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  Jeff Bailey   3/15/200,  6:17:21 PM
Pivot Matrix for Tuesday at this Link

 
 
  Jim Brown   3/15/200,  5:33:19 PM
MMM - Guidance update - 3M up +2 in after hours after raising guidance to a profit of 86-88 cents from prior estimates of 80-82 cents. Should help the Dow at the open.

 
 
  Jeff Bailey   3/15/200,  4:47:41 PM
Closing Internals at this Link

 
 
  Jeff Bailey   3/15/200,  3:59:26 PM
Semiconductor Index (SOX.X) 472.48 -2.6% ... below last week's lows of 473.62. Friday's closing reading from Dorsey/Wright and Associates had their Semiconductor Bullish % (BPSEMI) falling to 43.51%, which was below the December low reading of 54%.

 
 
  Jeff Bailey   3/15/200,  3:53:55 PM
Bank of America (BAC) $79.55 -0.95% ... Announces mutual fund settlement with New York Attorney General.

BAC, which is currently acquiring FleetBoston Financial (FBF) $44.10 agreed to pay $675 million to settle regulatory charges.

BAC agreed to pay $125 million in fines and $250 million to reimburse investors, while FBF agreed to pay $70 million in fines and $70 million in restitution. BAC also agreed to pay $160 million over the next 5-years.

 
 
  Jeff Bailey   3/15/200,  3:35:31 PM
Swing trade short alert ... QQQ $34.90 here, stop $35.10, target $33.75.

Going to use a tight stop on QQQ as I don't want to take too much risk on some type of expiration move higher. While today's trade bucks historical trend of INDU showing a gain 7 of last 8 Monday's before Triple Witching (2003 and prior), markets have shown historical bullishness day before St. Patrick's Day (tomorrow) and St. Patrick's Day (Wednesday).

 
 
  Jeff Bailey   3/15/200,  3:07:23 PM
03:00 Internals at this Link

 
 
  James Brown   3/15/200,  2:46:26 PM
Keep an eye on Lehman Brothers (LEH). The weakness in the XBD is showing up in LEH, which has pulled back toward its support at the simple 50-dma. Today's low also coincides with support near the $84.00 level. LEH is due to report earnings tomorrow morning before the opening bell. Estimates are for $1.66 a share.

Big brokers like LEH have been crushing the estimates lately but we've also been seeing some strong sell-the-news reactions to their earnings reports. It will be interesting to see if LEH sells off even though the stock is already down $5 from its recent high.

 
 
  James Brown   3/15/200,  2:39:06 PM
American Standard Cos (ASD) was on our watch list this weekend and the stock is ignoring the market weakness with a 1.24% follow through on Friday's reversal. The move back above the $110 mark is encouraging.

Remember that ASD has a 3-for-1 split pending shareholder approval at its May 4th annual meeting.

 
 
  Jeff Bailey   3/15/200,  2:37:41 PM
Sell Prog. Premium

 
 
  James Brown   3/15/200,  2:36:20 PM
Aggressive bulls can still keep an eye on Phelps Dodge (PD). The rally in copper has bolstered PD's support and the stock is producing another higher-low at its rising 50-dma near the $80 mark. This could be an aggressive entry point with a tight stop.

 
 
  James Brown   3/15/200,  2:33:59 PM
Holy Cow! The bears have sunk to beating on Art Cashin. That's quite the black eye (he's on CNBC now).

 
 
  Jeff Bailey   3/15/200,  2:23:28 PM
Sell Program Prem.

 
 
  James Brown   3/15/200,  2:21:04 PM
We're finally starting to see some momentum in the CHIR put play. The stock is down another 1.84% to $46.89 today.

 
 
  James Brown   3/15/200,  2:19:30 PM
Lexmark Intl (LXK) is ignoring the weakness in the hardware sector and powering higher to breakout over resistance in the $86.25-86.75 range. This is a new 3 1/2 year high for the stock. Technicals are certainly bullish.

