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 Harry Boxer, The Technical Trader (www.thetechtrader.com) 7/11 was a lucky day for the market and the markets were up, but they traveled an interesting route. Pre-opening indicators were up, and the market gapped up and ran up to the highs for the session on the Nasdaq 100 early in the day. The S&P 500 ended up making a higher high later.
But essentially after the morning rally, the market went sideways for three hours in a very tight pattern. With about two hours to go, with no rally having materialized, the indices pilled down quickly. They filled the gap on the Nasdaq 100 and tested the morning pullback lows on the S&P 500 and held there. Then the market came back in the last hour or so, snapping back up toward resistance, where it closed.
Net on the day the Dow was up 83 ½ to just under 9120. The S&P 500 was up 9 ½ to 998. The Nasdaq Composite was up 18 to nearly 1734, and the Nasdaq 100 was up around 12 at 1280. The SOX Index was barely ahead today, up .43, and yet the Nasdaq did well today, which was interesting.
Technicals turned solidly in the last hour and were up about 2 to 1 on both exchanges on advance-declines. Up/down volume was also a little bit better than 2 to 1 on both exchanges. NYSE volume was under 1.2 billion, and Nasdaq volume was about 1.45 billion. So it was fairly light volume for a Friday afternoon in the summer, but not unexpected.
On my personal board there was a mix of gainers and losers, about 60/40 to the plus side, mostly high-tech stocks that were mixed today. Some of the chip stocks did not do that well today. Emulex was down, Broadcom was barely ahead, QLogic was down, and the SMH was up only .18. So it was a very mixed day in the chip sector.
However, the Internet stocks did well, with the Asian Internet stocks, in particular, rebounding. CHINA was up 1.05, ASIA was up nearly a half, and several others were firm today. In addition, low-priced Charter up 92 cents, Exult up 78, and TIVO up 33 cents were some of the leaders in the low-priced sector.
Stepping back and reviewing the index chart patterns, the market had come down sharply yesterday, rebounded today, and held support on a couple occasions. So from a technical standpoint the market did not follow through to the downside, which is positive for the bulls, and yesterday’s lows were right at support.
Thus, until we break those support levels, which are 1260 NDX and 985 or so S&P 500, the chances of the rally extending itself are still pretty good.
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