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  Jeff Bailey   4/22/200,  8:52:40 PM
Treasury Secretary Snow's Bond Market Association speech at this Link

 
 
  Jeff Bailey   4/22/200,  7:39:37 PM
Pivot Matrix for tomorrow at this Link

 
 
  Jeff Bailey   4/22/200,  5:26:58 PM
Closing Internals at this Link

 
 
  Jeff Bailey   4/22/200,  4:24:21 PM
Microsoft (MSFT) $25.93 +1.88% ... $26.75 in after-hours . Software HOLDRs (AMEX:SWH) $36.33 +2.3% Link ... not seeing any after-hours trade.

QQQ $36.92 +2.58% ... ticking by at $37.16.

PeopleSoft (PSFT) $18.89 +4.01% ... gives back today's gain in extended hours.... lower at $18.19.

 
 
  Jeff Bailey   4/22/200,  4:06:25 PM
Taser (TASR) $77.12 -7.91% ... finished back below our "zone" of $77.80-$78.38.

 
 
  Jeff Bailey   4/22/200,  4:04:43 PM
Analog Devices (ADI) $46.21 +0.45% ... will close out for day trade long, but those that may have held overnight, I'd keep normal session stop at $45.85.

 
 
  Jim Brown   4/22/200,  4:01:39 PM
Earnings After the Close - Reduced List:

ACF est = +0.28, actual = +0.40 **
CLS est = -0.03, actual = -0.02
ELX est = +0.25, actual = +0.25
GLW est = +0.05, actual = +0.08 raised guidance
PKI est = +0.13, actual = +0.14
PVN est = +0.19, actual = +0.35 **
RHI est = +0.06, actual = +0.09
SFA est = +0.30, actual = +0.35 **
UHS est = +0.66, actual = +0.74
WDC est = +0.21, actual = +0.22
ADVS est = -0.01, actual = -0.03
ABTL est = +0.07, actual = +0.05
AMGN est = +0.56, actual = +0.57
AMZN est = +0.19, actual = +0.23
BORL est = +0.05, actual = +0.06
BRCM est = +0.27, actual = +0.29 raising guidance
BRKS est = +0.13, actual = +0.15
CHRT est = -0.02, actual = +0.01
CHRD est = +0.02, actual = +0.02
CCUR est = +0.00, actual = +0.00
DGIN est = +0.14, actual = +0.15
GILD est = +0.34, actual = +0.43 **
HLIT est = -0.01, actual = +0.00
HTCH est = +0.31, actual = +0.33
IDTI est = +0.06, actual = +0.07
ISSI est = +0.05, actual = +0.10
INVN est = +0.23, actual = +0.25
MCHP est = +0.20, actual = +0.22
MENT est = +0.06, actual = +0.07
MERQ est = +0.22, actual = +0.24
MSFT est = +0.28, actual = +0.34 **
MCRL est = +0.05, actual = +0.05
MSCC est = +0.06, actual = +0.07
MDCC est = +0.09, actual = +0.10
NSIT est = +0.27, actual = +0.28
OSTK est = -0.17, actual = -0.14
PLCM est = +0.11, actual = +0.13
PSFT est = +0.18, actual = +0.17
RSAS est = +0.09, actual = +0.10
SIAL est = +0.78, actual = +0.89
TKLC est = +0.08, actual = +0.12
TQNT est = -0.01, actual = +0.00
VRSN est = +0.13, actual = +0.14
VTSS est = +0.01, actual = +0.01
WGRD est = -0.06, actual = -0.04
XLNX est = +0.25, actual = +0.36 guiding higher
YELL est = +0.33, actual = +0.38

 
 
  Jeff Bailey   4/22/200,  4:00:01 PM
GSO.X ... Link ... Reverse head/shoulder-looking pattern.

MSFT earnings lay in the balance is my thinking.

 
 
  Linda Piazza   4/22/200,  3:52:46 PM
Time to look at the OEX daily chart. What does that show? It shows a tall white candle moving up to resistance, within the possible bull flag or possible broadening formation. In other words, it doesn't show anything that hasn't been shown since the formation first began developing in early April. The last two day's actions have hooked the RSI up again with the context of a generally descending pattern, but with the RSI near the neutral 50 level. MACD lines braid themselves together at the signal line with the histogram slightly negative. The 21(3)3 stochastics still turn down, but in the kind of shallow angle that always warns me that it might just turn right back up again.

 
 
  James Brown   4/22/200,  3:49:56 PM
Bulls can keep an eye on PCAR. The stock is up 4.7% and just under major resistance at $60.00. Earnings are expected on April 27th.

 
 
  Linda Piazza   4/22/200,  3:44:55 PM
I haven't previously mentioned today's IPO, SIRF or Sirf Technology, a company making semiconductor and software products, but it's traded all day within the neutral range as set up by Jeff's 5MRT system. No bullish or bearish trade was triggered, so there was no trade to follow. I've seen this happen quite a bit with these IPO's lately.

 
 
  Jeff Bailey   4/22/200,  3:42:41 PM
Taser Intl. (TASR) $78.00 -6.74% ... moves back up into our "zone" ... bulls defending now?

 
 
  James Brown   4/22/200,  3:42:27 PM
YHOO is up 5.25% to a new multi-year high at $57.41. Aggressive traders could go long with this break above resistance at $56.50 but I'd be pretty cautious with my stops.

 
 
  Linda Piazza   4/22/200,  3:41:04 PM
I'm still watching the advdec line, still suspicious of the downturn since that advdec line hasn't done much more than flatten. It's been generally sloping down over the last hour, though, so I'm watching to see if a sell program or general profit-taking mood might impact it more strongly and corroborate the pullback we saw in some indices.

 
 
  Jeff Bailey   4/22/200,  3:39:10 PM
C'mon ADI! Rally to the close! I command you! $46.08 +0.19% ... (you piggy)...

Sometimes if I talk bad about a trade, it performs better.

 
 
  James Brown   4/22/200,  3:37:04 PM
MSFT still trading at its high for the day (+1.53% $25.84) above its simple 50-dma as investors wait for its earnings report out after the close.

 
 
  Jim Brown   4/22/200,  3:36:52 PM
Speech by Governor Ben S. Bernanke
The economic outlook and monetary policy Link

 
 
  Linda Piazza   4/22/200,  3:36:15 PM
On the OEX, the five-minute Keltner chart shows mid-channel support now at 552.68 and still rising toward the various grouped 100/130-pma's across several time interval charts.

