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  Jim Brown   8/12/200,  5:16:54 PM
AMAT warned for the next quarter. Naz futures down -4.50 at 5:15.

 
 
  Jeff Bailey   8/12/200,  3:57:11 PM
S&P Banks Index (BIX.X) 304.75 +0.89% ... closing in on correlative WEEILY R1 and DAILY R2 of 305.84, but certainly looks to have enough in it for MONTHLY Pivot 307.6 and DAILY R2 of 307.9 at this point. Perhaps giving additional 1% upside to SPX/OEX from current levels of trade 990/499.50.

 
 
  Linda Piazza   8/12/200,  3:46:12 PM
Swing Trade Signals
I did not want to enter short/put this week because I felt that the OEX might just as easily climb to the top of its recent consolidation band as fall to the bottom. However, if the OEX continues climbing toward 502-504, it's possible that conditions may set up for a short/put position either late this afternoon (unlikely) or tomorrow, which would be my preference. Those conditions may not set up at all. The OEX may instead look as if it's going to test June highs. However, if a short/put position sets up, I wanted to give likely participants plenty of time to consider the options they'll use. I would definitely recommend September or later options rather than August ones.

 
 
  Linda Piazza   8/12/200,  3:37:16 PM
We talked earlier today about technical analysis and how it wasn't predicting the afternoon's action with any degree of reliability. One aspect of technical analysis that has been helpful today is Fibonacci retracement levels. I've pictured some I was watching earlier today. This afternoon, I snapped a fib retracement tool from the 14:30 OEX low to the 14:55 high, and found that the OEX did find support at the 38.2% retracement at 496.99. A retracement less than 50% is considered a sign of strength, but now the OEX must eclipse that 14:55-candle 498.48 high before we can consider the shallowness of the retracement confirmed.

 
 
  Linda Piazza   8/12/200,  3:30:25 PM
Opex week realities: Did you guess wrong about market direction today? Are you in current-month OTM options? Do you have hopes that the market will go your direction tomorrow? Although each situation differs, of course, the reality is that the loss of premium overnight will probably be so large that it would be better to get out and then get back in when/if you see the turnaround you'd hope to see occurring. Of course, those are the times when the market gaps your direction the very next morning and your option opens worth twice the price for which you sold it the previous afternoon.

 
 
  Linda Piazza   8/12/200,  3:18:17 PM
On the NYSE, advancers outnumber decliners by 2:1 and up volume is more than double down volume. While advancers don't quite outnumber decliners by 2:1 on the Nasdaq, the ratio is 19:12 and up volume is more than double down volume there, too.

 
 
  Linda Piazza   8/12/200,  3:09:08 PM
The OEX is still holding right at that reverse H&S neckline.

 
 
  Jeff Bailey   8/12/200,  3:02:02 PM
S&P Bank Index (BIX.X) 304.31 +0.8% ... best levels of the session here and reversed post-FOMC announcement low of 302.31. Near-term resistance just ahead at WEEKLY R1 of 305.40, which would also mark July horizontal support that was broken to downside on August 1.

Bond market closing here with 10-year YIELD ($TNX.X) finishing down 1.4 bp at 4.357%.

 
 
  Linda Piazza   8/12/200,  2:55:51 PM
The OEX now breaks above that possible reverse H&S neckline, but should come back to test it again, at 497.60 or so.

 
 
  Jeff Bailey   8/12/200,  2:51:14 PM
Multiple buy program alerts in recent 15-minutes sends indices to their best levels of the session.

Dow Industrials (INDU) 9,270 +0.60% higher by 50 points the first to test its WEEKLY R1 of 9,267.8.

 
 
  Linda Piazza   8/12/200,  2:50:37 PM
The OEX now touches the neckline I'd drawn for a very rough, almost two-headed reverse H&S on the 30-minute chart. Touching the trendline is not the same as safely crossing it and then closing above it, however, and that reverse H&S is anything but regulation style, too.

 
 
  Linda Piazza   8/12/200,  2:47:02 PM
The OEX just broke above that squeezed-down range I mentioned in my 14:42 post and now appears headed toward yesterday's high and the 50-dma, with the 50-dma currently at 497.96. Volatility now reigns, though, and anything is possible.

 
 
  Linda Piazza   8/12/200,  2:42:12 PM
The OEX range has narrowed down to 494.75 to 496.43. These are the 50% and 78.6% retracements of the fall from yesterday's high to yesterday's low.

