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  Linda Piazza   8/15/200,  4:26:24 PM
OEX/SPX/DJX/DIA/SPY Swing Trade Recap
Recap
Wednesday: Short/Put OEX Trade entered when OEX at 499.97
Exit at 495
Total for the day: 4.97 OEX movement our direction

Thursday: Short/put OEX trade entered when OEX at 495.09
Stopped out when the OEX traded 498.25
Total for the day: 3.16 move against our play

Thursday and Friday: Short/put OEX on Thursday when the OEX was at 497.28
Stopped out Friday when the OEX traded 498
Total for the day: 0.72 move against our position

Total for the week: 1.09 move our direction.
That's not a stellar record. My inclination is always to abstain from trading the Thursday and Friday before option expiration, and that's an inclination I may heed more strongly in the future.

 
 
  Linda Piazza   8/15/200,  3:43:11 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
We were just stopped out of our pain--I mean our OEX short/put play when the OEX traded 498. We entered at 497.28, so the OEX moved $0.72 against us while we were in the play.

 
 
  Linda Piazza   8/15/200,  3:36:29 PM
Swing Trade Signals
I would lower the stop on our play again, except that if I did that, I'd just be issuing a signal to exit at the current price. Some might give some consideration to doing so, but I'll give it a few more minutes before issuing an official signal. We're just below our stop.

 
 
  Linda Piazza   8/15/200,  3:34:53 PM
For reference on Monday, the European markets closed as follows: The FTSE 100 closed up 9.50 points or 0.22%, at 4247.30. This was just off the low of the day. The CAC 40 closed up 17.51 points or 0.54%, at 3279.21, and near the middle of the day's range, but at the bottom of the afternoon range. The DAX closed down 8.77 points or 0.25%, at 3443.93, and less than 10 points off the day's low.

 
 
  Linda Piazza   8/15/200,  3:20:23 PM
The OEX now touches an ascending trendline off the five-minute lows since 13:45. I think. There's a gap in my Q-charts, of course.

 
 
  Linda Piazza   8/15/200,  3:17:05 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
Lower the stop to 498. Be planning your exit strategy in case your preferred exit differs from mine.

 
 
  Linda Piazza   8/15/200,  3:09:06 PM
If the OEX should turn down here (a big if) and if stochastics should turn down along with it, there's major bearish divergence on the five-minute chart. Not that it matters much this afternoon, but it would be there. We can't count on that happening yet, however.

 
 
  Jeff Bailey   8/15/200,  2:55:22 PM
Altria (MO) $39.56 -0.75% .... Illinois judge reinstates $12 billion bond in its "light cigarette" case. Give's MO 60 days to comply with bond requirement.

 
 
  Jeff Bailey   8/15/200,  2:52:35 PM
Altria (MO) $39.60 -0.67% .... recent sell program had MO falling quickly to $39.00 level, but has bounced back to post-sell program levels. Probably just some expiration jockeying.

 
 
  Linda Piazza   8/15/200,  2:47:13 PM
Swing Trade Signals
I've decided that the way I'll handle the exit today is to just keep lowering the stop as the day wears on. That gives us an opportunity to benefit if there should be a big move down at the close of the day, but gets us out for a minimal loss if there's a big move up instead. As I lower it, we'll also be taken out nearer and nearer our entry if the OEX just stagnates.

 
 
  Linda Piazza   8/15/200,  2:34:44 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
The OEX is turning down. Let's watch a few more minutes and see if anything develops. In the meantime, lower the stop to 498.25.

 
 
  Linda Piazza   8/15/200,  2:27:30 PM
I now have a five-minute candle for the OEX on Q-charts, with that candle being a red candle descending from the confirmation level of the double bottom on the five-minute chart. I'm watching for a few more minutes, but close to issuing a signal to close the trade.

 
 
  Linda Piazza   8/15/200,  2:15:34 PM
Swing Trade Signals
I have an alert set on my Q-charts for an OEX value at or below 496.40. It hasn't sounded, obviously, both because the OEX value on Q-charts is pinned erroneously at 496.70 and because the OEX is now above 497. I'm considering closing the play in a few minutes, due to lack of performance.

 
 
  Linda Piazza   8/15/200,  2:12:14 PM
IB shows the OEX now at 497.47.

 
 
  Linda Piazza   8/15/200,  2:04:16 PM
IB now shows the OEX at 497.33, close to confirming the double bottom at 497.60.