 
 
  Linda Piazza   4/22/200,  3:33:53 PM
What if you're in a bullish position as the day draws to a close, with so many of the indices jammed right up underneath make-or-break levels? If the indices continue diving now, having hit those resistance levels, the decision might not be so difficult and might be taken out of your hands as stops are hit. (You DO have stops set, right?) What should you do if the descent stops and indices head up under that resistance again? Over the last couple of weeks, we've talked about some of the choices available to protect profits if in options plays, including selling the entire position and being happy with the proceeds, selling the entire position and using only a portion of the profits to roll up into a higher strike, selling a portion of the position and letting the rest run, or various methods of creating a spread out of the position, locking in a portion of the profits. As I mentioned yesterday, the pros and cons of these choices are too diverse to discuss here, but McMillan's book offers much help in follow-up positions.

 
 
  James Brown   4/22/200,  3:32:15 PM
Another bullish watch list candidate...Potlatch Corp (PCH) is up 6% to $41.07 and breaking out over the $40.00 level and its 40 & 50-dma's. Its MACD just produced a new buy signal. The next level of resistance is $43.65.

 
 
  Jim Brown   4/22/200,  3:30:43 PM
Bernanke making comments - Fed policy is in a transition phase.

 
 
  Jeff Bailey   4/22/200,  3:24:26 PM
Swing trade TASR put option profit alert ... May $70 puts (QURQN) $7.00.

Can't sell them all here. Going to take 1/2 off the table, let the other half ride overnight.

Will lower stop on other 1/2 position to $4.30, yesterday's break-even. Should start to see some premium build.

 
 
  Linda Piazza   4/22/200,  3:23:37 PM
On the Russell 2000, it's possible to draw several versions of the descending trendline off the April 5 high. The April 8 spike left a 60-minute shadow that seems out of proportion to the other candles. I've drawn a best-fit descending trendline instead, and the last hour, the Russell 2000 has climbed up to test that trendline at about 592, climbing over it during the last hour, but now descending to test it again.

 
 
  Jeff Bailey   4/22/200,  3:23:19 PM
Disk Drives (DDX.X) 118.84 -0.35% ... edges below mid-session support of $119.00.

 
 
  Jeff Bailey   4/22/200,  3:22:32 PM
Sell Program Premium ...

 
 
  Jeff Bailey   4/22/200,  3:19:12 PM
Taser Intl. (TASR) $76.27 -8.5% ... cracks below Red #4.

All eyes focused on yesterday's lows.

 
 
  Linda Piazza   4/22/200,  3:18:52 PM
According to the delayed volume information offered by Yahoo!Finance, advancing issues outpace declining ones by more than 3:1 on the NYSE and by almost 2:1 on the Nasdaq. Up volume trounces down volume on both. The volume patterns, with the possible exception of total volume, support the moves up in the indices today. Here's the link for those who would like to check that information for themselves: Link Remember to refresh the page as it doesn't update automatically.

 
 
  Jeff Bailey   4/22/200,  3:17:54 PM
Day trade raise bullish stop alert ... for ADI to $45.85.

 
 
  Linda Piazza   4/22/200,  3:12:30 PM
I hoped the OEX might get as high as 554 today, but thought that was a wild hope. I never anticipated that it might rise as far as 556 to challenge the descending resistance line from early April. Because this move far exceeded what I thought likely today, something was wrong with my scenario for today. When that happens with some scenario you've built for the day's action, something is at work that you don't understand, and you should be less hesitant to jump into a play.

The OEX should be reaching a make-or-break point with the challenge of this resistance line. A breakout seems to favor James' hoped-for bull flag pullback, a theory I've given a nod to over the last few weeks, too, although the broadening shape of that pullback on intraday charts bothered me as did the fall below a 50% retracement of the flagpole rise that preceded it. A rollover here keeps alive the possibility that this has not been a bull-flag pullback and that the broadening formation might somehow be indicative of distribution.

 
 
  Jeff Bailey   4/22/200,  3:09:39 PM
Taser (TASR) $77.73 -6.97% ... works to new session low and our "zone of support." Decent volume of 256,000 on this 5-minute bar lower.

This perhaps, like no time other, becomes "the moment of truth and conviction."

 
 
  Jeff Bailey   4/22/200,  3:08:26 PM
03:00 Internals at this Link

 
 
  James Brown   4/22/200,  3:07:33 PM
Another short-term bullish trade to consider is Harman Intl. Industries (HAR). The stock is breaking out over resistance at $85.00 after two weeks of consolidating its breakout over $80.00. Earnings should be April 28th.

 
 
  James Brown   4/22/200,  3:05:53 PM
If you can handle the short timeframe a bullish trade on Varian Medical (VAR) might work. The stock is breaking out over resistance at $90.00 today, which usually paints a big target on the $100 mark. Earnings are April 28th.

 
 
  Jeff Bailey   4/22/200,  3:04:04 PM
Deleted Sell program ... QCharts' al_rt was generated, but don't see it on the Premium chart.

 
 
  James Brown   4/22/200,  3:03:00 PM
VLO, one of the few oil refiners in the U.S., is up 3.79% and currently near all-time highs (and above resistance in the 61.00 region). The stock should see buying interest as it moves to replace JHF on the S&P 500 index. VLO is due to report earnings on April 28th.

 
 
  James Brown   4/22/200,  3:00:18 PM
Another railroad on the move is CSX Corp (CSX). Shares just broke out over resistance at $30.75 and its 50-dma.

 
 
  James Brown   4/22/200,  2:59:30 PM
Biogen Idec (BIIB) is breaking out over resistance at $60.00. The company isn't due to report until April 30th.

 
 
  Linda Piazza   4/22/200,  2:55:52 PM
Reader Question: How do you calculate the equivalent numbers of the OEX, NQ, ES, etc? In other words, if you expect the oex to reach a target of 570, what is the equivalent target on these other indexes?

Response: Great question, but the answer isn't always an easy one to provide. Sometimes the indices seem to move in lock-step, all forming up into similar patterns, making it fairly easy to pinpoint those equivalent levels by studying the formations, trendlines, or historical S/R levels. Other times, the indices appear to be working at cross purposes, with perhaps the big-cap indices such as the NDX and OEX showing strength or weakness while the small-cap indices such as the Russell 2000 showing the opposite. Perhaps the tech-heavy indices might perform differently than the others. In those cases, it's not always as easy to determine analogous levels. Jim is usually great at determining those analogous levels, so you might check his articles for some levels to watch each day.