 
 
  James Brown   3/15/200,  2:15:52 PM
Afternoon Sector Update

Winners:
OSX oil services: +1.19%
XNG natural gas: +0.64%
HMO healthcare: +0.64%

Noteworthy is the 2.9% jump in Copper futures to $1.347 a pound.

(biggest) Losers:
XAL airlines index: -6.02%
NWX Networking index: -2.44%
GSO software index: -2.27%
DDX Disk drives: -2.15%
GHA hardware index: -2.08%
SOX semiconductors: -2.01%

XBD broker-dealers: -2.14%
BTK biotech index: -1.65%
IUX Insurance index: -1.57%

 
 
  James Brown   3/15/200,  2:12:52 PM
Networking stocks are some of today's biggest losers. The NWX.X is down 2.48% due to the 14.9% drop in Nortel Networks (NT). Jeff mentioned earlier that NT had placed its CFO and Controller on leave pending a review of their financial statements.

This is impacting our new call in Juniper Networks (JNPR). Last week JNPR had been out performing the markets and broke out above its $25 level and its simple 50-dma on top of breaking the descending trendline of lower highs. Today's 2.6% decline for JNPR puts it back under the 50-dma.

 
 
  Jeff Bailey   3/15/200,  2:11:24 PM
02:00 Internals at this Link

 
 
  James Brown   3/15/200,  2:08:25 PM
Anthem (ATH), another insurance play on our call list, is doing well, up 1.39%, and challenging resistance at the $90.00 level.

 
 
  Jim Brown   3/15/200,  2:08:06 PM
US Treasury Dept saying they have not made any changes to the dollar policy.

 
 
  James Brown   3/15/200,  2:07:24 PM
Wow! Bulls are stampeding in our current OI call play AET. Raymond James reiterated its "market perform" outlook this morning but nobody is listening. The stock is up another 3% (to $86.92) on top of Friday's gain. Short-term traders should be planning their exits and or ratcheting up their stops pretty tightly. AET is quickly approaching its P&F bullish target near $89.00.

 
 
  James Brown   3/15/200,  2:02:28 PM
Heads up for the bears! Shares of Deluxe Corp (DLX) are approaching support on both its daily and weekly chart. A breakdown here could get ugly. View the chart: Link

 
 
  Jeff Bailey   3/15/200,  1:19:34 PM
Sell Prog. Prem.

 
 
  Jeff Bailey   3/15/200,  1:09:26 PM
10-year YIELD ($TNX.X) 3.777% +1.7 basis points. See Jonathan's 13:03:28. Jumped from 3.75% YIELD on that news, just when the "buy program" for SPX was witnessed.

 
 
  Jeff Bailey   3/15/200,  12:56:44 PM
Buy Prog. Prem. ... first of the day. Have seen 3 sell prog. premiums.

 
 
  Jeff Bailey   3/15/200,  12:40:57 PM
S&P Banks Index (BIX.X) 346.70 -1.12% .... bar chart with new WEEKLY Pivot retracement at this Link

Really gives look that major indices vulnerable near-term to WEEKLY S1s.

 
 
  Jeff Bailey   3/15/200,  12:29:58 PM
S&P 100 Index (OEX.X) Chart with new WEEKLY pivot retracement at this Link

 
 
  Jane Fox   3/15/200,  12:26:54 PM
Best of luck to you and your daughter Linda.

 
 
  Linda Piazza   3/15/200,  12:26:06 PM
My daughter has called with the happy news that I'll be a grandmother for the third time sometime in the next twenty-four hours. I'm off to Houston, and will return when mother and baby are well and new big sister can spare me. I'm wishing all of you well trading in this precarious week. Be careful as we have all mentioned multiple opportunities for whipsawed trades. For those considering swing-type trades on the S&P's, perhaps turn to Jim's momentum trades on the Futures side for guidance.

