Paul Shread

Finally, a long-overdue bounce, but we’d note a couple of negatives today. First, upside volume was extremely unimpressive, with neither exchange registering 80% upside volume. Second, the chip index (first chart below) pierced a critical support today – 393.8, the top of the index’s first leg up off the October 2002 lows. With that “wave […]

Shares of Nortel took another tumble on Tuesday, but only this time it wasn’t because of accounting concerns. Nortel’s stock fell 16% on concern about margins and pricing pressures. In the company’s bi-weekly update, CEO Bill Owens said “it is clear that our business model is not achieving our targeted operating cost … performance of […]

Tape vendors are catching on to WORM (write once, read many) technology as a selling point for customers swamped by compliance demands. Quantum and Sony are making WORM technology standard for their respective SDLT and AIT formats, while Certance, HP and IBM plan to include it in the LTO-3 specification later this year. StorageTek is […]

The chip index (first chart below) bounced today just above a critical support – 393.8, the top of the index’s first leg up off the October 2002 lows. Below that, and Elliott Wave theorists would view the index’s 15-month rally as corrective, meaning that new lows would be likely on the index eventually. The Nasdaq […]

In one sense, Google’s much-anticipated IPO will be like a lot of other Internet IPOs over the years: it won’t be cheap. The company said in an SEC filing Monday that it expects the Dutch auction IPO slated for the week of August 9 to price between $108 and $135 a share. If the company […]

Microsoft (first chart below) put in an “island reversal” the last four days, stranding investors who bought on the company’s big payout news on an “island” surround by two gaps. That really calls for nothing more than a retest of the recent lows around 27.20, but it’s a heads up to be on the lookout […]

Weaker than expected earnings from Microsoft and Amazon added to fears of an economic slowdown on Friday, sending the Nasdaq to fresh lows for the year. Amazon plunged 13% after missing earnings and revenue estimates. Microsoft’s numbers were pretty solid, with higher than expected revenues, but investors sent the stock 3% lower after the company […]

A day after a big reversal down, we got another one back up that was almost as powerful. One volatile market. Can the market make something of this latest attempt to end the downtrend? The market is certainly due for a bounce, given how oversold it’s been. But with a correction that’s gone on this […]

Microsoft and Amazon became the latest tech bellwethers to play the Wall Street expectations game after the close on Thursday, and both came up short. Microsoft reported quarterly revenues of $9.29 billion, well above analysts’ $9 billion estimates, but pro forma earnings of 28 cents a share were a penny shy of estimates. The company’s […]

Take a good look at that big red bearish engulfing candlestick on the Nasdaq (first chart below); it’s as ugly a candlestick as you’ll see. The index opened at the highs of the day and closed 59 points below that level. Quite a reversal. The only hope for the bulls here is whether it was […]

eBay became the latest Internet bellwether to run afoul of Wall Street’s expectations after the close on Wednesday. eBay’s second-quarter earnings of 29 cents a share beat analyst estimates by two cents, and revenues of $773.4 million topped $769.4 million forecasts. But eBay said third-quarter earnings will come in at 25 cents a share, two […]

The Nasdaq (first chart below) put in a nice “morning star” reversal pattern the last three days. 1910 and 1894-1900 should now be support, and resistance is 1922, 1926, 1930 and 1940-1946. The S&P (second chart) also completed a morning star reversal today. The index faces resistance at 1113, 1117 and 1123, and support should […]