Here are a series of four charts of the two S&P's, the Dow (using the DJX as a proxy) and the Nasdaq, showing all approaching descending trendlines off important highs. Link To me, this shows all approaching analogous resistance, with that resistance at about SPX 1145, OEX 559, Dow 10,520, and Nasdaq 2062 currently. Those trendlines are descending, of course, so that resistance will descend each day, too. These matters are always open to interpretation, too. For example, on the Nasdaq, the line I'm using dates back to January, much farther back in time than on the other charts. It's possible to begin a line off the February high, as I did with the Dow, making the trendline a little less steep. Which is most valid? Time will tell.

 
 
  Jeff Bailey   4/22/200,  2:55:10 PM
TASR $79.03 -5.5% ... just sitting here under RED #3 of $79.31 and upward trend, which looks to have been broken at $79.31.

 
 
  James Brown   4/22/200,  2:54:30 PM
JetBlue Airways (JBLU) is up 13.3% to $29.14 and just under resistance at $30.00 and its 200-dma after reporting earnings this morning of 14 cents, 2 cents better than estimates. Some suspect the sharp move has been fueled by short covering. The most recent data shows that short interest totaled 14.5% of the float.

 
 
  James Brown   4/22/200,  2:50:50 PM
CELG...was recently on our watch list. Earnings were positive this morning and the stock is hitting new multi-year highs today above $55.00.

 
 
  James Brown   4/22/200,  2:48:24 PM
Union Pacific (UNP) is on the move again... after 3 1/2 months of being stuck in a down trend the stock is breaking out above resistance and its 21-dma.

 
 
  Jeff Bailey   4/22/200,  2:47:18 PM
Taser (TASR) $78.25 -6.4% ... moves to session low, right in our little "zone of support" from $77.79-$78.38 ... volume steady on 5-minute intervals.

This is where a bearish day trader needs to be careful of an intra-day trap.

 
 
  James Brown   4/22/200,  2:45:49 PM
....the optimist in me will tell you that the Industrials have broken out of that bull-flag consolidation I've been outlining in the market wraps recently...

 
 
  Jim Brown   4/22/200,  2:28:24 PM
Earnings Lists
Jim, Your crazy to keep updating those lists. Drop them. Maybe just keep track of companies that would be major market movers ie INTC, CSCO, MSFT, IBM, EBAY, AMZN.

That is what I wanted to know. Responses were about evenly divided between keeping/dropping.

 
 
  Linda Piazza   4/22/200,  2:22:58 PM
The OEX is trying to break out of the bull flag, with that breakout to be confirmed by a move to a new high. As I said, earlier, though, that's going to be tough, because a move to a new high means a push above the descending trendline off the 4/05 high.

 
 
  Linda Piazza   4/22/200,  2:19:20 PM
If that congestion zone from the middle of the day was forming in the middle of the move up, as sometimes happens, then the OEX still has a way to go before its bounce ends. As Jane mentioned earlier today on the Futures side of the Monitor, I don't always trust formations on the intraday chart, but thought I'd mention that possibility. If the OEX is going to have more upside, then it will need to break out of that possible bull flag pullback and then push above that descending trendline off the 4/05 high. That should be tough resistance, however.

 
 
  Jim Brown   4/22/200,  2:15:59 PM
Huge volume today but it is not as lopsided as you would expect. Currently only 3:1 up to down volume. Overall A/D only a little better than 2:1. Definitely not a blowout despite the positive market.

 
 
  Jeff Bailey   4/22/200,  2:14:49 PM
Know where you are TASR traders .... my other chart, also monitoring. Link

What's a bull thinking?: "Why is stock still weak afte recent declines? New orders a positive. Will $70 hold support? I could be in trouble if it gaps below $70.

What's a bear thinking?: Need that resistance at $85 to build, would sure like to see a close below $77, weigh on bull's mentality. Bronco's linebacker Karl Mecklenburg wore jersey #77 and was a tough defender.

 
 
  Jim Brown   4/22/200,  2:12:36 PM
Producing these earnings lists are a huge amount of work as well as updating them in real time after the close. If these are a benefit to everyone I will continue. Give me some guidance here. Continue? Drop?

 
 
  Linda Piazza   4/22/200,  2:10:22 PM
The current OEX five-minute pattern looks like a possible bull flag pattern forming as the OEX hit that descending trendline off the 4/05 high.

 
 
  Jim Brown   4/22/200,  2:08:32 PM
Earnings After the Close:

CR est = +0.37, actual =
EW est = +0.41, actual =
WC est = +0.69, actual =
ACF est = +0.28, actual =
CBM est = +0.29, actual =
CLS est = -0.03, actual =
CYT est = +0.59, actual =
ELY est = +0.70, actual =
ELX est = +0.25, actual =
GLW est = +0.05, actual =
GYI est = +0.35, actual =
PKI est = +0.13, actual =
PVN est = +0.19, actual =
PWN est = +0.36, actual =
RHI est = +0.06, actual =
SAY est = +0.19, actual =
SFA est = +0.30, actual =
UHS est = +0.66, actual =
WDC est = +0.21, actual =
ARDI est = +0.05, actual =
ADVS est = -0.01, actual =
ABTL est = +0.07, actual =
AMGN est = +0.56, actual =
AMZN est = +0.19, actual =
BORL est = +0.05, actual =
BRCM est = +0.27, actual =
BRKS est = +0.13, actual =
CPKI est = +0.20, actual =
CHRT est = -0.02, actual =
CHRD est = +0.02, actual =
CCUR est = +0.00, actual =
DGIN est = +0.14, actual =
EQIX est = -0.97, actual =
FORM est = +0.12, actual =
GILD est = +0.34, actual =
HLIT est = -0.01, actual =
HTCH est = +0.31, actual =
IDTI est = +0.06, actual =
ISSI est = +0.05, actual =
INVN est = +0.23, actual =
MANH est = +0.21, actual =
MCHP est = +0.20, actual =
MENT est = +0.06, actual =
MERQ est = +0.22, actual =
MSFT est = +0.28, actual =
MTLG est = +0.18, actual =
MCRL est = +0.05, actual =
MSCC est = +0.06, actual =
MDCC est = +0.09, actual =
NSIT est = +0.27, actual =
OSTK est = -0.17, actual =
PCLE est = -0.03, actual =
PKTR est = +0.10, actual =
PLCM est = +0.11, actual =
PSFT est = +0.18, actual =
RSYS est = +0.14, actual =
RSAS est = +0.09, actual =
SCSC est = +0.53, actual =
SGMS est = +0.19, actual =
SIAL est = +0.78, actual =
SYNA est = +0.11, actual =
TKLC est = +0.08, actual =
TQNT est = -0.01, actual =
TLRK est = -0.44, actual =
TRDO est = +0.12, actual =
USFC est = +0.29, actual =
VRSN est = +0.13, actual =
VTSS est = +0.01, actual =
WGRD est = -0.06, actual =
XLNX est = +0.25, actual =
YELL est = +0.33, actual =

 
 
  Jeff Bailey   4/22/200,  2:07:21 PM
TASR $79.21 -5.6% ... at trend. Here was chart a couple of minutes ago. Link

 
 
  Linda Piazza   4/22/200,  2:04:08 PM
The advdec line is flattening again, but not doing more than that, so far.

