, and the more defensive Treasury bonds found strong selling today. There have been some "rumors" circulating in the bond market today that investment tycoon Warren Buffett has been unloading his bond portfolio, which only exacerbated recent bond talk that large asset allocation shifts out of bonds have been taking place.

Shares of networking giant Cisco Systems (NASDAQ:CSCO) $10.48 +9.10% have broken above their downward trending 21-day SMA and are today's NASDAQ volume leader. Technicians monitor the stock at key technical resistance near $11.00. This had been a 52-week low from August 5th, but when broken to the downside on September 30th, sent the stock plummeting to its recent 52-week low of $8.12 set on October 8th.

Shares of NASDAQ-100 component and wireless technology bellwether Qualcomm (NASDAQ:QCOM) $34.95 +6.74% continue to surge for a third-straight session after breaking out from a 4-month base as Lehman Brothers says that initial positive commentary from QCOM regarding improving visibility into shipments to China and India suggests that Lehman's December chipset estimates of 22 million could be conservative, as could March quarter's estimates of just 16 million chipsets. This has Lehman believing that current estimates for $0.28 EPS for September and $0.30 EPS in December are conservative, and that EPS of $1.10-$1.15 could be achievable for FY03, which would be higher than consensus estimates for $1.09.

The bulk of sectors we monitor continue to build bullish gains, while the Utility Index (UTY.X) 221.95 -0.33% is the first to join the Gold/Silver Index (XAU.X) 60.72 -3.45% with a loss.

Jeff Bailey

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