 
 
  Jeff Bailey   8/15/200,  2:00:59 PM
American Stock Exchange still not open. Latest press release is that all cancels sent to the trading floor to cancel open GTC orders will be received and processed, however, a hard-out will not be sent until the AMEX establishes an opening session.

The advisor applies to all products: Equities, Options, ETFs and NASDAQ UTPs.

 
 
  Linda Piazza   8/15/200,  1:59:55 PM
IB now shows 497.23 for the OEX.

 
 
  Linda Piazza   8/15/200,  1:57:27 PM
As Jim just mentioned, Q-charts has apparently died. IB shows a 496.99 value for the OEX. I have no idea if that's any more correct than Q-charts 496.70. Make sure you have stops in place.

 
 
  Linda Piazza   8/15/200,  1:42:10 PM
We have a possible double bottom building on the OEX five-minute chart. A move over 497.60 would confirm it, and the target would be about 498.40. Hmm. That's the 61.8% retracement of the drop. Isn't it funny how those things work out? As I'm typing, the OEX moves down again, and so that double bottom may never be confirmed nor the target reached, but I find such "coincidences" intriguing.

 
 
  Linda Piazza   8/15/200,  1:32:02 PM
Now there's been a bit more back-and-forth, so that the OEX's rise is taking on a bit more of a bear-flag appearance. We're still waiting for the push that should come soon, either up toward resistance or down toward support. Of course, usually the markets just settle in at a level about this time on opex Friday, and that's what they could do today, too.

 
 
  Linda Piazza   8/15/200,  1:20:51 PM
This climb isn't happening in a usual bear-flag manner, in a tight pattern of higher highs and higher lows. At first, it was just white candles marching up. Of course, several now have long upper shadows, but it's not the usual form of a bear flag, at least as it appears on the five-minute chart. It looks like impulsive buying started it, but impulsive buying that's perhaps faltering now. We'll see, probably in about twenty or twenty-five minutes from now, when the usual 1:35-1:55 push occurs.

 
 
  Linda Piazza   8/15/200,  1:14:28 PM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
I just snapped a fib retracement tool on the drop from this morning's high to the 12:50 low. If the current formation is a bear flag formation, it shouldn't retrace more than 50% of that decline before it breaks to the downside. That 50% retracement lies at 498.05, but there's stronger resistance near 498.40, the 61.8% retracement of the decline. Let's add a few cents to this, and lower our stop to 498.80. There's no use to give up any more money than we should if the OEX is going to just bounce from the top to the bottom of its trading range today.

 
 
  Jeff Bailey   8/15/200,  1:05:22 PM
Autozone (AZO) $86.10 -0.4% .... another "auto/parts" stock, but it nears its bullish/vertical count of $90, from our $79.00 bullish profile. Would be more bullish on AZO, if not so near its vertical count. New entry better back near $83. Link

Disclosure: I currently hold bullish position in AZO

 
 
  Jeff Bailey   8/15/200,  12:59:27 PM
PACCAR (PCAR $80.86 -0.01% Link ... Do you have any idea why there is a big drop in OI's 8/13 POD, PCAR today?

I just entered the trade yesterday and I don't like the looks of the sudden big drop this morning. Should we exit the play or stay in?

Option expiration Friday and power outage in North East. I think it difficult to read too much into anything today. Hold tight.

Will make note that the stock has exceeded it bullish vertical count of $64, so difficult to assess longer-term price objective. Dorsey/Wright shows PCAR belonging to its "autos/parts" sector bullish % (BPAUTO) which is "bull confirmed" at 74.16%. As such, could use Prof. Davis' study from recent triple-top buy signal of $76 to get a target of $97.81.

 
 
  Linda Piazza   8/15/200,  12:57:45 PM
Until the OEX breaks firmly through 496.40-496.80, it's still just in a trading range, no matter how dramatic the fall has been since 10:40. Take a look at a fifteen-minute chart, for example.

 
 
  Jeff Bailey   8/15/200,  12:48:34 PM
ICOS (ICOS) $33.08 +5% ... CSFB saying it believes stock overcorrected after recent Q2 earnings and should be bought, with target of $50. Link

Any guesses on who may have been accumulating stock the past week?

 
 
  Linda Piazza   8/15/200,  12:47:58 PM
No pause yet on the OEX, although one may be beginning now. I actually wish we'd had a pause here and there during the descent--a measured descent. We know that the OEX has to steady somewhere along through here, and I'm afraid now that the climb will be just as impulsive as the fall has been.

