Paul Shread

The Nasdaq (first chart below) needs to get back above 2055 to get pointed back up again, with 2075 the next resistance level above that. 2040 is important support; 2020-2030 could provide support below that, but there’s otherwise a lot of air below 2040. The Dow (second chart) pulled back deeper than we would have […]

Earnings from Oracle and the Federal Reserve’s expected ninth interest rate hike in a year will likely dominate this week’s financial news. Oracle will report its quarterly results before the market open on Wednesday. Analysts are looking for earnings of 23 cents a share, up from 19 cents a year ago, on sales of $3.89 […]

The market’s pullback is threatening to become a bigger correction if it doesn’t turn up soon. The Nasdaq (first chart below) is sitting right at the critical 2050 level — this would be a good place for the techs to turn up, as it would complete a flat correction or “rectangle” pattern between here and […]

Stocks were battered for a second straight day Friday amid worries of slowing economic growth and rising oil prices. Disappointing results from Micron Technology — coupled with weak new home sales and durable orders reports and oil prices that refused to back off the $60 a barrel level — was enough to send stocks to their […]

Shareholders approved the merger of Veritas and Symantec on Friday, clearing the way for one of the largest software mergers ever. There was some question whether Symantec shareholders would go for the deal, with Symantec’s stock off more than 30% since the deal was announced in December. But support from the influential Institutional Shareholder Services […]

After struggling for weeks to go higher, the indexes turned down today. Not surprising, given all the effort and supply that was being exhausted. The Nasdaq (first chart below) failed at 2100 resistance once again today, getting as high as 2106 before following the Dow lower. At this point, the next strong support for the […]

Ameritrade continued its push toward online trading dominance Wednesday when it made the long-rumored acquisition of TD Waterhouse from Toronto-Dominion official. Mergers and acquisitions among online stock trading firms have heated up as falling commissions have made trading volume a priority. Ameritrade has been one of the more successful acquirers, snapping up sought-after rivals like […]

On one hand, it’s a positive that the Nasdaq (first chart below) continues to hover below the major resistance level of 2097-2100. On the other hand, the longer the index takes to clear that level, the more likely it becomes that supply will eventually overwhelm demand. The indexes all formed “inside days” today — completely […]

Shares of HP jumped 3% to a new 52-week high Tuesday after an analyst said cost-cutting measures could give the stock a 20% boost. HP’s restructuring plans have yet to be announced, but Soleil Securities rated HPQ stock a “buy,” saying the stock could move higher ahead of the news. “We expect strength in the […]

Not a bad day, considering the Nasdaq’s (first chart below) unimpressive performance on Friday. Still, the index has yet to clear the major resistance of 2097-2100, with 2112 and 2118 above that. Support is 2070-2073 and 2053 — a clear trading range on the index between 2053 and 2100. The Dow (second chart) has support […]

In an unusual twist to Wall Street’s current M&A craze, Cablevision’s controlling family has decided to take the cable concern private and spin off its entertainment division. The reason? The pressure from Wall Street for short-term results is incompatible with the challenges facing the cable provider, the controlling Dolan family said in a statement. “We […]

One ugly candlestick on the Nasdaq (first chart below) today — the index gapped over major resistance to start the day and then spent the rest of the day on the defensive. Resistance is 2097-2100, 2112 and 2118, and support is 2080, 2070-2073 and 2053. The Dow and S&P (second and third charts) both pushed […]