 
 
  Linda Piazza   3/15/200,  12:08:26 PM
Those who might have entered a bearish play on the OEX based on a breakdown below the "b" distribution pattern should now have set a stop based on that breakdown, perhaps an appropriate distance above the 100-dma, currently at 543.95, with that distance determined by your trading style. Be aware of the 541-542 downside target predicted by the double-top formation, and the possibility of a bounce beginning at that level, especially with markets so oversold and with trading likely to be choppy this week. On the weekly chart, however, there's not much support before 527-530, but 540-542 did offer some minimal support. We saw a lot of breakdowns out of these formations over the last months, only to have that breakdown be a trap, as I indicated in a previous post, so be prepared for that possibility today, too.

 
 
  Jeff Bailey   3/15/200,  12:06:11 PM
12:00 Internals at this Link

 
 
  Jane Fox   3/15/200,  12:04:05 PM
Dateline CNN Martha Stewart resigns from board and as chief creative officer of company she founded.

 
 
  Linda Piazza   3/15/200,  11:56:02 AM
The OEX dropped below Thursday's low. It's now-or-never time for the OEX. Either it climbs or it's breaking below that "b" distribution pattern on the daily chart. I would have expected a couple of more days of consolidation before a breakdown out of that pattern, so this could be a false breakdown. Any considering a playing such a breakdown should be prepared to exit if the OEX begins a bounce.

 
 
  Jeff Bailey   3/15/200,  11:53:41 AM
Cancel day trade short entry alert .... Cancel QQQ day trade short entry of $35.30. Never did get the "bounce" and trading $35.00 here.

 
 
  Jeff Bailey   3/15/200,  11:52:04 AM
Service Corp. (SRV) $7.05 +7.3% ... worlds largest provider of death-care facilities reported Q4 (December) EPS of $0.10, which was 4-cents better than consensus. SRV said revenues rose 2.7% year-over-year to $602.3 million.

Company also raised guidance for fiscal 2004 saying it now sees EPS between $0.42 and $0.50 (ex-items), which is well above consensus of $0.36 per share.

 
 
  Jeff Bailey   3/15/200,  11:44:44 AM
Forest Labs (FRX) $71.19 +0.49% ... Lehman raised it rating to "overweight" from "equal-weight" and price target to $83 from $60 based on its belief that stock's valuation is more attractive after Friday's unwarranted weakness, significantly increased confidence in commercial outlook for Alzheimer's drug Namenda, dut to robust prescription trends and the firm's higher calendar year 2004 EPS estimates of $2.18 (vs. prior $2.13 est.) and calendar year 2005 EPS of $2.75.

 
 
  Linda Piazza   3/15/200,  11:15:59 AM
The OEX is holding just above its 100-dma and just above Thursday's low. Which will it do: bounce or break through the bottom of the bearish "b" distribution pattern? That's not clear yet, but it's still grossly oversold across many intraday chart intervals, so the danger of a bounce remains within the context of a bearish intermediate-term outlook. The TRIN and advdec patterns sure aren't predicting a bounce, however, so what's oversold may become even more oversold.

 
 
  Jeff Bailey   3/15/200,  11:06:01 AM
11:00 Internals at this Link

 
 
  Linda Piazza   3/15/200,  11:03:24 AM
The OEX is reaching a possible double-bottom level on its 60-minute chart. If a trader believes that the OEX will hold within the bulb portion of its "b" distribution pattern until the conclusion of the FOMC meeting, then this is a possible place to buy support, but you wouldn't catch me doing that from within a possible bearish formation, even if we saw one after another of these break to the upside last year. Unfortunately, OEX traders can't be as nimble as those on the Futures side of the monitor, so playing a countertrend play is risky in the best of conditions, and nothing about this week constitutes the best of conditions. However, breaks out of that "b" formation give traders willing to buck the uncertainties of an opex and FOMC week some clear parameters for deciding where bullish and bearish entries should be. Those traders should be aware of the possibility for false breaks and the possibility of being quickly whipsawed, and should set stops to be taken out quickly if that should happen.