 
 
  Jeff Bailey   8/15/200,  12:43:37 PM
S&P 500 Index (SPX.X) 987.76 -0.27% .... In last night's Index Trader Wrap, I made some notes as to Open Interest in various options.

Today... the Sept. 995 calls (sxbis) trade $17.00. If I take 995 and add 17-points I get 1,012.

The Sept. 995 puts (sxbus) trade $24.00, If I take 995 and subtract 24 point, I get 971.

I'm looking at these resulting numbers 971 to 1,012 as it relates to this past weekend's Ask the Analyst column Link to see if any of this makes sense.

Today's volume leaders on SPX contract is Oct. $950 call (sxbjj) and Sep. 875 put (spxuo) where we might be seeing some roll out.

 
 
  Linda Piazza   8/15/200,  12:34:24 PM
Approaching our OEX 496.40-496.80 level again. The drop has been quite dramatic on the five-minute chart, so I would expect the formation of some sort of measured distribution pattern such as a bear flag or a "b" distribution pattern.

 
 
  Linda Piazza   8/15/200,  12:31:06 PM
The Dow is now below 9300 and the Nasdaq below 1700. That should help our OEX trade, if they stay below those levels. Now if we can get the S&P futures below that magic 987.

 
 
  Jeff Bailey   8/15/200,  12:26:32 PM
Hey Jeff Gil.... Many New Yorkers showed great character I'm sure, if not some good old American capitalism. I did hear some beer and hot dog vendors saw an increase in demand, and raised prices a little..... say 50% to 100%. Did you friend say how much she paid for that beer?

Should we also expect a jump in retail sales for August?

 
 
  Linda Piazza   8/15/200,  12:23:56 PM
Swing Trade Signals
Here we are again, back not far from our entry, back into the congestion zone that's been supporting prices. We need to watch carefully now. Although the OEX appears to be dropping quickly, support has been strong, too. I would expect at least a minimal bounce attempt somewhere through here since the OEX has dropped so quickly and since this support has been strong in the past. I won't be surprised to see that since some dip-buyers have got to be thinking this is buying territory and it may be. Still, we need support to break fairly soon, too, if we're to stay in this trade any longer.

 
 
  Jeff Bailey   8/15/200,  12:21:03 PM
Final soliciting of bids for Iraq Link

 
 
  Linda Piazza   8/15/200,  12:06:42 PM
Any technician who endured March's trading knows that there are periods when formations set up and then firm breakdowns or upside breakouts occur, only to see the markets reverse. I'm not describing the usual testing-broken-support-or-resistance type behavior, which we do expect to see, but something different and more erratic, not subject to prediction by standard technical analysis anyway. Most times are not like this, but recognizing the times that are is as important to trading success as any other technical tool. A light-volume opex Friday after major power outages the night before might be one of those times.

 
 
  Jeff Bailey   8/15/200,  12:05:08 PM
Fluor (FLR) $35.94 +3.4% Link .... traders that have been with us awhile will remember this name. Was one company that bid for reconstruction in Iraq. One of the company's divisions designs/builds power plants.

Educational comments last night from industry expert is the dynamics of how power is distributed to the Manhattan area. Since real estate is so expensive, utilities can't really afford to build new facilities within. On the outskirts, residents don't want those big overhead power lines stringing across their neighborhoods, with the "not in my backyard" thinking.

This then has created the interdependence on utilities creating power sharing, which was partly responsible for yesterday's events.

Setting an upside alert on FLR at $37. Traders will also note how stock has been finding resistance at its 200-day SMA for past 5-months, but just sitting in tight consolidation. For bullishness, would look for break at $37, and the BIGGER THE VOLUME, the more interest longer-term.

 
 
  Jeff Bailey   8/15/200,  11:56:17 AM
Quanta Services (PWR) $6.76 +25% .... provides specialized contracting services to the electric power, gas, telecommunications industries. Link

This one's a little different that APCC, but certianly yesterday's power outage brings "power" to the top of mind awareness for traders.

It can be handy at times to have a list of certain companies that could see some price action based on certain events unfolding. APCC was on my mind, only because they sell alot of power backup systems from small to large users. I've never heard of PWR, but they might be more of a longer-term benefactor of yesterday's events, while APCC might get more near-term pop from a consumer in the North East part of the U.S. that didn't have some type of temporary backup system.