 
 
  Jeff Bailey   8/12/200,  2:40:22 PM
S&P Bank Index (BIX.X) 302.39 +0.11% ... holding fraction gains here. If session lows of 302.24 were violated, might look for that to be alert for more meaningful downside action in broader indices.

Treasuries find bid after FOMC announcement with 10-year YIELD ($TNX.X) now lower by 1.8 bp at at 4.353%.

 
 
  Jeff Bailey   8/12/200,  2:34:54 PM
QQQ $30.50 +0.32% .... QQQ tried to make a move above intra-day resistance of $30.57 to session high of $30.65, but found some decent selling right at its WEEKLY pivot of $30.64. "Bad tick" at $30.10, but certainly looks as if traders were waiting to sell some strength back at that WEEKLY pivot.

 
 
  Linda Piazza   8/12/200,  2:32:34 PM
The OEX now drops again to the bottom of the regression channel from the 30-minute chart.

 
 
  Linda Piazza   8/12/200,  2:15:30 PM
Swing Trade Signals
As Jim mentioned with respect to the ES contract, we're in the middle of a range for the OEX, as evidenced by the OEX's current position at the midline of the current regression channel on the daily chart. Link Unlike futures, where a few points' movement can result in gains, we need at least four or five points under our belts before spreads and commissions result in gains. That usually requires targets further away because we're not always lucky enough to catch the very beginning and end of a movement. What the Swing Trade model needs today is for the OEX to swing to one extreme or the other of its recent trading range so that we can enter with a close stop in case the OEX breaks through that range instead of continues trading within it and so that we can capture a bigger swing from one boundary to the other. What the FOMC may do for us, then, is to set up a potential trade for the rest of the week. We could also jump in on a violation of the 30-minute 100-pma, but that average currently lies at 493.97, with supposedly strong support layered underneath at 492, 491, 489, 487, and 484.

 
 
  Linda Piazza   8/12/200,  2:03:12 PM
Our push did come ahead of the FOMC announcement and it's been a push to the upside, testing resistance. Today's pattern of lower highs will be tested on a rise much above 495.50.

 
 
  Linda Piazza   8/12/200,  1:52:38 PM
The OEX currently tests the bottom of the regression channel that's been containing its prices since it began climbing on August 6, as seen on the 30-minute chart.

 
 
  Linda Piazza   8/12/200,  1:40:16 PM
Uh-oh. That service pack Jonathan mentioned is one I installed today.

 
 
  Linda Piazza   8/12/200,  1:39:03 PM
We're approaching the time when we usually see a strong push either to the upside toward resistance or to the downside toward support. I suspect today we might see a steadying, however, with that push coming after the FOMC provides us with an outlook on the economy.

 
 
  Linda Piazza   8/12/200,  1:37:05 PM
I think I dimly remember that the last time I spotted a diamond pattern on the OEX, it did about what this one did, too: the OEX prices just marched through the apex and continued their sideways pattern. That diamond pattern is created when a broadening pattern--indicative of sentiment-driven trading--narrows into a tighter range.

 
 
  Linda Piazza   8/12/200,  1:32:43 PM
I had 38 updates, Jim, and I've got a brand new computer with a brand new operating system.

 
 
  Linda Piazza   8/12/200,  1:21:19 PM
Here's a diamond pattern I noticed on the OEX chart: Link Although it can be a continuation pattern, it is usually a reversal pattern. It may be breaking to the downside now, but I still think it's dangerous to draw too many conclusions when markets appear to be awaiting the FOMC statement.

 
 
  Jeff Bailey   8/12/200,  1:20:05 PM
01:00 PM EST Update posted at this Link

 
 
  James Brown   8/12/200,  1:09:22 PM
New Highs for shares of Target Corp (TGT) . The retailer has been consolidating sideways for the last couple of months but all the bullish action in the retail group today has pushed the stock above resistance at $40.00 and marked a new 52-week high. It doesn't hurt that USB Piper Jaffray reiterated their "strong buy" on the stock this morning. Looking at the weekly chart bulls could target the February-April 2002 highs near $45-$46. However, if one is so inclined the January calls might be the best option as the stock moves somewhat slowly.

 
 
  James Brown   8/12/200,  1:03:13 PM
Another biotech stock that looks tempting is Genzyme Corp (GENZ) . Shares fell recently after its decision to buy SangStat for $600 million. Now the stock has found new support near the $41 level and appears to be bouncing from what looks like the bottom of its rising channel. The move back over $45 and its simple 50-dma near $46 are certainly bullish. Traders could target a move back to $50 or the recent highs near $52.00.

