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Friday, July 11, 2003 10:19:05 PM
Telecom Uptick Spotted
by Paul Shread
July 11, 2003 - Sonus and Juniper reported tentative signs of a recovery in telecom spending, raising hopes that the sector's three-year slump is coming to an end.
Sonus rocketed 24% after cutting its loss to a penny a share, beating revenue estimates, and announcing a contract from Verizon .
Juniper gained 2.6% on its cautious outlook.
Juniper reported strong worldwide broadband growth, while Sonus said the trend appears to be toward incremental upgrades, from the mass buildouts of a few years ago.
But it's a start.
The market rebounded Friday after GE's earnings and the producer price index produced no negative surprises.
The Nasdaq rose 18 to 1733, the S&P 500 climbed 9 to 998, and the Dow gained 83 to 9119. Volume declined to 1.21 billion shares on the NYSE, and 1.52 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 20-11 on the Nasdaq. Upside volume was 69% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 176-1 on the NYSE, and 244-4 on the Nasdaq.
Amazon lost 1.6% after AOL reportedly said it will start selling its own videos and music, ending the companies' partnership.
Intel and IBM rose ahead of earnings reports next week.
Homestore surged 25% on takeover rumors.
Powerwave slipped 2.6% after missing estimates.
Technical Analysis: A Nice Bounce, But...
by Paul Shread
July 11, 2003 - The most notable aspect of today's trading was the very poor upside volume on the NYSE and the Nasdaq: neither exchange could register even 70% upside volume. That suggests the possibility of more downside next week. The Dow (first chart below) stalled at 9135-9162 (9150) resistance. Next resistance is 9261 and 9352, and 9000-9036 and 8950 are support. The S&P (second chart) stalled at the 1000 level. Above that, resistance is 1002-1004, 1010 and 1015, and 987-988 is critical support. The Nasdaq (third chart) managed to push into the 1735-1747 resistance zone. If it can clear that, 1758 is next. Support is 1715, 1700 and 1685. The Transports (fourth chart) are the one potentially bullish chart here; a new closing high on Monday would form a bullish continuation pattern called "rising three methods." The equity put-call ratio was high today, but about 100,000 of those puts came in just two trades.
by Paul Shread
July 11, 2003 - Sonus and Juniper reported tentative signs of a recovery in telecom spending, raising hopes that the sector's three-year slump is coming to an end.
Sonus rocketed 24% after cutting its loss to a penny a share, beating revenue estimates, and announcing a contract from Verizon .
Juniper gained 2.6% on its cautious outlook.
Juniper reported strong worldwide broadband growth, while Sonus said the trend appears to be toward incremental upgrades, from the mass buildouts of a few years ago.
But it's a start.
The market rebounded Friday after GE's earnings and the producer price index produced no negative surprises.
The Nasdaq rose 18 to 1733, the S&P 500 climbed 9 to 998, and the Dow gained 83 to 9119. Volume declined to 1.21 billion shares on the NYSE, and 1.52 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 20-11 on the Nasdaq. Upside volume was 69% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 176-1 on the NYSE, and 244-4 on the Nasdaq.
Amazon lost 1.6% after AOL reportedly said it will start selling its own videos and music, ending the companies' partnership.
Intel and IBM rose ahead of earnings reports next week.
Homestore surged 25% on takeover rumors.
Powerwave slipped 2.6% after missing estimates.
Technical Analysis: A Nice Bounce, But...
by Paul Shread
July 11, 2003 - The most notable aspect of today's trading was the very poor upside volume on the NYSE and the Nasdaq: neither exchange could register even 70% upside volume. That suggests the possibility of more downside next week. The Dow (first chart below) stalled at 9135-9162 (9150) resistance. Next resistance is 9261 and 9352, and 9000-9036 and 8950 are support. The S&P (second chart) stalled at the 1000 level. Above that, resistance is 1002-1004, 1010 and 1015, and 987-988 is critical support. The Nasdaq (third chart) managed to push into the 1735-1747 resistance zone. If it can clear that, 1758 is next. Support is 1715, 1700 and 1685. The Transports (fourth chart) are the one potentially bullish chart here; a new closing high on Monday would form a bullish continuation pattern called "rising three methods." The equity put-call ratio was high today, but about 100,000 of those puts came in just two trades.
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