 
 
  Linda Piazza   8/15/200,  11:49:34 AM
I say this with the caveat that in today's trading environment, it may not mean anything, but since 10:35, the OEX has been forming what appears to be a bearish right triangle, with a flat bottom at about 498.45 and a descending top line. These usually break to the downside, but this could just as easily be a malformed bull flag, pushed out of shape when the OEX broke down quickly at 11:05. Five-minute formations are suspect in the best of circumstances, but particularly so on days like today.

 
 
  Jeff Bailey   8/15/200,  11:42:07 AM
Per Linda's 11:32:08 post and her 11:23:44 post. 2 1/2 day weekend anyone?

Either that or expect some very choppy and somewhat inconsistent type of trade. If trading today, would certianly click that LIMIT order on your trading screen.

Clint Black sings "The Lights are on, but nobody is home"... I'm singing... "the lights may be on, but not EVERYONE is home" and makes for the more light volume and fewer particpants to give some of the liquidity we might usually see.

With fewer traders at this posts/desks, and today being an expiration Friday, one big player coming into the market suddenly could more easily move things, so be prepared.

 
 
  Jeff Bailey   8/15/200,  11:36:41 AM
11:00 Update posted at this Link

 
 
  Linda Piazza   8/15/200,  11:32:08 AM
IB just offered this statement: Link It's difficult to trade in that kind of environment, so be careful.

 
 
  Linda Piazza   8/15/200,  11:23:44 AM
Okay, the OEX fell quickly, then climbed just as quickly right back up into the potential bull-flag pattern, as if it wasn't yet through. However, that pattern is deeply suspect now that the OEX has fallen out of it once, and the OEX appears to be falling out of it again. Bears need to see the OEX firmly below 498.50. For a start.

 
 
  Linda Piazza   8/15/200,  11:08:21 AM
Nope. That's not a bull flag on the OEX five-minute chart any longer. The OEX could still rise, but that fall broke it out of the potential bull flag.

 
 
  Linda Piazza   8/15/200,  11:05:09 AM
The current tight pattern of lower highs and lower lows on the OEX five-minute chart looks suspiciously like a bull flag forming after the steep rise.

 
 
  Jeff Bailey   8/15/200,  11:00:59 AM
American Power (APCC) $17.75 +9.6% .... trading the $17.75 intra-day stop point and would move to the sidelines here.

 
 
  Linda Piazza   8/15/200,  10:52:34 AM
Swing Trade Signals
I think we've just had an OEX five-minute upside breakout of the orthodox broadening formation, as Martin Pring calls them, or the bulloney bullhorn, in Jonathan's more picturesque language, but it's difficult to tell with these expanding formations. If there has been a breakout, the breakout level is being tested again. If this test is successful and the expanding support holds, then we'll soon be stopped out of our play. If it's not successful and the OEX declines back toward support but holds there, we'll be exiting this time without waiting longer.

 
 
  Jeff Bailey   8/15/200,  10:47:12 AM
American Power Conversion (APCC) $17.82 +1.66% .... I quickly mentioned stock last in last night's after-hours trade. I'm suggesting any bulls that did take play in underlying stock snug a stop at $17.75 here.

Disclosure: I currently hold bullish position in APCC.

 
 
  Jeff Bailey   8/15/200,  10:34:26 AM
Disk Drive Index (DDX.X) 113.22 +2.43% .... component Advanced Digitial (ADIC) $11.98 +17% Link higher on Bear Stearns upgrade to "outperform" from "peer perform" after yesterday's earnings. Bear Stearns saying ADIC has delivered upside for three quarters in a row, its outlook for Q4 and fiscal 2004 was stronger that firm's estimates and company's growth outlook is improving as new products as well as expanding OEM agreements boost results. Bear raising target to $13-$14 reflecting a 30x multiple on FY04 operating EPS.

 
 
  Jeff Bailey   8/15/200,  10:22:25 AM
Strangle Trader Profile PDLI $10.61 -26% Link .... November $12.50 call (PQIKV) $1.20 / November $10.00 put (PQIWB) $1.65.

