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  Jeff Bailey   9/9/2003,  3:57:49 PM
Inspire Pharmaceutical (ISPH) $17.55 +10.93% .... correction to "not trading options." My q-charts does not show an option chain, but subscriber/trader points out that CBOE site does list option chain. Link

  Linda Piazza   9/9/2003,  3:48:57 PM
If this current rise off the OEX low is a bear flag, it should break down before or near 514.50, the 50% retracement of the immediate plunge that preceded it.

  Linda Piazza   9/9/2003,  3:44:27 PM
The current rise off the new OEX low appears to be a bear flag, but we know that those flags haven't been particularly reliable lately. The OEX 30-minute 100-pma is now located at 511.48, and that would have appeared to have been a logical first target for a bearish trade entered on a violation of the 30-minute 21-pma, but the end of the day action may interfere.

  Linda Piazza   9/9/2003,  3:33:29 PM
OEX 514.90-515 should now be resistance.

  Linda Piazza   9/9/2003,  3:31:31 PM
The OEX just made a new low of the day, but it's already attempting to bounce. OEX 511-512 still seems possible, but that's going to depend now on those MOC orders.

  Linda Piazza   9/9/2003,  3:05:51 PM
The next task for the OEX bears to complete is to drive the OEX below the 514.90 zone that has been supporting prices most of the day. That's being tested as I type.

  Jeff Bailey   9/9/2003,  3:03:49 PM
Forest Labs (FRX) $50.03 +3.34% ... back to session highs on pickup in volume of 429,100 in last 30-minutes.

  Jeff Bailey   9/9/2003,  3:01:44 PM
Inspire Pharmaceuticals (ISPH) $17.29 +9.29% .... follow up to 13:39:46 ... Deutsche Securities reiterating their "buy" rating and raising target to $25 from $19 follow FDA news. Deutsche also cites the sizable dry eye market opportunity, the compelling economics of the Alergan partnership, and the prospects for FDA approval by December 2003 for diquafosol.

  Linda Piazza   9/9/2003,  2:58:07 PM
When I look at an OEX daily chart, I think that the OEX needs to come back and retest the broken resistance offered by this bull flag before investors feel comfortable driving it higher: Link When I look at this weekly chart, though, I see an index that broke above important resistance and has since spent a considerable amount of time basing and establishing the broken resistance as support: Link It looks ready to move up, having safely confirmed that support. These are two different views from two different charts.

  Linda Piazza   9/9/2003,  2:42:25 PM
Someone else has snapped those fib lines on their OEX five-minute charts. The OEX keeps finding support at the 38.2% retracement of the plummet, near 515.24. The OEX did turn back at the lowest of the two descending trendlines depicted in the chart linked to my 14:19 post, however, and the decline appears to be accelerating as I type.

  Linda Piazza   9/9/2003,  2:19:56 PM
Here are two OEX five-minute trendlines that might be of interest this afternoon: Link

  Linda Piazza   9/9/2003,  2:16:51 PM
The Wilshire 5000 shows this index mired in the same consolidation that's trapped the other indices. Currently at 2741.88, it's dipped to the low end of that consolidation band, but remains slightly above the 2740 support and above its 10-dma at 2714. MACD has appeared strong, but the two lines draw closer together as I type. RSI begins to roll down out of territory indicating overbought conditions, but the stochastics haven't done so. Like the other indices, it could go either way. Also like many charts we've seen, the rise has taken on the shape of a rising wedge. That's usually a bearish pattern, but it hasn't worked out to be for several months. (Note: I've used the 720-minute time interval because Q-charts left out some candles on the daily chart.) Link

  Jeff Bailey   9/9/2003,  1:57:14 PM
Micro cap profile ... Dynamic Materials (BOOM) $2.90 -7.64% Link ... might be of interest to a micro-cap bull looking for longer-term bullishness with some economic recovery and perhaps today's release of July wholesale inventories (metals stocks falling 1.3% hints of demand). Based in Boulder, CO, company uses explosives "BOOM" to perform metal cladding and shock synthesis for transition joints in various metals.

  Linda Piazza   9/9/2003,  1:52:29 PM
Sorry, Jonathan, but this spike appears to be to the upside, too, although it's not much of a spike as I type.

  Linda Piazza   9/9/2003,  1:43:41 PM
The OEX fell below the 38.2% retracement of the plunge down to the day's low and spent the next 15 minutes testing that level. Just below lies the 514.90 level that has been providing support for the OEX since it climbed off the day's low. So far, that level is holding as support, so which will be broken, the support or the resistance?