 
 
  Jeff Bailey   3/15/200,  10:57:12 AM
Day trade short alert ... QQQ $35.10 -1.17% .... looking to short a bounce back at $35.30, stop $35.44, target $34.95.

 
 
  Linda Piazza   3/15/200,  10:51:08 AM
The OEX is in danger of breaking through the "b" distribution pattern on its daily chart. This should be a clear bearish signal if it should occur. Those who consider taking this signal should be aware of other possibilities, however. Last year's behavior was odd, but several such formations set up and broke to the downside long enough to trap bearish players who then watched as prices zoomed up. This time, there's one difference, however, and that's in the price's relationship to the 72- and 78-ema's (with me watching the 72-ema and Jim the 78-ema). Here's a chart: Link If a downside break occurs this time, should we trust it? Those who decide to play a downside break should base their exits on a point at which that downside break will be refuted and on their own trading styles. Be aware that this week's action is likely to be choppy. I wouldn't be surprised to see a false break or two out of various formations, but with efforts being made to hold the OEX as steady as possible ahead of the conclusion of the FOMC meeting. That would fit with an extension of the bulb portion of the possible "b" formation.

Over the last several weeks, I wondered if some instances in which we saw bearish formations break to the downside last year, only to see the OEX (and other indices) turn around seemingly in mid-air and head up again, might have been prompted by support being found on a "hidden" average. Is the chart above a suggestion that might indeed have been happening? Intriguing, isn't it?

 
 
  Jeff Bailey   3/15/200,  10:37:03 AM
Dow Industrials (INDU) chart with new WEEKLY pivot retracement at this Link

 
 
  Jeff Bailey   3/15/200,  10:19:20 AM
QQQ Chart with new WEEKLY Pivot retracement at this Link

 
 
  Linda Piazza   3/15/200,  10:18:09 AM
On a five-minute Keltner chart, the OEX shows possible bullish divergence building, but the channels haven't yet begun slanting higher again. Keltner channels show nearest support from 546.24-546.43 and nearest resistance at 547.21. It's still a mixed picture.

 
 
  Linda Piazza   3/15/200,  10:14:23 AM
The TRAN is lower this morning, turning down below the 10-dma again. Daily indicators prove mixed, however, so it's still possible that the current pattern on the daily chart is a bear flag rise into resistance. It's also possible that it's something different and that the TRAN will break through the descending trendline that has formed from the last two swing highs, but so far, the bearish interpretation gains.

 
 
  Jeff Bailey   3/15/200,  10:12:08 AM
10:00 Internals at this Link

Friday's Internals at this Link

 
 
  Linda Piazza   3/15/200,  10:07:09 AM
The bulb of that possible "b" distribution pattern I mentioned in my 9:57 post, the one visible on the daily chart, is forming roughly between the 72-ema and the 100-dma, with the 72-ema (at 551.20 but descending) as resistance and the 100-dma (at 543.99) as support. As a reminder, the 72-ema is an average that appeared to have some relevance on some charts last year.

 
 
  Linda Piazza   3/15/200,  9:57:14 AM
Depending on what happens from here on out on today's OEX candle, the OEX is building on the possibility that the formation seen on its daily chart is a "b" distribution pattern, with the steep fall constituting the stem of the "b" and the current rectangular consolidation band from about 543.50 to 550 forming the bulb of the "b." If that's what it is, that's ominous, because it would set up a possible downside target far below the 541-542 projected by the double-top formation. Because these formations tend to occur at about the midpoint of a drop, a break of this formation would set up a downside project somewhere between 517-520. With weekly mid-channel support on the Keltner's currently at 525.89, that would set up a test of the mid-channel support on the weekly chart.