 
 
  James Brown   8/12/200,  12:59:52 PM
Gaining strength. Recently resurrected ImClone Systems (IMCL) is making headway today. The stock is up 3.6% to $40.65. Helping the stock is a strong couple of days for the biotech index (BTK) , which is currently up 1.8%. Shares of IMCL almost look worthy of a bullish play. One could use a stop under the recent lows near $38.00-37.50. There is some recent resistance at $44 but looking at the weekly chart strongest resistance is closer to $50. Actually, shares of IMCL are in what some traders call a "fast move" area, similar to a gap. The stock fell very quickly from $75 in December 2001 to $15 in January 2002.

 
 
  James Brown   8/12/200,  12:53:24 PM
Brokerage stocks - The XBD.X has seen some strong gains the last few days and is approaching recent highs. Leading the bounce are shares of Lehman Brothers LEH, which have bounce from support of $60 (and its 200-dma) to reclaim the $65 mark. There is probably resistance at the 50-dma near $67.50 but it is probably tempting some bulls to speculate on a continuation of the bounce. We're seeing similar moves from the likes of Merrill Lynch - MER, Bear Stearns - BSC, and to a lesser extent Goldman Sachs - GS.

 
 
  James Brown   8/12/200,  12:49:33 PM
UTStarcom - UTSI - The California-based provider for global wireless and IP switching solutions is seeing a bounce in its share price today. The stock rallied from $15.00 at its March lows to $45 at its July highs. Since peaking in late July we've seen a 25% retracement of the rally. The profit taking stalled near the $38 mark and shares bounced above their simple 50-dma. The company recently announced a 2-for-1 stock split but has yet to set a date as the split is pending a shareholder vote. A bounce back over $40 might make this worthy for a high-risk call play targeting $45 again.

 
 
  Linda Piazza   8/12/200,  12:46:49 PM
Here a regression channel; there a regression channel. It's possible to draw a downward-slanting regression channel on the OEX five-minute chart that extended from about 10:35 this morning until 11:55, with the OEX then breaking out to the upside. It's traded sideways more than up since that breakout, however.

 
 
  Linda Piazza   8/12/200,  12:44:23 PM
Like yesterday, advancers outnumber decliners and up volume is bigger than down volume on both the NYSE and the Nasdaq. As of a few moments ago, total volume was 490 million on the NYSE and 610 million on the Nasdaq.

 
 
  James Brown   8/12/200,  12:43:06 PM
Heroic numbers from the likes of Marvel Enterprises, who's recent claims to fame have been the Spiderman & Hulk franchises, have the stock trading higher today. MVL announced Q2 earnings of 42 cents a share, which beat estimates by 12 cents. Revenues were up strongly to $90 million. Furthermore the company guided higher for Q3. Shares are up 9.65% to $20.46 - breaking out above resistance at $20 and its simple 50-dma.

 
 
  James Brown   8/12/200,  12:39:43 PM
Stunned. Short sellers must be stunned by the performance of TASER Intl (TASR). Known for its less-than-lethal high voltage weapons the company has seen its stock price rise more than 400% from its early spring lows. The stock only has a float of just 1.9 million shares and the volume has been growing stronger as the price keeps rising. Today's volume is already over 650,000, which is more than five times the 3-month average. Bears, take note the dangers of a short squeeze.

 
 
  Jeff Bailey   8/12/200,  12:21:53 PM
Comcast Broadband network looks to be back up and running. Evidently their network was hacked into late yesterday or infected with a virus and Comcast decided to bring the entire network down to rid the problem. If you've been using dial up this morning, might check you Comcast broadband connection as it may be running now! Hoooray!

 
 
  Linda Piazza   8/12/200,  12:16:44 PM
The SOX is within reach of its 50-dma today, with that average at 381.27. The 5(3)3 stochastics have hooked and turned up out of territory indicating oversold conditions, and the 21(3)3's have kissed but not fully turned up yet. RSI sort of looks like it's turning up, too, although it's approaching a trendline formed from a series of lower RSI highs. ADX is low, at 15.67, hinting that we can trust the stochastics. It's possible to draw a downward-slanting regression channel encompassing the last month's SOX prices and possible to imagine it a potential bull flag. The SOX currently lies right at the midline resistance of that regression channel, much like the OEX. My impression, for what it's worth, is that the SOX acts like a market that wants to rise, but which faces some challenges in reaching higher levels.