 
 
  Jeff Bailey   4/22/200,  2:02:18 PM
Analog Devices (ADI) $46.31 +0.67% .... I'm looking for a close at the session high (whatever it ends up being). Here's intra-day with upper 5-MRT. Link

Was a "middle of the pack" type of bullish play after missing nice move up in XLNX from its BLUE #1 and break above yesterday's highs.

 
 
  Linda Piazza   4/22/200,  1:51:00 PM
Here's where the OEX is with respect to one version of that descending trendline off the 4/05 high: Link The MA's on this chart are the 100/130-pma's.

 
 
  Jeff Bailey   4/22/200,  1:48:22 PM
Taser Intl. (TASR) $81.24 -2.8% ... makes new low on the session. Will see if bulls cave in here.

 
 
  Linda Piazza   4/22/200,  1:39:53 PM
In my 12:59 post, I warned that I wouldn't want to see the advdec line chugging steadily higher if I were considering a bearish entry on a supposed rollover from the 553-554 level. That supposed rollover never occurred, and neither did a rollover in the advdec line. Although it flattened for a while and threatened to roll down, it never did more than pause during the lunchtime lull.

One warning, though, as indices push to new highs: we're just entering that stop-running push time of day. The OEX has broken out of the five-minute Keltner chart, an occurrence that can be a valid breakout signal, but an event that offers a warning to those in bullish plays that they're now vulnerable to seeing a pullback. This is particularly true since the OEX is now hitting one version of the descending trendline off the 4/05 high. Another version crosses a little higher.

 
 
  Jeff Bailey   4/22/200,  1:36:27 PM
Buy Program Premium ... looks like bulls want to drive things higher to the close.

 
 
  Jeff Bailey   4/22/200,  1:33:39 PM
Analog Devices (ADI) $46.29 +0.63% ... quick move higher to challenge session highs.

Hedgey's might be on it here.

 
 
  Jim Brown   4/22/200,  1:33:06 PM
Speech by Governer Susan Schmidt Bies
The Economic Outlook and Financial Health of Bank Customers Link

 
 
  Linda Piazza   4/22/200,  1:30:21 PM
That H&S-ish formation on the OEX five-minute chart has now been negated, of course, as the OEX tries again to break free of the gravitational pull of the 15-minute Keltner channel that usually stops it.

 
 
  Jeff Bailey   4/22/200,  1:27:07 PM
Forest Labs (FRX) $68.00 -2.25% ... downside alert I had set hear for OI end of year play.

I thought FRX's earnings were strong and forward guidance positive, but market doesn't seem to be agreeing.

 
 
  Linda Piazza   4/22/200,  1:16:08 PM
There's a H&S-ish formation on the OEX five-minute chart, neckline ascending and currently at about 553.14, downside target near 551.98 if the formation is confirmed. That would just bring the OEX down to test mid-channel Keltner support on the 15-minute chart.

 
 
  Jeff Bailey   4/22/200,  1:09:52 PM
01:00 Internals at this Link

 
 
  Jeff Bailey   4/22/200,  1:02:32 PM
Analog Devices (ADI) $46.00 +0.04% ... after session high of $46.33, just above today's BLUE #3, finding some resistance at BLUE #2 of $46.06. Blue #1 is at $45.70.

 
 
  Jeff Bailey   4/22/200,  12:59:32 PM
Taser (TASR) $82.50 -1.3% ... updated 5-MRT chart Link

 
 
  Linda Piazza   4/22/200,  12:59:26 PM
With an OEX fall through 552.74, the OEX will have completed a test of the 30-, 60-, and 120-minute 100/130-pma's, having climbed above all and then fallen back below each. That should be a sell signal across all three time frames, although I do have to note central Keltner channel support at 551.94 on the 15-minute chart. I would have called this a no-brainer bearish entry pre-market, but it sure feels different when you've just witnessed a zoom up like this morning's, doesn't it? We don't know if the OEX will fall back that low, but if it should, and if a trader wanted to base a play on a supposed rollover beneath those key averages, the exit should be tight and based on a move back above those averages, too. I sure wouldn't want to see the advdec line chugging steadily higher, either, if I was considering a bearish entry on a supposed rollover.

 
 
  Jeff Bailey   4/22/200,  12:56:14 PM
eBay (EBAY) $81.18 +8.55% ... per trader's request, here's intra-day with stacked 5-MRT. Link

 
 
  Linda Piazza   4/22/200,  12:51:32 PM
A first OEX warning for those in bullish plays: the 15-minute 5(3)3 stochastics have now turned down out of territory indicating overbought conditions. We know how fickle stochastics can be, and we know that the OEX could consolidate near the current level while those stochastics cycle all the way down, so let price be your guide, but this offers a warning to pay special attention.

 
 
  Jeff Bailey   4/22/200,  12:48:09 PM
12:45 U.S. Market Watch at this Link

 
 
  Linda Piazza   4/22/200,  12:46:51 PM
I've counted back and the last five OEX touches of the 15-minute Keltner resistance line that it's touching now resulted in a descent down at least to mid-channel support on that chart, but more usually below that, to the opposite side of the channel it's now hitting. That support currently lies at 547.31 but is rising with mid-channel support on that graph at 551.92. Just because this has happened the last five times the OEX hit this channel line doesn't mean that it's going to happen this time. Previous to those five touches, the OEX was rising all the way to upper channel resistance on this time interval, too, and it's possible it's going to do so now, too, with that resistance at 559.18. Still, bulls should be aware of the possibility of a downturn from the current level.

 
 
  Linda Piazza   4/22/200,  12:37:03 PM
The OEX 15-minute oscillators are turning up within the zone indicating overbought conditions, suggesting that it's possible that they'll begin trending in that zone while prices continue higher.

 
 
  Jeff Bailey   4/22/200,  12:31:10 PM
12:00 Internals at this Link

 
 
  Linda Piazza   4/22/200,  12:21:51 PM
I've been watching for a sign that the OEX is about to roll down again beneath the current resistance. With the advdec continuing its climb today, I don't know that I'd feel comfortable making an assumption that's about to happen. However, I'm continuing to watch that advdec line for hints. Sure wish we had a reliable TRIN to watch.