  Jeff Bailey   9/9/2003,  1:39:46 PM
Inspire Pharmaceuticals (ISPH) $17.39 +9.92% .... Link jumps from $15.75 in last 15-minues after FDA accepts company's Diquafosol NDA. FDA stated that no potential filing review issues were identified during the 60-day preliminary review period. Diquafosol is a treatment for dry eye.

Today's trade at $16.00 gets the stock through some formidable resistance and triggers triple-top buy signal. Stock found buyers on the pullback to bullish support and bounce from there build bullish vertical count column of $26.00. An ISPH bull might find today's news and technical action "inspiring." No options but stock trader might keep eye out for pullback to $16.25, stop just under rising 21-day SMA of $14.71 with near-term target $20.

  Linda Piazza   9/9/2003,  1:34:50 PM
We're approaching the stop-running time of day, from 1:35 to 1:55 ET, but most often the push occurs near 1:45.

  Linda Piazza   9/9/2003,  1:16:50 PM
I snapped a Fibonacci retracement tool on the OEX plunge down to this morning's low, and have been watching how the OEX trades in relationship to them today. They've been a reliable tool in watching the action today. The OEX currently challenges the 38.2% retracement. A fall through this level, if that should occur, might suggest that the low of the day will be retested. Link

  Linda Piazza   9/9/2003,  1:08:48 PM
The 30-minute OEX 100-pma has been rising during the day, and now crosses at 511.14, with the 130-pma now crossing at 509.42. Those averages would have been our first and second targets if we were in an official swing trade. Before we start talking about targets--official or otherwise--the OEX has to move below the day's low, however, and it's far from doing that yet.

  Linda Piazza   9/9/2003,  12:58:55 PM
So far, the OEX 516.80-517 zone has held as resistance.

  Linda Piazza   9/9/2003,  12:47:23 PM
Decliners still lead on both exchanges. Down volume still leads on the NYSE and up volume still leads on the Nasdaq. As of a few minutes ago, total volume was 681 million on the NYSE and 1.2 billion on the Nasdaq.

  Linda Piazza   9/9/2003,  12:45:42 PM
The chop has chopped up some of the OEX intraday oscillators, too, so that they're giving mixed signals. For example, the 30-minute 21(3)3 stochastics had been headed down, but today's rise turned them up again. Now they're beginning to flatten. The 60-minute 21(3)3's have flattened in territory indicating overbought conditions. RSI has hinged down, but that hinge can let it swing the other direction, too. We're just in the middle of chop, with chopped up indicators.

  Linda Piazza   9/9/2003,  12:14:00 PM
The OEX continues to find resistance at that 516.80-517 zone I've mentioned so often lately. I've been talking today about how bearish setups haven't been working, but over the last week, the bullish ones haven't performed much better. I was stopped out of a bullish play I entered yesterday, too, with a setup that looked just as reliable. I didn't suggest the play as a Swing Trade because setups have proved so unreliable this week and I'm doing what I promised I would do this week--testing them with my money and not yours. A scan of a 30-minute chart with a 21-pma shows that the index has been oscillating around that moving average (or an 18-pma or 20-pma, your preference). It will move away from that average and toward the 30-minute 1.35% envelope bands (or Bollinger bands) some time or another, however, and perhaps today will begin that movement. Or perhaps not.

  Jeff Bailey   9/9/2003,  12:07:24 PM
Brocade (BRCD) $6.51 +2.5% .... Link some trader talk that company may be takeover target by Cisco Systems (CSCO) $20.97 +0.52% Link .

Not sure about the rumor, but PnF chart of BRCD looks like a reverse head/shoulder bottom forming. Quick look at a WEEKLY bar chart of BRCD might show the pattern too, with neckline at $8.38, head at $3.59 and shoulders at $5 level. Would give upside objective of about $13.17. PnF chart of BRCD is longer-term bearish, but current bullish vertical count is $15.25.

Might be a decent "flyer" for a bull with 21-day and 50-day SMA support at $5.75.

  Linda Piazza   9/9/2003,  12:01:28 PM
The formation mentioned in my 11:57 post has confirmed, although only minimally. That supposedly hints at short-term weakness, but now let's see if the downside target is met. As I type, the OEX instead pushes back above the confirmation level. This is the kind of behavior we've been seeing lately with any bearish formation, so as yet there doesn't seem to be a change in pattern.

