| The market finally broke its pattern of late-day sell-offs on Wednesday, as early losses turned to gains on rumors that Microsoft will preannounce better than expected results.
rugby.com.au |::
Bulls find form April 20, 2008 - 8:37am Story by: Sportal Bryan Habana The Bulls finally got their Super 14 season off the ground by beating the Highlanders
http://aru.rugby.com.au/aru/search.asp?cat=(ARU)+Everything&query=wannenburg&x=1HOME |
The ISDEX http://www.wsrn.com/apps/ISDEX/ slipped fractionally to 109, just 3 points above the September low, and the Nasdaq rose 21 to 1519 after coming within 80 points of its September low. The S&P 500 climbed 6 to 1020, and the Dow gained 100 to 9617. Volume rose to 1.74 billion shares on the NYSE, and 2.02 billion on the Nasdaq. Advancers led 16 to 15 on the NYSE, but decliners led 19 to 15 on the Nasdaq.
After the close, Microchip raised guidance. Tyco boosted S&P futures by 6 points on news that the SEC won't hold up its CIT spin-off.
During the day, Microsoft gained 5.7% on rumors that it will preannounce better than expected results.
Motorola gained 8% after saying it expects to meet or beat estimates.
Emulex fell 6% on reports of a disappointing conference presentation.
Veritas gained 8% on a positive presentation.
Siebel fell 14% after making cautious comments.
CMGI fell 9.7% after missing estimates and warning.
PayPal fell 7% on news of a secondary offering by current shareholders.
Some technical comments on the market: Latest Belleville Bulls News::
Rangers finally put Bulls away in Game 7 of OHL final. Posted: 86 days 12 hours 42 minutes ago. Rating: Rangers beat Bulls, now one win from OHL title
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We got the bounce as expected today, but the only index to hit support was the Nasdaq 100 (first chart below), which broke the September low of 1089 but stayed above the October 1998 low of 1063. The S&P 500 (second chart) bounced at 1102 instead of our 995 target, and the Nasdaq (third chart) bounced at 1474, above 1450-1460 support. The Dow (fourth chart) bounced at 9450. Resistance for tomorrow is in the form of downtrend lines at roughly 9700 on the Dow (9800 is a biggie if it can get through there), 1030-1033 on the S&P, and 1940 on the Nasdaq (1550-1560 is also a tough level). Again, we expect selling to resume next week, since index futures remain under water and will put pressure on the market heading into expiration on June 21. The XAU (fifth chart), the gold and silver index, is once again approaching its uptrend line at 73. Rydex traders continued to sell XAU funds, so that could bode well for gold and silver stocks if that line can hold.
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