 
 
  James Brown   4/22/200,  12:21:11 PM
Amazon.com (AMZN) is up 5.18% to $48.00 (right at its 100 & 200-dma's) as traders jockey for position before AMZN's earnings report after the bell tonight. Estimates are for 20 cents a share.

 
 
  Jeff Bailey   4/22/200,  12:18:22 PM
Taser Intl. (TASR) $82.90 -1.01% ... trader e-mail regarding all kinds of news, which I haven't looked for any news as I'm too darned busy with all the other things I'm doing and I was monitoring TASR at that zone of resistance on the morning pop higher.

New orders news .... Link

Largest shareholder sold news ... Link

 
 
  James Brown   4/22/200,  12:15:39 PM
Alberto Culver (ACV) is enjoying the market's strength today, up 2.46% near its all-time highs, after reporting earnings this morning that beat by a penny. However, traders might note that volume looks pretty light considering the move and the news!

 
 
  James Brown   4/22/200,  12:12:46 PM
A trade at $75.00 on DE would fulfill the reverse H&S pattern we outlined last month... but the stock looks pretty bullish here and could certainly shoot past it.

 
 
  Jeff Bailey   4/22/200,  12:10:24 PM
Deere (DE) $74.42 +4.05% ... Oh $#*&$! This was the best bullish trade of the day that I didn't think of until now.

Gapped up, backfilled the gap at $71.64 then stock has traded to current session high.

 
 
  Linda Piazza   4/22/200,  12:09:23 PM
On the 15-minute chart, the OEX is currently at a Keltner channel line that usually turns the OEX back, but it usually takes a few 15-minute bars before it turns down.

 
 
  James Brown   4/22/200,  12:08:46 PM
The sell-off continues in Seagate Technology (STX) with another 7.3% drop to $12.81 on a "sell" downgrade from Bank of America.

 
 
  Jeff Bailey   4/22/200,  12:07:57 PM
Disk Drive (DDX.X) 119.20 -0.02% ... only equity-based sector to show negative. (why I ended up canceling SNDK trade right now).

 
 
  James Brown   4/22/200,  12:06:15 PM
The big jump in the homebuilders could have traders thinking it may be time to consider new bullish positions in the group. Here are a few quick observations...

RYL...up 4.09% to $78.80 but still under resistance at $80.00 and its 200-dma.

BZH...up 5.01% to $103.47 but still under resistance at $105-107 and its 50-dma.

HOV...up 5.26% to $39.37 but still under resistance at $40.00 and its 50-dma.

CTX... up 5.81% to $50.92 and breaking resistance at $50.00 and its 10 & 21-dma's but could struggle with resistance at $52-53 and its 50-dma.

The same picture holds true for most of these... TOL, KBH, DHI, MTH, SPF, LEN. They appear to have put in a potential bottom and it does look tempting to try and buy this turnaround but there is a lot of congestion overhead that could temper any bullish moves.

 
 
  Jeff Bailey   4/22/200,  12:00:58 PM
My profiled trade recaps ...

Open positions in bearish TASR put options from yesterday ...

Open position in bullish ADI stock play from $46.25

I should NOT have any other orders open at this time (cancelled LUV and SNDK)

 
 
  James Brown   4/22/200,  12:00:53 PM
Guidant (GDT) is holding up pretty well down $1.00 to $67.65 despite reporting earnings that were inline at 56 cents a share and guiding lower for the current quarter. Analysts were expecting 62 cents for the June quarter and GDT is now forecasting 54-60 cents. The strength in GDT today may just be market related with the Dow up 115 points.

 
 
  James Brown   4/22/200,  11:56:21 AM
Juniper Network (JNPR) is up 3.87% to $26.84 after reporting earnings last night. Analysts had been expecting JNPR to report 8 cents a share compared to 1 cent a year ago. JNPR turned in 9 cents, excluding one-time items. Wall Street's reaction has been positive with FBR upgrading the stock from "market perform" to "out perform" and raising their price target to $28 while Smith Barney has upgraded the stock from "hold" to "buy" and raised its price target to $32.50.

Traders will note that JNPR has short-term resistance at $28.00 and again at $30-31.

 
 
  Jeff Bailey   4/22/200,  11:55:57 AM
Taser Intl. (TASR) $82.00 -2.05% ... back to test RED #2 and session low.

 
 
  Jeff Bailey   4/22/200,  11:54:51 AM
Day trade bullish cancel alert for SanDisk (SNDK)

 
 
  Jeff Bailey   4/22/200,  11:53:00 AM
Day trade long alert ... Analog Devices (ADI) $46.25 +0.63% here, stop $45.65, target $47.00.

 
 
  Linda Piazza   4/22/200,  11:52:31 AM
Oscillators from 30- to 120-minute charts are looking stronger for the OEX, so it's possible that the OEX might even continue rising long enough to test that descending trendline off the early April high, currently near 556.40. This morning I mentioned that possibility, but thought it unlikely. It appears that I might have been wrong, although it's still possible that the OEX will expend all that upward energy butting its head against the significant resistance from 553-554 or so.

 
 
  James Brown   4/22/200,  11:50:04 AM
QCOM is up 3.8% after reporting strong earnings last night. The breakout from its short-term trend of lower highs looks tempting. More aggressive traders could evaluate bullish positions now while the rest of us may want to wait for QCOM to trade above resistance at $69.00 (or round-number resistance at $70.00).

 
 
  Jim Brown   4/22/200,  11:49:31 AM
Four Stock Splits Today:

HSY 2:1
ODFL 3:2
DHR 2:1
IEX 3:2

 
 
  James Brown   4/22/200,  11:44:38 AM
Dow-component Caterpillar (CAT) is bulldozing its way higher. Shares are up 4.21% and charging towards steep resistance at $85.00 on the strength of its earnings report this morning. Analysts were expecting CAT to report earnings of 70 cents per share. The heavy machinery producer turned in profits of $1.16 per share with quarterly revenues soaring more than 34% to $6.47 billion.

 
 
  James Brown   4/22/200,  11:41:06 AM
Jon mentioned the train explosion in N. Korea earlier this morning but reports are now saying that the death toll could reach 3,000.

 
 
  James Brown   4/22/200,  11:39:07 AM
Wendy's (WEN) is up a big 3.8% to $41.20 after reporting earnings of 45 cents a share, which beat estimates of 43 cents. Revenues jumped more than 20% to $834 million, which also surpassed analysts' expectations. The hamburger chain is guiding higher for the full year with growth estimates in the 13-16% range.