  Linda Piazza   9/9/2003,  11:57:01 AM
There's a miniature--really miniature--potential H&S on the OEX one-minute chart. It will be confirmed with a trade below 516.25, and should have a downside target of about 515.50. While we OEX traders can't trade that range, we can watch to see if bearish formations are confirmed and then if their targets are met. That helps us measure strength or weakness, or a change in pattern.

  Jeff Bailey   9/9/2003,  11:53:01 AM
Pharmaceutical Index (DRG.X 318.25 +0.6% .... Today's trade finds the DRG.X trying to make a move back above a falling 50-day SMA, first time above the 50-day since falling below on 07/16/03, where this 50-day had been a very good level of support into mid-July. Sector has been on the mend since last week and today's July inventory data showed a 3.1% increase in drug inventory, which most likely was known by market and reason for steep decline from 345 to 300 level covering mid-June to late-August period.

DRG.X may have held critical support at its bullish support trend and 300 level. Link

  Linda Piazza   9/9/2003,  11:47:04 AM
Studying volume patterns, I still see decliners outnumbering advancers, with adv:dec ratios at 11:19 for the NYSE and 12:17 for the Nasdaq as of a few minutes ago. Down volume led on the NYSE, too, with down volume 2.6 times up volume, but up volume led on the Nasdaq, with up volume being 1.4 times down volume. Total volume was 515 million shares on the NYSE and 921 million on the Nasdaq.

  Jeff Bailey   9/9/2003,  11:40:53 AM
Home Depot (HD) $32.25 -4.44% .... Dow Industrials decliner today after Goldman Sachs downgraded to "in line" from "outperform" and lowered their view on harline retailer sector to cautious from neutral. Goldman cited the reality of higher mortgage interest rates, which are likely to lead to deceleration in housing turns, a key leading indicator of DIY spending (I think this DIY is "day count," which is a way of quoting interest rates and specifies the number of days in an interest payment period).

  Linda Piazza   9/9/2003,  11:33:56 AM
Now the OEX is back to the 516.80-517 zone we've mentioned so much lately.

  Linda Piazza   9/9/2003,  11:31:02 AM
The 30-minute 21-pma has now risen to 515.96. After breaking out of the possible bear flag, the OEX now rises beneath it, but so far has not been able to sustain levels above the 21-pma, although it's breaking above it as I type. The 30-minute oscillators that looked so bearish as the OEX broke through the average this morning now look less bearish, although not bullish yet. MACD still slants down, although as it approaches zero, it's showing the slightest tendency to flatten. RSI hinges back up, although it, too, is showing a tendency to flatten if you squint just right. CCI had been negative, but is now slightly positive.

  Jeff Bailey   9/9/2003,  11:20:34 AM
11:00 Update posted at this Link

  Linda Piazza   9/9/2003,  11:18:24 AM
The OEX now rises to test the violated rising regression channel--presumably a bear flag since it met the requirements. While it's not unusual to see broken support retested, what has been unusual lately is the way the indices react to a violation of a broken bearish formation. With allowance given for a retest of the broken support, the index should then plunge or at least begin a measured fall. For many months, however, the result is often a sideways consolidation instead of a fall. Until that pattern changes, it's difficult to profit from bearish plays, no matter how good the setup appears. Let's hope that we return to a time when setups, whether bullish or bearish, work the expected way at least a reasonable proportion of the time. Maybe today we could return to that time? Please?

  Linda Piazza   9/9/2003,  11:12:14 AM
Here's the OEX potential bear flag. As I was preparing this post, the OEX appears to have broken out of the formation. Link

  Linda Piazza   9/9/2003,  11:03:35 AM
If the current OEX rise is a bear flag, it should break to the downside before retracing 50% of the plunge that preceded it--the flagpole. That 50% level lies at 515.78, near the 30-minute 21-pma, and the OEX is currently testing that level. Given the bullish tenor to the markets lately, I would give it a little leeway, perhaps up to a 61.8% retracement up at 516.30 and also near resistance for a few minutes this morning.

  Linda Piazza   9/9/2003,  10:57:55 AM
Was that rise off the OEX low a bear-flag rise into the violated 30-minute 21 and 50-dma's, or is this the beginning of another of those patterns we've seen so often lately when support appears to be broken, bringing in bearish players, and then the index reverses? Perhaps we'll soon know. The OEX rose to 515.43, between the two averages.