 
 
  Linda Piazza   8/12/200,  12:09:33 PM
I'm watching Bollinger bands on the OEX 30-minute chart, too. This morning, the OEX hit the top BB and headed down with a candle shadow piercing the midline average but the candle body forming above it. Thirty-minute RSI remains flat between 50 and 60, and so isn't giving clues as to direction. The 5(3)3 stochastics were headed down, but the fast line now shows just the slightest hint of turning back up again. If the OEX should head back toward the top band again without seriously dipping below the midline average, that shows strength. The top 30-minute BB now lies at 497.20. With stochastics headed down and showing only the slightest hint of a possible upturn, it's unclear whether the OEX will steady above that midline average. There had been no divergence on the stochastics as both price and stochastics had made a lower high. While that's not bullish, it's not divergence, either, and so doesn't show us anything hidden that we might not already have noticed. ADX shows -DI above +DI, but the distance between them narrowing.

 
 
  Linda Piazza   8/12/200,  11:42:10 AM
I hadn't noticed it on the OEX because I had so many other lines marked on the OEX five-minute chart, but when I clicked over to the Dow's five-minute chart, I can see a miniature H&S formation. Depending on where you draw the neckline, that neckline may already have been confirmed with the Dow having just risen to test it from the underside in the candle before last. The downside target would be about 9205 or so, but again I caution as I often have that formations produced on five-minute charts are not particularly reliable. Still, this gives us a formation to watch and a measure of market strength or weakness. If the Dow declines but stops far short of 9205 and bounces again, we know it's strong enough that it's not meeting downside targets. If it drops through 9200 without stopping, we know something else.

 
 
  Linda Piazza   8/12/200,  11:36:21 AM
The OEX currently heads toward the bottom of the regression channel pictured in the chart linked to my 10:00 post. Like the ES channel Jane depicted in her recent post, the OEX has traveled in this regression channel since August 6. It fell back today after testing the 50% retracement of the plummet from the July 31 high to the August 6 low--the possible flagpole of a bear flag formation. Still, the OEX has not yet fallen out of that regression channel and may hit the bottom of the channel and bounce back toward the midline resistance or even the top of the channel again. It's dangerous to make too many assumptions about what will happen before it happens. The midline currently lies near the current OEX high of the day, and the top of the channel lies just above 499 but is rising as the day progresses.

 
 
  Linda Piazza   8/12/200,  11:27:15 AM
On the OEX five-minute chart, we have a drop and then a consolidation between 495.50 and 496. Is this a "b" distribution pattern? If so, it will be confirmed on an OEX drop through 495.50 with the predicted downside target somewhere between 494.25-494.75.

 
 
  Linda Piazza   8/12/200,  11:17:13 AM
Reader comment in response to my 10:21 post: I have to disagree, Linda. I think TA works BECAUSE of herd psychology which tends to cause the same reaction to events almost every time. Thus chart formations are repeated and TA can be used to predict (albeit with a lot of slop) further movement.

Response: Good point. As I was typing my 10:21 post, I was thinking that TA tells us that those broadening formations are usually caused by sentiment-driven trading, so it certainly works well enough to show us that. I recognize the herd psychology behind a regular or reverse H&S formation, too, and behind high-wave candles produced near resistance after a rally or support after a decline. However, at market turning points, herd psychology may not be working as well as we'd like. Back during March, we kept seeing solid downside breakdowns or upside breakouts of formations, watched by all technicians and accompanied by volume when appropriate or other signs, only to have the market in question turn around in the middle of nowhere and head the other direction. Sometimes that turn was based on some rumor that had just hit the trading floors, not predictable by TA, and sometimes it was never possible to identify what happened. Oscillators stayed scrambled for weeks.

We're not quite in that kind of environment, however, are we, and technical analysis is working quite well to tell us that yesterday wasn't a great trading environment, for example. As a former physics person, I'm a great fan of technical analysis and far prefer it to any other type of analysis, but there are times when it works superbly and other times when the signals aren't quite as clear. Trading ahead of a major market-moving event sometimes produces results the opposite of what TA leads you to expect, and results have taught me when to trust TA absolutely and when to give it less trust.

 
 
  Linda Piazza   8/12/200,  10:38:24 AM
The OEX approaches its day's high again, but appears to be hesitating here. It is above its 21-dma again, but can't seem to make much headway beyond that moving average as of yet.