 
 
  James Brown   4/22/200,  11:32:49 AM
OI call ZBRA is seeing some follow through on yesterday's big rally and has now broken out above resistance at $75.00 to hit a new all-time high.

 
 
  Linda Piazza   4/22/200,  11:31:22 AM
The OEX has touched the 120-minute 100-pma, and has pierced the 30- and 60-minute 100/130-pma's, and has fallen back from each of those tests, but I'm not convinced the test of those levels is over just yet. My doubt is a signal for the OEX to dive, isn't it?

 
 
  Linda Piazza   4/22/200,  11:28:12 AM
Scanning other indices, I notice that the Nasdaq had moved back into the gap from 4/01-4/02. When it last tested this gap a couple of days ago, it was not able to move above the top of that gap again, with gap resistance extending up to above 2038. The Nasdaq, then, has moved into a strong resistance zone. Be careful.

 
 
  James Brown   4/22/200,  11:27:20 AM
Sector update...

Winners:
XAL airline index: +4.23%
DJUSHB homebuilders: +3.28%
INX Internet index: +3.59
GSO software index: +2.35%
OSX oil service: +3.07%
CYC cyclicals: +2.17%

Losers:
GHA hardware: -0.02%

 
 
  Jeff Bailey   4/22/200,  11:26:43 AM
Day trade long alert ... SanDisk (SNDK) $27.97 +1.41% for pullback entry of $27.60, stop $27.45, target $28.43.

 
 
  Linda Piazza   4/22/200,  11:23:23 AM
As soon as I made a post saying that I hoped the OEX would rise high enough to test the upper-channel Keltner resistance and the gathered 30-, 60-, and 120-minute 100/130-pma's but expressed doubt that the OEX would do so, it began chugging right up toward those levels.

 
 
  Jeff Bailey   4/22/200,  11:19:35 AM
Buy program premium

 
 
  Jeff Bailey   4/22/200,  11:19:17 AM
11:00 Internals at this Link

Yesterday's Internals at this Link

 
 
  Linda Piazza   4/22/200,  11:16:04 AM
Reader Question: I was just on Amazon.com, ready to order 'Options as as Strategic Investment' by McMillan. I noticed another book, 'Trading Options to Win: Profitable Strategies and Tactics for Any Trader' by S.A. (Stuart) Johnson. It rec'd a higher customer rating (for whatever THAT'S worth) than McMillan and I was wondering if you had opinion one way or the other.

Response: It's always a great idea to consider new books to help you plan options strategies. Unfortunately, I'm not familiar with the second of those two books, and so can't give you an opinion, but perhaps one of our other writers can give an opinion. I can say this, though: I don't think I'd trade options without McMillan's book. It's not exactly easy reading, but it's a great resource. By the way, you can order that one through our bookstore, too, as well as many other books. Here's a link: Link

 
 
  Linda Piazza   4/22/200,  11:08:47 AM
The OEX has just broken above mid-channel Keltner resistance and is headed for next resistance at 550.36. Upper channel resistance is at 553.52. The 30-, 60-, and 120-minute 100/130-pma's are grouped from to 552.63-553.73 so there's some convergence with that upper-channel resistance. I'd like to see the OEX get that high, but I'm not sure that it will. It's looking like a stronger possibility, but the OEX will soon face the midpoint of the flagpole drop, with that midpoint being near 550.85-550.90.

 
 
  Jeff Bailey   4/22/200,  11:08:11 AM
eBay (EBAY) $80.35 +7.48% ... continues to build session highs! On fire! Moves above BLUE #6 and could end up being a BLUE #12 session.

 
 
  Jeff Bailey   4/22/200,  11:04:21 AM
Day trade entry cancel alert for Southwest Airlines (LUV) $15.05 +2.17% ... pullback came to $14.91, but somebody got in front of my entry of $14.90 and BLUE #1 of $14.88.

 
 
  Linda Piazza   4/22/200,  11:04:21 AM
The OEX has broken above the descending trendline that began forming late yesterday afternoon, but it hasn't yet been able to break above mid-channel Keltner resistance.

 
 
  Jeff Bailey   4/22/200,  11:01:42 AM
Buy program premium .. first one today

 
 
  Jeff Bailey   4/22/200,  11:00:48 AM
Semiconductor Index (SOX.X) 474.84 -0.81% ... session high and trying to fill in morning's lower gap.

 
 
  Linda Piazza   4/22/200,  10:57:42 AM
The Russell has pushed up through the 30-, 60-, and 120-minute 100/130-pma's.

 
 
  Jane Fox   4/22/200,  10:56:19 AM
Larry McMillian will be on Kudlow and Cramer today at 5:00ET.

 
 
  Jeff Bailey   4/22/200,  10:55:12 AM
S&P Banks (BIX.X) 334.58 +0.27% ... back to test early morning high. Looks to have found some buyers on morning pullback at DAILY Pivot, which lends support for strength.

 
 
  Jeff Bailey   4/22/200,  10:53:47 AM
S&P 500 (SPX.X) 1,125.74 +0.14% ... just above MONTHLY Pivot.

Haven't seen a buy/sell program

 
 
  Jeff Bailey   4/22/200,  10:52:48 AM
Dow Industrials (INDU) 10,340 +0.21% ... between WEEKLY S1 and MONTHLY Pivot here, but has managed to work its way above WEEKLY S1.

 
 
  Linda Piazza   4/22/200,  10:49:15 AM
Since about 2:30 yesterday afternoon, the OEX has been descending within a regression channel. It just hit the top of that channel and turned down slightly again, but it hasn't turned down far yet: Link

 
 
  Linda Piazza   4/22/200,  10:44:52 AM
Mid-channel resistance for the OEX is at 549.60.

 
 
  Jeff Bailey   4/22/200,  10:39:24 AM
QQQ $36.24 +0.69% ... moves to session high. BLUE #5 is $36.45 today.

 
 
  Jeff Bailey   4/22/200,  10:34:46 AM
Taser (TASR) $84.00 +0.16% ... session low of $81.54 did find support at RED #2, bounce high has been $85.04.

 
 
  Jeff Bailey   4/22/200,  10:32:46 AM
Motorola (MOT) $14.63 +1.7% ... makes a break above yesterday's high

 
 
  Jim Brown   4/22/200,  10:30:38 AM
HSY announced a 2:1 split

 
 
  Jeff Bailey   4/22/200,  10:25:55 AM
Day trade long alert ... for Southwest Airlines (LUV) $15.00 +1.83% ... on a pullback to $14.90, stop $14.70, target $15.15.

Using $14.80-$14.88 as opening 5-minute bar.

