Portfolio down 2.2%, Dow down 1.28%, Nasdaq 3.62%, S&P500 down 2.00%, J-Blimps down 4.6%, Fuel cells/Alt Energy down 0.8%, Gorilla Hunters down 5.4%, Gilder2001 down 7.8%, OC-192 9.3%.
NYSE Volume: 1,448 mln...Adv: 865...Dec: 2130
Up Volume 263.72 Down Volume 1170.61 day 1
New Highs 58 New Lows 53
Nasdaq Volume: 1,824 mln...Adv: 1198...Dec: 2395
Up Volume 228.36 Down Volume 1553.12 day 2
New Highs 48 New Lows 185 20 days of 2/1
Put/Call ratio 0.82 (Range 0.69 to 0.82)
Under 0.40 is Very Bullish sentiment, 0.40-59 Bullish, 0.60-0.79, Neutral, 0.800-0.99 Bearish, Over 1.00 Very Bearish. When many are bullish, this may be time to take profit.
May natural gas $5.38 per million British thermal units. Down 3 cent.
VIX 36.75 up
When it runs below 20, usually a good time to take some profits. If above 35, good time to buy. The VIX, intraday, hit 37.72 on Dec. 21 and posted a 52-week high of 41.53 in last April's carnage.
Sector Watch
Breakout of the day
Gold ($XAU) 50.40 +0.18 +0.36% Flight into quality
Collapse of the day
Network ($NWX) 357.69 -28.62 -7.41% SCMR, EXTR, and A warn yesterday evening.
QQQ at $36 Chart: gapped and held. Volume good, but not blazing. Blocks: 631/618 pos for 3 day. Volume%: 60
One stock
Tellabs (TLAB) down 17.18% Telecom equipment maker lowers Q1 outlook to $0.29 per share, from previous guidance of $0.35-$0.38 (mean $0.36); cites reduced and deferred spending by major communications carriers late in the qtr. On conference call, company saying received requests from customers in the last two weeks of the qtr to push large number of Titan orders into the next qtr; notes that these were push-outs, not cancellations
Note: Not a surprise but the size of the decline was.
Portfolio Watch
BRCD, DRMD, and BGP were green.
Medtronic (MDT) Robertson Stephens initiates coverage with a LT ATTRACTIVE rating and 12-month price target of $50; cites tremendous new product pipeline and excellent growth prospects.
Applied Materials (AMAT) : Lehman becoming more cautious on company's fundamental outlook for the next 2-3 qtrs, citing continued weakness in industry fundamentals and lower projected capital spending; thinks there is potential earnings risk to the downside.
Watch List things to watch but not trade
Power-One (PWER) Banc of America Sec. cautions that earnings warnings from SCMR and EXTR reaffirm firm's thesis that PWER's customer base is experiencing badly deteriorating fundamentals; feels PWER is expensive to its peers and near term prospects.
Note: Always mean to DD this one.
Motorola (MOT) Strongly denies published report that it might soon face a serious liquidity problem due to its amount of outstanding commercial paper of $6.4 billion as of December 31, 2000; through April 6, MOT had more than $4.5 bln in cash and cash equivalents vs $3.1 bln in outstanding commercial paper.
Note: This debt is the albatross.
Quote of the Day
"In the next few weeks, we will likely see a mixed bag of earnings results at best. We think the leading stocks in a narrow recovery will be dominated by recession-resistant stocks in the consumer-related businesses, oil and gas, and independent power producers," commented Louis Navellier of the Navellier Performance Funds.
Nopte: Noticed the nat gas is holding the $5 level well.
Summary
<I>4/5/01 Really no major warnings tonight. Maybe a dead cat bounce on the Nasdaq tomorrow.</I>
Yep. A deadcat bounce indeed.
Jack