Over the last couple of weeks, I've posted some charts showing possible bearish divergence on those weekly OEX Keltner charts, with the OEX week-before-last testing Keltner resistance that hadn't been tested since March, 2000, but with Keltner channels aligned so as to show that bearish divergence from the previous test. Those weekly channels show likely first support in the 541.85 level, however, just at the level indicated as the downside target by the recent double-top on the Keltners.

I think we have to see what happens after that test, if it should occur. If that level holds and the channels can turn up again, matters might not look so ominous. As we all know after last year, bearish divergence sometimes results when indicators can't keep up with a steep price rise. They sometimes catch up later. Those "b" distribution patterns sometimes reform into bear flags that sometimes break to the upside rather than the downside. Bearishness can be defused by sideways consolidation as well as by a fall. I'm not predicting that the possible bearishness will result in a decline, but only warning to look at all possibilities. Other charts look much rosier.

 
 
  Jeff Bailey   3/15/200,  9:50:12 AM
S&P 500 Index (SPX.X) 1,115.99 -0.4% ... with new WEEKLY retracement overlay at this Link

 
 
  Jonathan Levinson   3/15/200,  9:49:58 AM
A 3.5B overnight repo has just been announced with no expiries for a net addition in that amount.

 
 
  Jonathan Levinson   3/15/200,  9:46:41 AM
Maximum pain option values for March: QQQ 36, SPX 1125, OEX 555, DJX 104, DIA 105.

 
 
  Linda Piazza   3/15/200,  9:41:32 AM
The OEX certainly answered the question about whether that close just above the mid-channel Keltner resistance could hold, didn't it? This is why I didn't entirely trust that close just above that level. During the first five minutes of trade, the OEX spanned a range from 549.92 to 547.97. Perhaps maddeningly, however, I'm also going to say that I don't entirely trust the slide just yet, either, not until we get past the early volatility. I'm not sure that enough oversold pressure has been released, and there are all those other factors to weigh, too.

 
 
  Linda Piazza   3/15/200,  9:37:44 AM
Reader Question: What are the odds of Sepracor filling the gap up?

Response: First, I'm unfortunately not able to answer questions via individual email due to SEC regulations, but can answer in more general terms here in the MM, especially as this stock's behavior might be useful for all of us to watch.

That is a big gap, isn't it? We usually expect such gaps to be tested, but any shorts holding onto that hope when RIMM gapped up in late December are still waiting for that gap fill. The trouble with such a large gap is that it skews the indicators, even on daily charts, so that we can't get much information from them.

Here's what I notice. An examination of the daily chart shows that when SEPR gapped higher, it gapped above $31.40 resistance on the weekly chart. SEPR had already completed a cup-and-handle formation in August of last year on the weekly chart, but then afterwards had come back to test the lip level near $24-25 again, building a solid base at that level. Those factors may point to strength and part of the reason that SEPR hasn't yet come back to test its gap. However, the subsequent climb brought SEPR up under the $46-49.00 resistance visible on the weekly and monthly chart, and it paused there at the end of last week. The climb also met SEPR's upside $42.00 P&F target.

An examination of both the weekly and the monthly charts shows a possibility that SEPR could be forming a giant inverse H&S with a neckline near $60.00 if it's to be a horizontal neckline and lower if it's to be a descending trendline. The trouble is that, until SEPR begins a pullback into the right shoulder, we won't know where that neckline will lie, so I could see SEPR climbing straight from Friday's ending level at $46.63 to $60.00 or turning back at any time to begin forming a potential inverse H&S right shoulder with a right shoulder in the $26.00-28.00 level, near the bottom of that gap. This isn't much help, but with skewed daily indicators, that's about all the help that I can offer. I don't have a strong feel for this, except that I would expect a pullback sometime between now and $60.00, and that the pullback could perhaps test the top, middle, or bottom of the gap as SEPR completed that inverse H&S. This morning's open below Friday's close sets up the possibility that the formation on the weekly chart could be a sloppy evening-star formation, a potential reversal pattern, but until and unless SEPR retraces more than 50% of week-before-last's tall white candle, the action remains bullish.