 
 
  Linda Piazza   4/22/200,  10:25:47 AM
Of interest to Russell 2000 traders: The Russell 2000 is currently testing the 30-, 60-, and 120-minute 100/130-pma's. Thanks, Gumby, for the heads up.

 
 
  Jeff Bailey   4/22/200,  10:15:44 AM
Taser (TASR) $82.75 -1.34% ... here's chart shown earlier this morning (newly fitted retracement) where I've added today's 5-MRT. Link

 
 
  Linda Piazza   4/22/200,  10:14:18 AM
The advdec line has now begun to descend, too.

 
 
  Jeff Bailey   4/22/200,  10:09:02 AM
U.S. Market Watch at this Link

Homebuilder (DJUSHB) +3.7%

 
 
  Linda Piazza   4/22/200,  10:08:23 AM
On the OEX five-minute chart, we have a confirmed H&S, a rejection of that confirmation by a move back above the neckline, and now a rejection of that rejection. I'm going to discount that whole formation now as irrelevant, although . . . . The downside target had been 546.30. Let's see what happens as the OEX approaches that level.

 
 
  Linda Piazza   4/22/200,  10:05:38 AM
While the Dow and the two S&P's have been turning down within their intraday congestion zones, the advdec line hasn't really been decreasing, but rather it's been consolidating. It's beginning to dip a little now, and I'm watching the trajectory of that advdec line to give me one more bit of evidence.

 
 
  Jeff Bailey   4/22/200,  10:04:33 AM
IBM (IBM) $89.74 -1.66% ... defensive and rather sharp drop

 
 
  Jeff Bailey   4/22/200,  10:03:49 AM
Intel (INTC) $26.08 -0.74% ... I don't think I had one e-mail this week from the weekend's Ask the Analyst column and the 60-minute chart I showed of INTC.

Nobody mentioned the head/shoulder top formation that seemed to have formed with a neckline at $27.

 
 
  Jeff Bailey   4/22/200,  10:01:08 AM
Early volume and pct gain/loss at this Link

 
 
  Jim Brown   4/22/200,  10:00:32 AM
Chicago Fed Nat Activity Index = 0.17 ,(last 0.39)
Monthly Mass Layoffs = 920,(last 941)

 
 
  Jonathan Levinson   4/22/200,  9:57:40 AM
A 7.25B overnight repo from the Fed adds a net 2.5B to the 3.75B 6-day repo expiring today. That's a modest addition in short term intervention money, nothing to get excited about.

 
 
  Linda Piazza   4/22/200,  9:56:53 AM
No clear direction as yet on the OEX, as it bounces around within the congestion zone from the last day. I do note, however, that it turned down again into a lower high, maintaining the descending trendline that it began building at about 2:30 yesterday afternoon.

 
 
  Jeff Bailey   4/22/200,  9:49:35 AM
Taser (TASR) $85.60 +2.14% ... early trade did find some resistance at our "zone" of resistance in the dual fitted retracement chart. Link

 
 
  Linda Piazza   4/22/200,  9:48:42 AM
The OEX is moving right back up through the neckline of that H&S that it broke through this morning, but this all still seems a part of the early-morning volatility as markets decide if they'll take a direction and what that direction might be. So far, that rejection of the H&S target suggests to me that, if nothing else, we'll get another test of resistance, if not a continued move higher all day.

 
 
  Jeff Bailey   4/22/200,  9:43:53 AM
Semiconductor Index (SOX.X) 469.39 -1.94% leads sector list of early session losers.

KLAC -6.3%, NVLS -3.58%, AMAT -2.71%, TER -2.6%

ALTR +1.85%, STM +0.71%, TSM +0.66%

 
 
  Linda Piazza   4/22/200,  9:41:00 AM
During the first five minutes of trading, the OEX spanned a range from 549.20 down to 547.85.

 
 
  Jeff Bailey   4/22/200,  9:40:41 AM
Taser Intl. (TASR) $87.00 +4% .... opening 5-minute bar was from $85.80-$89.80.

 
 
  Linda Piazza   4/22/200,  9:40:00 AM
This morning, the Russell gapped above the 582.85 upside target predicted yesterday by the Russell's push up through the top of a symmetrical triangle, so it did meet that target after all. Careful, though, about assuming it will move higher, as it's entering a resistance zone.

 
 
  Linda Piazza   4/22/200,  9:36:23 AM
The OEX is falling below the neckline of a small H&S on the five-minute chart, with that small H&S produced from mid-morning on yesterday. The downside target is only about 546.30 or so, so meeting that downside target wouldn't even quite be a test of yesterday's low.

 
 
  Jeff Bailey   4/22/200,  9:25:37 AM
09:00 Update at this Link

 
 
  Linda Piazza   4/22/200,  9:03:17 AM
Some time ago, I posted a weekly Keltner chart showing that the OEX was beginning to show bearish divergence on that chart. This bearish divergence showed up as the OEX approached one channel line for the first time since March, 2000, an event I thought significant. If people aren't used to studying nested Keltner channels, the charts look like a confusing jumble, but here's the chart I posted a couple of months ago, with the original annotations. Link Since early in the year when those annotations were first made, the OEX has turned lower, but is it headed all the way toward mid-channel Keltner support on that weekly chart or just rounding down before another push higher? That mid-channel support is at about 528 currently. Weekly oscillators show a bearish kiss from below signal on the 21(3)3 stochastics. Weekly MACD begins to tilt lower, but it's doing so from above signal. Weekly MACD histogram values have turned negative, however. Here's the bar chart, showing first support at 542.50-543.50 and then strongest weekly support below that at 532 and then 524: Link If the OEX should drop below 542, then it looks vulnerable to 532 and then to 524-528. If it stabilizes above 532 and moves up again, then it will have created a higher low, not confirmed until a breakout above the descending trendline building throughout April. It should be noted that the 200-ema, an average I watch in addition to the 200-sma, is currently at 532.37, so will lend some support to that area.

That's an overview. What about a shorter-term look? The OEX has been descending in a pattern that looks like a broadening pattern on intraday charts, but may actually still be a bull flag. That bull-flag interpretation seems less likely now since the OEX retraced more than 50% of the climb off the March low, but it remains a slight possibility. Broadening formations are usually more bearish than bullish, so it's perhaps more likely that the OEX will eventually fall out of the broadening formation. It's going to be difficult to tell when a failure has occurred since the formation is a broadening one that features a trendline fitted along lower lows.