  Linda Piazza   9/9/2003,  10:48:26 AM
As might be expected, the OEX now rises to test the violated 30-minute 21-pma, currently at 515.76. The 50-pma lies just below that, too, at 515.38.

  Jeff Bailey   9/9/2003,  10:39:23 AM
Cendant (CD) $18.12 -1.78% .... I'm interested in purchasing Cendant. What level would you get in. A pullback to some level would seem the best approach. Please advise. Thanks.

I'm glad you mentioned this one. Discussed it a couple of weeks ago, but wanted to see stock break above its 50-day SMA and downward trend on bar chart. It did this on 08/29/03-09/02/03. 21-day SMA is curling back higher now Link . Can look for pullback entry right here or $17.75 and look for further bullishness with trade at $19.00. Link

  Linda Piazza   9/9/2003,  10:34:18 AM
Watching this morning's retracement levels of the first five-minute OEX range worked well to pinpoint the weakness in early trading. If you haven't read Jane's article this weekend about another method for utilizing morning reversals, it's a must-read: Link

  James Brown   9/9/2003,  10:29:19 AM
Same Store Sales - Drug Stores Last week the No.1 and No.2 drug stores in the country Walgreens (WAG) and CVS Corp (CVS) announced same store sales for August. WAG's were up 9.6% and CVS's were up 6.4%. This morning, the No. 3 drug store chain in the country, Rite Aid (RAD) released their August same-store sales, which were up 6.2%.

Considering the August gains in the market, it's probably a spike in headache medicine by groaning bears.

  Linda Piazza   9/9/2003,  10:22:18 AM
The 30-minute 21-pma has long been violated, of course, and could now be supposed to provide resistance. According to the model I'm testing, OEX traders could look for a first downside target of 510.56, the 30-minute 100-pma that Jim often mentions. Below that is the 130-pma at 508.92, a second target. I have not called these possible Swing Trades this week as I evaluated the system, and it's been a good thing to be out of the trades. Late last week, a penetration of the upper 1.35% envelope should have predicted a move down to the central average, then near 508, but instead the OEX traded sideways until that average rose to meet it. Early this week, a penetration of the average resulted in only a minimal drop. An upside penetration also resulted in only a minimal gain. Over the last week's trading period, we've seen both of the potential problems with the system--OEX trades that climb the envelope instead of falling away or bouncing from it, and OEX trades that oscillate around the central average while time value leaks away. I think this has been an unusual week, though, and I don't think we'll ever be able to eliminate all these problems. That's why we have stops.

  James Brown   9/9/2003,  10:22:10 AM
Heard it on the Radio Smith Barney is initiating coverage on some broadcasters today. Clear Channel Communications (CCU) and COX Communications (COX) get started at an "out perform" while Radio One (ROIAK) is started at "in line".

  Jeff Bailey   9/9/2003,  10:21:06 AM
S&P 500 (SPX.X) testing overlap support from WEEKLY/MONTHLY retracement here. Would look for support near this level, but may look for "best" bull entry for a bounce back in the 1,013-1,018 area. Link

Markets saw BIG volume on 9/03/03, when SPX first advanced above current levels. Should be some inventory rebuild to take place by market makers and specialists.

  Mark Phillips   9/9/2003,  10:20:28 AM
KKD $40.88 (-0.58) Yesterday's downward action broke shares of the donut maker below support that has been holding since the end of June and price is continuing to weaken this morning. While there's the potential for some support near current levels, I like new entries here or on a failed rebound back near the $41.50 area (broken support becomes resistance), with an eye towards a decline down towards $38 or even the 200-dma just above $36.

  James Brown   9/9/2003,  10:18:42 AM
Grocery stocks slipping Albertsons (ABS) is the headline grocery stock today. After beating estimates by 2 cents on September 4th, Merrill Lynch is downgrading the stock from "neutral" to a "sell". Meanwhile Kroger (KR) has also weathered a couple of downgrades last week with UBS moving KR from a "neutral" to a "reduce" and Smith Barney lowering their outlook on the whole sector to "market weight" from "over weight". Looking at KR, SWY, ABS and even specialty grocers like OATS and WFMI... most look overbought (what doesn't?) and ABS is leading the profit taking today down nearly 5%.