 
 
  Linda Piazza   8/15/200,  10:21:37 AM
Swing Trade Signals
I've been watching the charts, trying to decide what to do about our current trade. Should we close it while we're still relatively near our entry point, not risking getting stopped? Should we ride it out? As I study the charts, I still see conflicting information: 30-minute candles that spring up from support (very bullish) but are stopped by the descending trendline depicted on the chart linked to my 9:46 post (bearish), for example. We're being bombarded by news announcements that might sway the markets one direction or the other and the volume is light enough that it's easy to sway them. We have a close stop, so I've decided for now to leave the trade open unless we're stopped, but individual traders should be making decisions about their comfort level. Some might prefer to close the trade rather than wait out the outcome. I'll be re-evaluating in a little while, but I don't really expect chart signals to tell the whole story today.

 
 
  Linda Piazza   8/15/200,  10:11:52 AM
Reader Question: Please excuse my ignorance (I'm learning new things everyday about options trading), but your post said you were short the OEX at $497.28. My options chains for the OEX are in $5.00 increments. How do you buy options at such specific strike prices?

Response: I'm so glad this reader asked this question because other new readers might be wondering the same thing, but not have asked. The posted 497.28 value was the value of the OEX at the time we entered the trade. This reader is absolutely correct about the $5.00 increments on the option chain. A trader who elected to enter the trade might have bought a September 500 or 495 or 490 put option when entering, for example, but would have bought that put option at the time the OEX was currently trading 497.28.

A great reference for those traders who are new to options trading is Lawrence G. McMillan's Options as a Stragegic Investment. It's in our library, I believe, available for purchase. It's a huge tome, but it answers almost everything you need to know about options. I wish I'd read it or at least referenced it before I made my first options trade. One consideration that McMillan's book points out is that trading index options, at least the OEX, may not be the best place to begin. Those wide spreads mean options trades are pretty unforgiving. The QQQ's might be better if you're going to consider index-type trades. In my own trading account, I balance the index options trades with more conservative strategies such as credit or debit spreads or covered calls. McMillan explains them all, and then you'll find lots of suggested trades of each type in the newsletter. We have a balanced portfolio of writers and suggested trades, too.

 
 
  Jeff Bailey   8/15/200,  10:06:21 AM
Protein Design Labs (PDLI) $10.31 -28% .... most active in this morning's trade and hit lower on after company discussion regarding patent licensing master agreement on Xolair with Genentech (DNA) $76.79 +0.6%.

Evidently there is great disagreement between the two. They are planning further discussion between legal and technical staffs as soon as possible, with PDLI's principal aim to better understand the what Genentechs position is. Genentech has provided PDLI with the amino acid sequence of Xolair, and has advised PDLI that it has determined that Xolair is not covered by the claims under PLDI's humanization patents.

Trader might looks at a November $12.50 call , November $10.00 put strategy here.

 
 
  Jeff Bailey   8/15/200,  9:59:09 AM
NYMEX saying metals will close at 12:00 PM EST. Energy will close at 12:30 PM EST. Updated openings/closing for NYMEX at this Link

 
 
  Linda Piazza   8/15/200,  9:59:09 AM
I began typing a note about what oscillators were doing, but they changed while I was typing the note--even on the 60-minute chart. Some, particularly RSI, are trying to roll down, but "trying" doesn't count when our money is at stake.

 
 
  Jeff Bailey   8/15/200,  9:57:22 AM
AMEX Gold Bugs Index ($HUI.X) 182.12 +0.26% ... Seeing trades.

AMEX Airline Index (XAL.X) still not open.

 
 
  Linda Piazza   8/15/200,  9:54:06 AM
The OEX currently tests the 50% retracement of its first five-minute range, but it's difficult to say whether that 497.50-498 level is significant because it's near the 497.78 fifty percent retracement or because it's in the middle of a congestion zone from yesterday and a locus of S/R on its own. So far, the level is holding, but with the light volume we're getting, I wouldn't be surprised to see anything happen.

 
 
  Jeff Bailey   8/15/200,  9:49:26 AM
PHLX Gold/Silver Index (XAU.X) 88.30 +0.39% .... Newmont Mining (NYSE:NEM) $38.77 +0.3%.

 
 
  Linda Piazza   8/15/200,  9:46:07 AM
Here's what I'm watching on a 30-minute OEX chart: Link

 
 
  Linda Piazza   8/15/200,  9:39:59 AM
This drop broke the OEX out of the neutral triangular consolidation on the five-minute chart, into which it had settled late yesterday afternoon. However, I won't consider the downside break confirmed until the OEX also breaks below 496.30 or so. There's too much support here.

 
 
  Jeff Bailey   8/15/200,  9:38:19 AM
AMEX HOLDRS listed on the AMEX may see delayed open.