 
 
  Jeff Bailey   3/15/200,  9:28:51 AM
Nortel Networks (NT) $6.43 .... trading lower at $6.05 after the company said its CFO Douglas Beatty and Controller Michael Gollogly have been placed on paid leave of absence pending an independent review.

 
 
  Jeff Bailey   3/15/200,  9:19:39 AM
09:00 Update at this Link

 
 
  Jim Brown   3/15/200,  9:14:04 AM
Industrial Production = 0.7%, capacity utilization 76% (est +0.3%, last +0.8%) - The prior month was revised down.

 
 
  Linda Piazza   3/15/200,  9:00:20 AM
Friday began the OEX bounce that had appeared more than 24 hours overdue, according to the long-oversold conditions depicted on the OEX's intraday charts. Weekly and monthly charts are another matter, with tentative bearish signals being given last week, but our first attention should go to whether the bounce will continue and how far it might continue. This is an opex week that also features an FOMC meeting, so my answer must be that almost anything can happen, but let's look at what's likely to happen. Friday, the OEX closed just above central Keltner channel support/resistance, but just below next Keltner resistance near 550. In my opinion, that throws into question the clearing of the mid-channel resistance, and I think we have to see what happens this morning before we know for sure if the OEX can clear that resistance. Futures have gone from positive when I first watched them in the wee hours of this morning to negative as I type and could well take another round trip before the market opens. The OEX has a downside target in place of 541-542, from the double-top formation, and, as Leigh pointed out this weekend, that's also an important 50% retracement level of the late-November-to-January climb, so we always have to consider that the OEX has downside vulnerability to that level. A fall below 548.50 would break the uptrend line established on Friday and would confirm a fall below the mid-channel support on the Keltner channel, but I'm not sure that Friday did enough to release the oversold pressure. I'd want to see how the TRIN and other volume patterns behave before deciding about the likelihood that a bounce might interrupt any effort to reach that 542 downside target.

If the OEX can open higher than 550 or soon climb above it and sustain that level in the first pullback, it might be setting up for a move toward the top Keltner channel boundary, currently at 553.66. This is just below historical resistance at 553.80-554, and it's also at the location of a potential inverse H&S (visible on the 30-minute chart) neckline that could set up with a neckline in that 554 area. This possibility is supported by the bullish price/MACD divergence that set up on some indicators on Thursday afternoon's lower low, but that divergence didn't show up on all oscillators, so its evidence is iffy at best. A move above 554 would see next strongest resistance at 557, with resistance then layering fairly thickly all the way up to 562, and then beginning again from 563-563.50. We can point to possible resistance in fairly close increments from the 557-562 range, so I would certainly expect a slowdown in gains if that level is approached, if not a reversal, but again I warn that this is opex week. In fact, as I review this post prior to uploading it, the signs scream, "Danger, danger!" Heightened fear of terrorists, countries withdrawing their support of the U.S., renewed fears about economic growth, opex activity, and Fed watch: this could be a week that's more difficult to trade. Be careful.

 
 
  Jonathan Levinson   3/15/200,  8:31:42 AM
8:30am MARCH EMPIRE STATE INDEX 25.3 VS 42.1 IN FEB

 
 
  Jonathan Levinson   3/15/200,  8:15:14 AM
There are a few economic reports due today, but I'm confident that there will be no significant surprises in them- if there will, then presumably the government simply won't release them, as it has chosen to do with the key Producer Price Index. Imagine if a public company simply refused to release a 10Q, citing "accounting changes", then computer hardware issues, etc. OK- off my soapbox.

The NY Empire State Index for March is due at 8:30, est. 38.9. A 9:15 we get Industrial Production for Feb., est. .4%, and Capacity utilization, est. 76.4%.