  Mark Phillips   9/9/2003,  10:13:33 AM
While we're waiting for the reaction to this morning's economic reports, I'm noting the potential for some bearish action from the Semiconductor index (SOX.X). Nothing to change the strong bullish trend, mind you, but this group is up huge over the past month and appears to be stalling out near $470. Continued (almost daily) brokerage upgrades have continued to fuel the group higher and with daily Stochastics (5,3,3) starting to hook downwards along with 30-min stochs turning clearly bearish along with bearish Stochastics divergence (higher price highs and lower Stochastic highs), I would recommend that traders be aggressive about protecting bullish gains in the group. Aggressive bears might even try to game some near-term downside in the group.

CCMP $65.74 (-0.96) After several attempts to break higher over the past week, shares of CCMP (current OI Call play) are showing some notable weakness along with the SOX this morning. Currently testing the bottom of the rising channel and the 20-dma near $65, the stock is either offering a fresh entry point for the bulls or is preparing for a bout of profit taking. Based on my preceding comments on the SOX and the fact that daily Stochastics for the stock have rolled bearish, I would lean towards a break of that channel rather than another bounce. Of course, as we've seen lately, anything is possible, with significant downside movement hard to come by. Conservative traders unwilling to take much risk in our CCMP play may want to tighten stops to $64.50, which is below both the 20-dma, as well as last Friday's intraday low.

  James Brown   9/9/2003,  10:12:12 AM
Comverse Technologies - CMVT - Comverse announced its Q2 earnings last night after the close. The company beat expectations for a 4-cent loss by a penny while revenues rose slightly. The Q3 guidance was a little mixed to flat but Merrill Lynch is upping their rating to a "buy" this morning. Shares are up 3.8% and trading at levels not seen since February 2002.

  James Brown   9/9/2003,  10:07:30 AM
Tough times getting tougher? Sun Microsystems (SUNW) co-founder Bill Joy is leaving the company after 21 years.

  Linda Piazza   9/9/2003,  10:07:07 AM
Other than a brief dip below the 30-minute 21-pma at 515.65, it appears to have held. Now, though, the OEX has to demonstrate strength by first challenging and climbing above that 516.80-517 level that was so important throughout much of 1998 and has been since. Until then, this bounce is suspect.

  James Brown   9/9/2003,  10:05:22 AM
Keep on Truckin' Merrill Lynch upgraded some of the truckers this morning from "neutral" to a "buy". Beneficiaries are JBHT +3.8%, WERN +3.2%, and SWFT +1.5%. JBHT just split 2-for-1 on September 2nd and we're seeing no post-split depression. WERN just announced a 5-for-4 split recently and today's upgrade pops it above resistance at $26, while SWFT is lagging the two but still at new one-year highs.

  Jeff Bailey   9/9/2003,  10:04:08 AM
Forest Labs (FRX) $49.76 +2.8% .... had upside alert set at $50.00. Mentioned FRX just before leaving on vacation regarding upcoming FDA review of memantine drug for treatment of advanced to severe Alzheimers. No news at this point, but most likely finds FRX moving up in front of this month's review. Trade at $50 gets stock back on a PnF buy signal with vertical count bullish to $67. Link

Disclosure: I currently hold bullish position in FRX

  James Brown   9/9/2003,  9:59:40 AM
Good to hear, Jim. I thought my charts were broken.

  Linda Piazza   9/9/2003,  9:59:33 AM
Ahead of the economic numbers, the OEX still challenges its 30-minute 21-pma, now at 515.65. It appears that the OEX is primed to find support here and climb or else dive through the average after that report is released. Early weakness suggests a dive, but that's not a given. Bullish or bearish, be ready.

  Mark Phillips   9/9/2003,  9:59:24 AM
AU $40.65 (+1.12) After a lackluster day in the precious metals markets on Monday, the bulls are charging again this morning, with the price of the yellow metal logging an early gain of $7.60, basis the December futures contract, which is back over $381 for the first time since February. That strength is propelling the XAU index higher this morning to $96 and a new multi-year high.

That is giving a boost to new OI Call play AU, which has gapped through the $40 resistance level and is currently trading in a tight range near $40.70. Chasing the stock higher after the gap move does not appear to be a prudent strategy, but a pullback and reboudn from the bottom of the gap near $39.50 looks like a solid entry setup.

  James Brown   9/9/2003,  9:59:10 AM
Watson Pharmaceuticals - WPI - WPI is on a roll! Yesterday they received FDA approval for a generic version of a Percocet pain reliever (made by Endo Pharmaceuticals [ENDP]) and today the FDA has given WPI approval for a generic Glucotrol. Which will cut in on Pfizer's (PFE) Glucotrol sales, which can help treat hyperglycemia and type 2 diabetes.

