A warning from Intel and weaker than expected jobs growth sent stocks plunging Friday morning, but the market recovered much of those losses by the close.
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The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 0.85 to 114, and the Nasdaq lost 19 to 1535. The S&P 500 slipped 1 to 1027, and the Dow lost 34 to 9589. Volume rose to 1.81 billion shares on the NYSE, and 2.09 billion on the Nasdaq. Advancers led 17 to 13 on the NYSE, but decliners led 17 to 16 on the Nasdaq.
Intel plunged 18% after guiding down everything: earnings, revenue, even gross margins. But other techs that were initially dragged down on the news finished well off their lows, Dell, Applied Materials and Microsoft among them. MelodicRock.com - 2008 News Archive::
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Tyco continued to plunge under the weight of an expanding investigation, off another 30%.
Oracle continued to outperform after saying it will meet estimates when it reports on June 18. The stock gained 2.6%.
RF Micro Devices plunged 33% on a warning.
Telecom stocks were strong, with Nortel and WorldCom among the winners.
Take Two fell 13% on a warning.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
Sell-offs that come back most of the way, but not all the way, tend to see some follow-through selling, as we've said before, so we'll see if that pattern holds again next week. The Dow (first chart) held 9480 support, bouncing at 9472. 9630-9635 is first resistance, and then 9800 is very tough resistance. Below 9472, 9250-9300 is next support. The S&P 500 (second chart) bounced at 1012, but 995 looks like a better support level. 1033 is first resistance, and 1049-1054 is tough resistance. The Nasdaq (third chart) pierced a lower trendline just under 1500 today. Below that, 1450 is next strong support. 1548 and 1560 are resistance. The big-cap Nasdaq 100 (fourth chart) came within 18 points of its September low today. The one bright spot today was the banking index (fifth chart) which formed a "meeting lines bullish" candlestick pattern; can the banks drag the rest of the market higher? Next week opens a Puetz crash window until June 24, one of many reasons why late June looks like a good time for a bottom.
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Special report: For a free introduction to technical chart patterns, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html. B92 - News - Comments - EU hails Democratic victory::
Enough of double talk, enough of territory snatching, identity problems, but a dose of Serbian reality would help my rather bad tempered post.
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Stocks Survive Double Dose Of Bad News