 
 
  Linda Piazza   3/15/200,  7:05:56 AM
Good morning. The Nikkei gapped up in Monday's trading, soon moving above the 11,300 first resistance and looking as if it were on its way to forming an abandoned-baby bullish reversal pattern. (With this pattern, a downtrend concludes with a red candle [Thursday's], a doji that gaps on the next day [Friday's], followed by a third day in which the market gaps up and creates a white candle without any overlapping shadows.) Monday's trade ended with a near-doji of its own, however, with the Nikkei closing near its opening, not completing the pattern in the classic way and throwing the conclusion into some doubt. The Nikkei did, however, close up 155.15 points or 1.39%, at 11,317.90. On the economic front this week, February sales at department stores in Tokyo rose 0.3% from the year-ago period, the first gain in more than two years. The Bank of Japan also began a two-day meeting, but is not expected to have changed its policy when it makes its announcement tomorrow.

Automakers, tech, and banking sectors were among sectors gaining in the early broad-based rise, with banks climbing strongly. By the end of the day, automakers had retained their gains, techs were mixed, and banks had soared. Insurers had joined the banking sector in making strong gains. Steel makers rose. News driving sector gains included information that a Japanese/Mexican free trade agreement would help Japanese automakers enter the Mexican car market, as well as news that Mexico would end tariffs on those Japanese steel goods employed in the manufacture of automobiles and home electrical appliances. News driving specific stock gains included retailer Ito-Yokado's reported plans to open a supermarket in Beijing within the next two years, with the retailer closing higher by more than 6%.

Other Asian bourses turned in mixed performances. The Taiwan Weighted lost 2.42%, but South Korea's Kospi gained 0.41%. Singapore's Straits Times gained 0.17%, but Hong Kong's Hang Seng lost 0.10%. China's Shanghai Composite posted strong gains again, climbing 2.45%.

European bourses mostly trade lower, however, weighed down by the possible connection now made between Spain's terrorist attack and al-Qaeda, a change in parties in Spain as voters ousted the party that had sent troops into Iraq, and the drop of the dollar against the euro as the impact of these two developments hits. Heightening terrorist concerns were reports (that I've not been able to confirm through other sources as yet) that Pakistani police located explosives near a U.S. consulate and that Greek police located a bomb outside an Athens branch of Citibank. The newly elected Prime Minister of Spain has announced his intention of pulling Spanish troops out of Iraq by July.

Some automakers, including DaimlerChrysler and Volvo, dropped in early trading as many companies dependent on sales in the U.S. were seeing their stocks lower today. In addition, many stocks react to specific news, including French defense group Thales, gaining in early trading after reporting earnings; drugmaker Altana, gaining in early trading after announcing the results of testing of its smoker's lung drug; Lagardere, reversing an earlier gain after reporting its earnings; and European travel operator Tui, slipping lower even though it announced that the terrorist attack in Spain has not hurt its bookings. STMicroelectronics' CEO will name his successor, a media report claims, with STM's stock declining slightly. In London, a newspaper reported that BAE Systems would not compete with General Dynamics for Alvis, and BAE Systems climbed. Another newspaper focused on Shell Trading and Transport, a company under scrutiny by the SEC and perhaps also by British regulators after the company's surprise January downgrade of reserves. The newspaper reported that the company might hire former SEC chair Harvey Pitt as a consultant.

As of this writing, the FTSE 100 has fallen 22.40 points or 0.50%, to 4445.00. The CAC 40 has fallen 38.94 points or 1.06%, to 3622.84. The DAX has fallen 56.13 points or 1.43%, to 3859.25.

 
 
  Jeff Bailey   3/14/200,  6:21:09 PM
Pivot Matrix for Monday at this Link

 
 
  OI Technical Staff   3/14/200,  6:20:54 PM
The Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in many cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

 
 

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