repost:<<Aftermarkets Earnings Releases Cool Overheated Market
(edit-as this breakdown today states tomorrow will be a strong test of supports---but i would say instead it will be a strong test of the Dipster/Mania quotient--that is how much dumb money is really out there.gd:)
Jan 14, 2004 (JAGfn.com via COMTEX) -- Aftermarket Earnings Releases Cool Overheated Markets By Harry Boxer, The Technical Trader
The market continued backing and filling today. After a strong start, it twice got to resistance in the morning on the Nasdaq 100, with the S&P 500 actually taking out resistance before a back off into the lunch hour brought the indices back down to the lows for the session. Then the market marched higher in the afternoon and in the last hour took out the morning highs and closed positive on the day but just beneath the highs for the year on the S&P 500 and 8-9 points off on the Nasdaq 100.
On the day the Dow was up 111, the S&P up 9.30, the Nasdaq 100 up 9.30, and the Nasdaq Composite up 14.69. The SOX index was down, and that put pressure on Nasdaq today, but it did come back off the lows, down 3 on the day, about 2/3 of a percent.
Advance-declines were very positive, 2170 to 1080 on New York and about 19 to 12 1/2 on Nasdaq. Up/down volume on New York was extremely positive by about 3 to 1, with total volume of about 1.5 billion. Nasdaq had 2 billion traded with about 1.2 billion of it to the upside.
On my personal board today despite the sharp gains it was an extremely narrowly mixed picture. There were quite a few losers, and despite the indices being as strong as they were, the majority of tech stocks didn't do well. OmniVision (OVTI), in particular, was down nearly 3 points today and got hammered. Other than that there were no stocks on my board up or down as much as 75 cents today.
More importantly,after the close Qlogic (QLGC), Yahoo (YHOO) and Intel (INTC) reported less than wowing earning reports and traders sold the news. The market is down hard in afterhours trading, with the Nasdaq futures down 16 and the S&P futures down about 4.70. So unless things reverse before the opening tomorrow we're going to have a nasty opening and some serious testing of support tomorrow.
On the upside we still have a doubletop at 1542 on the Nasdaq 100 and 1131-32 on the S&P 500. Those are the levels we'll be watching tomorrow.
Good trading!
Harry
By Harry Boxer>>
He played his video game night and day.
The MAZE of Death.
But that is the game we all are in, the trick, don't believe it.Get above it all and imagine nothing is what it seems.Kill the machine.otraque
AI