 
 
  Linda Piazza   8/12/200,  10:21:39 AM
I agree with Jane's comment that in this environment, technical analysis might not mean a lot. I think that's why we were seeing those expanding formations that Jane, Jonathan, and I all noted yesterday on intraday charts. They're indicative of sentiment-driven trading, and that's not amenable to our usual technical analysis tools.

 
 
  Mark Phillips   8/12/200,  10:21:38 AM
FRE $50.33 (+0.50) Apparently traders have decided that tomorrow's problems can wait for tomorrow. Regardless of what ignominious fate awaits the likes of FNM and FRE, these two GSEs are catching a bit of a bid this morning and it is enough to propel FRE through our $50.25 stop. We've been less enthusiastic on the play since it broke above its 10-dma last week, but kept the play alive due to the stock's completely inability to hold intraday moves over $50. This morning's move has a slightly different feel though, and a big part of that may be due to the fact price is setting a new-2-week high and testing the 20-dma ($50.34) as resistance. Of course it all depends on how things finish up today, but right now FRE is looking like a drop.

 
 
  Linda Piazza   8/12/200,  10:09:51 AM
The OEX is now above its 21-dma, or was when I began typing. The next task is to maintain that level, and the next task after that is to climb above the 50-dma at 497.93, also an area of formidable historical resistance.

 
 
  Mark Phillips   8/12/200,  10:06:07 AM
STJ $56.53 (+1.03) It looks like breaking with convention and listing STJ (at the time untriggered) as our OI Play of the Day was the right thing to do. The stock shot higher right out of the gate and momentum traders got what they were looking for with the breakout over both the 50-dma and our $56.05 trigger. Currently up 2.00%, STJ is trading at its high of the day and could make a visit to the upper Bollinger band ($57.13) before the day is out, if this keeps up. Once that upper band is tapped, we'll look for a resultant pullback to test the $55-56 area as newfound support. A rebound in that area would then be the more conservative entry strategy.

 
 
  Linda Piazza   8/12/200,  10:05:06 AM
The OEX rises again. That regression channel in my 10:00 post doesn't appear to be a bear flag because it's not a tight enough pattern of higher highs and higher lows in comparison to the pattern during the plummet, but the possibility must be given some consideration.

 
 
  Linda Piazza   8/12/200,  10:00:58 AM
Has the OEX rise since the sixth been a bear flag after the plummet from July 31 highs to August 6 lows? The current OEX level lies at a 50% retracement of that plummet or flagpole. If the current rise is a bear flag, it needs to break down soon. Here's a 30-minute chart: Link

 
 
  Linda Piazza   8/12/200,  9:53:25 AM
This morning's OEX gap is now being tested, and not in a way that bulls want to see--with a quick plummet.

 
 
  Linda Piazza   8/12/200,  9:48:04 AM
During the second five minutes, the OEX declined to 495.99, one cent above the 50% retracement of the first five-minute range and then sprang up again. So far, this was what bulls wanted to see. The OEX next achieved a new high in the next five-minute candle, also something bulls wanted to see, but in order to sustain that new high the OEX needed to push above some important averages. It dropped instead, something bulls didn't want to see. The early picture is mixed, then, but the OEX makes another attempt.

 
 
  James Brown   8/12/200,  9:39:58 AM
Tech earnings - You may have just heard on the TV or read in the wrap last night that the markets are expecting earnings from Applied Materials (AMAT) and Maxim Integrated Products (MXIM), both big chip-related stocks, both are to announce after the close today. Estimates for AMAT are 4 cents; estimates for MXIM are 24 cents.

 
 
  Linda Piazza   8/12/200,  9:37:41 AM
The OEX first five-minute candle spanned a greater-than-normal range. The 50% retracement of that candle bears watching as a marker in early trading, then, as does this morning's gap level. That 50% retracement lies at 495.98. Bulls want to see that level sustained in early trading, although the gap level may be more important. Note that the OEX advance stopped at the 21-dma, but the day is young yet.

 
 
  James Brown   8/12/200,  9:36:21 AM
I heard that Comcast lost their entire (cable-modem) network. I find that hard to believe but both Jeff and I have lost our cable-modem Internet connection. So at least our state/neighborhood is down. They could be a victim of the worm or hole available to hackers.

 
 
  Linda Piazza   8/12/200,  9:33:41 AM
The IT manager at my husband's company just told him to warn me of a virus today that may be affecting AT&T dial-up subscribers. That's not me, but I thought I'd pass the warning on to others.