  Linda Piazza   9/9/2003,  9:52:16 AM
I was just about to type that the OEX climb off its lows looked like a typical bear flag when it broke to the downside. The OEX did not retrace even the typical 38.2%. It's once again challenging its 30-minute 21-pma.

  James Brown   9/9/2003,  9:51:39 AM
We're very happy to have you back, Jeff.

  Linda Piazza   9/9/2003,  9:46:13 AM
A 38.2% retracement of the first five-minute OEX range lies at about 516.72. The OEX has not yet been able to retrace even that minimal amount, but it's climbing as I type and may make an attempt. A failure to retrace even that amount would confirm weakness. A move above the 50% retracement at 516.94 would indicate less weakness that the first decline indicated.

  Linda Piazza   9/9/2003,  9:40:27 AM
The OEX now challenges its 30-minute 21-pma, now at 515.64. This is an appropriate place for the first reversal attempt this morning. If there is one, we'll be watching the 50% retracement of the first five-minute range, to see if the OEX climbs that far and how it behaves near that level.

  Linda Piazza   9/9/2003,  9:36:56 AM
The first five-minutes of OEX trading spanned a larger-than-normal range, so we'll be watching the retracement levels as benchmarks of early trading. The 50% retracement of that first five-minute range lies at 516.94. Yesterday, we were watching an ascending regression channel on the five-minute OEX chart. The OEX violated that channel this morning, of course, and the 50% retracement of the first five-minute range crosses at the bottom of that violated channel.

  Linda Piazza   9/9/2003,  9:32:41 AM
Welcome back from me, too, Jeff.

  Linda Piazza   9/9/2003,  9:31:04 AM
The OEX drops fast this morning. The 30-minute 21-dma is just below at 515.64. Let's see if it halts the descent.

  Jeff Bailey   9/9/2003,  9:29:33 AM
Thanks Jane and those that sent me e-mail while I was gone. I'm getting caught up the bullish % data and NH/NL. I see the S&P 500 Bullish % ($BPSPX) reversed back up into "bull confirmed" status while I was gone. Looks like the banks found some bidders last week too.

  Jane Fox   9/9/2003,  9:22:03 AM
Welcome back Jeff.

  Jeff Bailey   9/9/2003,  9:21:01 AM
Thanks Jonathan and it is good to be back. Trying to get caught up on all that happened. Looks like the bulls didn't take last week off and bears didn't get their "just wait until everyone returns after Labor Day" negative trade.

  Jeff Bailey   9/9/2003,  9:16:01 AM
09:00 Update posted at this Link

  Linda Piazza   9/9/2003,  7:11:25 AM
Good morning. Morgan Stanley recommended that investors buy more of Japan's equities, and investors took the recommendation to heart. The Nikkei opened more than 80 points higher than Monday's close and started climbing. It closed up at a new 52-week high, up 238.28 points or 2.23%, at 10,922.04. One news source also reports that Lehman upgraded to overweight its rating of Japan.

In addition to gains in the U.S. market and those upgrades, the August Tokyo index of consumer confidence released yesterday showed an increase of 1.8 points to 43.7. The August diffusion index of current economic conditions rose 1.5 points to 46.4. Also, some expect the government to upgrade its growth estimates for the quarter that ended in June, perhaps as soon as tomorrow.

Other Asian bourses were mixed. Singapore has confirmed its first new SARS case in several months. As I've mentioned in the Monitor, I haven't understood why companies and analysts have responded as if the SARS threat were over since the original reports of the disease mentioned that it might subside during the summer months and recur during flu season. Singapore's Straits Times closed down 2.60%. The Taiwan Weighted closed down 0.81%. South Korea's Kospi gained 0.95%. Hong Kong's Hang Seng fell 1.06%, and China's Shanghai Composite lost 0.40%.

Most European bourses currently trade down. In addition to the confirmation of the first new SARS case in several months, other events impacted European trading. The Eurozone economy contracted 0.1% in Q2, as expected; Nokia's outlook on Q3 sales expectations disappointed even though the company raised its outlook for Q3 EPS based on strong operating margins for mobile phones; and the Frankfurt car show opened, bringing with it updates from car manufacturers on their outlooks.

As of this writing, the FTSE 100 trades down 22.90 points or 0.53%, at 4269.20. The CAC 40 has lost 19.09 points or 0.56%, to trade at 3390.63. The DAX trades down 23.14 points or 0.64%, to 3618.39.

  OI Technical Staff   9/8/2003,  1:12:33 AM
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