 
 
  Linda Piazza   8/15/200,  9:36:56 AM
The OEX is right back to that 496.40-496.80 range that caused us so much trouble yesterday afternoon. Let's see if it holds again today.

 
 
  Linda Piazza   8/15/200,  9:35:42 AM
The 50% retracement of the first five-minute OEX range lies at 497.78. We can use this as a benchmark against which to measure early trading.

 
 
  Jeff Bailey   8/15/200,  9:34:04 AM
AMEX Gold Bugs Index ($HUI.X) delayed opening with AMEX.

AMEX Airline Index (XAL.X) delayed opening with AMEX.

 
 
  Jeff Bailey   8/15/200,  9:32:39 AM
AMEX Stock Exchange is now saying its open will be delayed.

QQQ $30.96 +0.19% .... is trading, with orders routed via NYSE, PHLX, PACX, CHGO, BOST, CBOE.

 
 
  Jeff Bailey   8/15/200,  9:27:04 AM
University of Michigan Sentiment ... As Jim Brown had posted in the Futures Monitor, the release of the University of Michigan Sentiment report is being postponed until Tuesday.

 
 
  Jeff Bailey   8/15/200,  9:24:51 AM
Capacity Utilization ... for July came in at 74.5%, which was above June's revised 74.2% reading (revised lower from 74.3%).

This is good news and bad news. Good news for companies as it would appear demand built in July so some increases in capacity utilization was seen. Not the best news for industrial labor, as the gain was modest.

 
 
  Linda Piazza   8/15/200,  9:18:01 AM
Swing Trade Signals
We are short/put the OEX at 497.28 with a stop at 499.50. With the S&P futures spanning a more-than-10-point range in overnight trading and with the Nikkei and European markets displaying some volatility, too, it's entirely likely that volatility at the open could stop us out of the trade. For a while last night, just when the futures reopened, it looked as if we were all going to be happy campers this morning, and then in the wee hours of the morning, it looked as if we'd be pretty grim as futures climbed, but the futures appear to be trying to find equilibrium again, right near max pain levels. Max pain for us, too, because we need the markets to move down and not stabilize.

 
 
  Jeff Bailey   8/15/200,  9:16:28 AM
09:00 Update posted at this Link

 
 
  Linda Piazza   8/15/200,  6:40:21 AM
Good morning. When the Nikkei closed above 9900 in Thursday's session, we knew a test of 10,000 was on the books for Friday. It didn't take long. The Nikkei climbed above 10,000 in the first thirty minutes of trading, led by the banking and securities issues, but the Nikkei wasn't destined to close over 10,000. Instead, it dove down nearly 200 points from its day's high to a low of 9854.27, closing near that level at 9863.47, down 50 points or 0.50%. The same steel and cyclical issues that had been gaining this week on hopes of a recovery in progress led the Nikkei down again after it breached 10,000. Many market watchers said that the effects of the power outages in the U.S. won't be fully felt by the Nikkei until Monday, after market participants assess U.S. reaction. Honda Motor was immediately affected, however, as it announced that it had closed a plant in Ontario due to the outage.

South Korea's Kospi was closed, but other Asian markets were mixed. The Taiwan Weighted was up 0.96%, and Hong Kong's Hang Seng was also up, by 0.49%. Singapore's Straits Times traded down 0.29%, and China's Shanghai Composite fell 0.39%.

Although the Madrid and Milan markets were closed for holidays, most other European markets are open and currently trade up. Automakers and insurers are two sectors currently seeing gains in Europe. Insurer Allianz trades down in opposition to its sector after announcing earnings yesterday. UBS upgraded German steel and engineering group ThyssenKrupp, and the stock rose in early trading. UBS's upgrade mentioned the weak remainder of 2003 estimated earnings, but said that the firm felt greater confidence in 2004 estimated earnings growth.

As of this writing, the FTSE 100 trades up 9 points or 0.21%, at 4246.80. Although it trades up, it's about 20 points off its day's high. The CAC 40 trades up 13.56 points or 0.42%, at 3275.26, but is more than 20 points off its day's high. The DAX has now fallen into negative territory, more than 30 points below the day's high, down 13.65 points or 0.40%, at 3439.05.

 
 
  Jeff Bailey   8/14/200,  1:03:11 AM
Pivot Matrix for tomorrow at this Link

 
 
  OI Technical Staff   8/14/200,  1:03:02 AM
The Market Monitor has been archived. You may view it and any previous days here: Link

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