 
 
  James Brown   8/12/200,  9:33:06 AM
You may have heard this yesterday evening but two private groups are estimating the cost for rebuilding Iraq between $465 billion to $615 billion. (-Bloomberg)

 
 
  Linda Piazza   8/12/200,  9:32:12 AM
The OEX gaps up this morning and rises back toward the 21- and 50-dma's, with those averages at 496.33 and 497.93 today.

 
 
  James Brown   8/12/200,  9:29:16 AM
JCP - Interesting note, it looks like JCP's catalog sales rose for the first time in three years. Internet sales jumped by 60%.

 
 
  James Brown   8/12/200,  9:21:26 AM
Retail Earnings today - There are a number of retail earnings coming out today. Already announcing is J.C.Penney (JCP). JCP beat the estimates by 3 cents. Wall Street was looking for a loss of a nickel a share. JCP came with a loss of just 2 cents. The company guided slightly lower for the next quarter.

TJX Companies the parent of T. J. Maxx, Marshalls and A.J.Wright chain stores, announced this morning. Earnings were inline with estimates of 24 cents a share. Net sales were up 10% to $3.0 billion.

OfficeMax (OMX) reported this morning and estimates were inline with Wall Street's estimates for a loss of 13 cents a share. OMX said domestic same-store sales rose 5% this year. Remember that Boise Cascade (BCC) is buying OMX. The transaction is expected to be completed by the end of this year.

Additional retail earnings for today are: MAY and ANF

 
 
  James Brown   8/12/200,  9:11:11 AM
Seagate Technologies - STX - Hitting new relative highs yesterday and breaking out over current resistance are shares of STX. We could see a continuation of the trend today. Yesterday the company was upgraded by Lehman Brothers to "overweight" who also raised their price target for STX to $28. This morning Morgan Stanley follows suit and starts coverage on the company with "overweight". Shares are up slightly in pre-market.

 
 
  James Brown   8/12/200,  9:07:01 AM
Deere & Co - DE - Starting the day off right is DE. The company beat estimates of 84 cents a share by 18 cents! Its Q3 earnings came in at $1.02. Revenues were up more than 12% to $3.83 billion. Shares are trading higher in pre-market and we could see a new 52-week high today.

 
 
  Linda Piazza   8/12/200,  8:50:57 AM
Swing Trade Signals
The Swing Trade Model is flat this morning. The OEX spent the day yesterday mired between resistance and support. The OEX tested its 21- and 50-dma's yesterday but couldn't maintain those levels, but neither did it drop below strong support. Daily stochastics turn up, but RSI has flattened in midrise. If market participants can't decide on final direction, neither can these oscillators. We hope to see something more definitive happen as the FOMC meeting concludes, but will want to see an excellent setup before we jump in during option expiration week.

 
 
  Linda Piazza   8/12/200,  7:13:46 AM
Good morning. The Nikkei opened up 60 points in Tuesday's trading and soon zoomed up toward the day's high, buoyed by a greater-than-expected GDP number. Although the Nikkei could not retain all its gains, it did close up 77.01 points or 0.81%, at 9564.81. Exporters saw increased orders and stepped up spending on factories and equipment, sending capital spending up 1.3%. Q2 GDP grew 0.6% over the previous quarter, more than the expected flat-to-0.2% growth. The personal spending component gained 0.3%, sending retail stocks higher. Banks also gained. Some economists counter that the Japanese economic recovery remains fragile and still depends on continued growth in the U.S.

Other Asian bourses mostly traded up, although South Korea's Kospi dropped 0.47%. The Taiwan Weighted gained 0.78%, and Singapore's Straits Times gained 0.65%. Hong Kong's Hang Seng gained 0.90%, and China's Shanghai Composite gained 0.33%.

All European bourses currently trade up, too. As was true in Asia, yesterday's Nasdaq gains boosted European techs. In another link with Asian trading, volumes proved light during a traditional holiday week. French insurer and fund manager AXA said if first half trends continue, parts of its business were on track to surpass second half targets. A German online broker, Comdirect Bank, reported increasing profits and noted an increase in both commission income and executed orders. It also reported a drop in its customer base, however.

As of this writing, the FTSE 100 trades up 14.80 points or 0.35%, at 4191.50; the CAC 40 trades up 15.88 points or 0.50%, at 3204.20; and the DAX trades up 42.49 points or 1.27%, at 3382.07.

 
 
  OI Technical Staff   8/11/200,  12:58:58 AM
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