Since yesterday, the OEX has been rising in what is likely a bear flag, rising toward resistance first near 550.65 and then from 551.80-552.25. For a time yesterday, that formation was taking the form of a rising wedge that looked as if it should fail sometime late yesterday or first thing this morning, but then it broadened out into that possible bear flag. Perhaps instead of broadening, it was already beginning to fail out of that rising wedge after all.

That first resistance level mentioned in the previous paragraph is the 50% retracement of the flagpole drop and the second zone comes from moving averages, historical resistance, and mid-channel Keltner resistance on the 15-minute chart. Slightly above those levels lie the 100/130-pma's across the 30-, 60-, and 120-minute time zones. I had hoped both yesterday and today that the OEX would move up far enough that those seeking bearish entries could enter on a rollover under resistance, but the PPI number may have blasted that hope. We'll have to see if the futures are accurately predicting the market open. Those who want to enter a bearish trade should watch for a move up to one of those resistance levels and a rollover from there, with that move up hopefully taking the OEX up to at least 551, although that event seems less and less likely. If the bounce should instead continue past 556.50, that would constitute an upside breakout above the descending trendline that's been forming this month, and would undo that bearish scenario, but that seems even less likely an event at this point.

If the bounce does not continue, it's difficult to offer advice about new bearish entries. Late yesterday did see the test of the mid-channel resistance on the Keltner charts, so that test is now out of the way and some of the short-term oversold pressure has been relieved. There's risk of another bounce from the 545-546 level, and the weekly chart shows some support near 544, too, and then again at 542. This may be one of those days when the OEX simply slices down through all that resistance, however, although those multiple possible support levels argue against that being a likely event. That broadening formation on the intraday charts shows risk down to 537.50 or 542, depending on whether all or most candle shadows are incorporated, before the OEX again finds support at the bottom of that formation.

 
 
  Jonathan Levinson   4/22/200,  8:33:38 AM
4 week MA of initial claims reached a seven-week high of 347,000.

 
 
  Jonathan Levinson   4/22/200,  8:31:57 AM
Core PPI +.2%.

 
 
  Jonathan Levinson   4/22/200,  8:31:11 AM
PPI up .5%, initial claims 353K.

 
 
  Jonathan Levinson   4/22/200,  8:09:16 AM
We await the 8:30 release of initial claims, est. 340K, the March PPI, est. .3% and the core PPI for March, est. .1%.

 
 
  Linda Piazza   4/22/200,  7:06:50 AM
Good morning. With the yen weakening against the dollar and the International Monetary Fund commenting that demand in Japan's export markets will likely boost Japan's recovery, many Japanese exporters opened higher, sending the Nikkei above 12,050 in early trading. That was to be the high of the day, however, with the Nikkei drifting down the rest of the day as profit taking hit some stocks. It closed up by 35.80 points or 0.30%, at 11,980.10.

QCOM's mention of strong demand for phones using the company's technology helped mobile-phone related companies, at least in early trading. Kyocera Corp. uses that technology and was mentioned as one company that might benefit from QCOM's earnings report, as was Murata Manufacturing, a company making equipment for mobile-phone handsets. Many car manufacturers rose in early trading, too, with those car manufacturers benefiting from Ford's earnings report as well as from hopes of a strong export market. Mitsubishi Motors didn't participate in the gains, however, as an Australian source speculated that the company would cut up to 600 jobs before the end of the year in its restructuring efforts. As it often does, Mitsubishi Motors labeled the report speculative. Retailers rose, but real estate issues fell. Many banking stocks fell, but many exporters in addition to car makers held onto at least some of their gains after profit taking hit. Sharp and Canon were two exporters closing higher, while Sony was one that couldn't hold onto its gains, closing lower by 0.2%. Rumors arose that Sony was considering buying Metro-Goldwyn-Mayer and was in talks to discuss that plan. Sharp's president revealed that the company would produce rear-projection TV's intended for the U.S. market.

Other Asian bourses turned in mixed performances. Taiwan Semiconductor posted strong gains in early trading, with that early rise attributed to QCOM's report, since the company supplies QCOM's chips. The stock closed 0.8% higher. The company's performance wasn't enough to hold up Taiwan's markets, however, as the Taiwan Weighted closed lower by 1.15%. South Korea's Kospi dropped 0.64%, with Hyundai Motor closing down 0.2% after a report that plans for the company and DaimlerChrysler to jointly build commercial vehicles might be ditched. Singapore's Straits Times climbed 0.83% but Hong Kong's Hang Seng dropped 0.49%. China's Shanghai Composite climbed 0.38%.

European bourses are mixed this morning, too. CNBC World just announced that Volkswagen's CEO had reiterated the belief that the company's Q1 operating profit would be miserable. European car makers had been trading higher, with Volkswagen up more than 1% earlier today, and it's not clear yet what effect that announcement will have. Car makers have been trading higher this last week at least partly due to a weaker euro against the dollar. Today sees more news about the Aventis saga, too, with Aventis inviting Novartis to enter talks. Novartis has been reluctant to do so unless the French government relaxed its antipathy to the deal, and speculation circulates this morning that although the government favors the Sanofi-Synthelabo offer, it will adopt a fair stance toward a Novartis offer, too. In early European trade, Novartis shares dropped, while Aventis and Sanofi shares rose. In other company-specific news, SAP rose in early trading after announcing Q1 earnings that rose 23% from the year-ago period and license revenue that rose 5%, or 11% in constant currency, with that latter figure in line with predictions.

As of this writing, the FTSE 100 trades flat, down 4.30 points or 0.09%, to 4535.60. The CAC 40 has gained 8.23 points or 0.22%, to trade at 3751.38. The DAX has dropped 7.66 points or 0.19%, to trade at 4018.49.

 
 
  Jeff Bailey   4/21/200,  11:23:45 PM
NYSE Composite NH/NL Chart at this Link

NASDAQ Composite NH/NL Chart at this Link

These charts, which are used for measuring and charting new high/new low leadership may be better understood as discussed in the May 25, 2003 Ask the Analyst article "Measuring new high and new low breadth" at this Link

Here's the chart of the S&P 500 Bullish % ($BPSPX), which is currently in "bear confirmed" status at 74.8%. Link

 
 
  Jeff Bailey   4/21/200,  10:07:16 PM
Taser Intl. (TASR) $83.75 -0.75% ... did anyone wonder "why" TASR's intra-day low was at $70.65? Two possible answers. Here's a chart using a new "downside" variation of the 38.2% fitted retracement technique. Link

 
 
  Jeff Bailey   4/21/200,  8:05:03 PM
Pivot Matrix for tomorrow at this Link

 
 
  OI Technical Staff   4/21/200,  7:36:29 PM
The Market Monitor has been archived. You may view it and any previous days here: Link

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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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