Paul Shread

A potent pullback so far. Some of it is due to a sudden realization of the precariousness of the rebound in the economy and corporate earnings, but some of it also appears to be pre-9/11 jitters. A peaceful day tomorrow could alleviate some of the market’s difficulty here, but not all, and for another month […]

The Nasdaq (first two charts below) turned down from an overbought condition on rising volume today; a hint that this pullback may last more than a day or two. The last time -DI (selling pressure) was this low, the index went nowhere for a month. 1860-1865 is first support and then 1840, and 1900-1950 is […]

The outlook for the wireless sector still looks mixed. Nokia fell 6% Tuesday on the same day that Research in Motion soared 22% after raising estimates. Nokia raised estimates slightly, to the high end of estimates, but investors wanted evidence of a more robust recovery. After the close, Texas Instruments added to the uncertainty when […]

IBM will unveil a new tape drive today that the company claims makes it the biggest and baddest on the block. With a native capacity of 300GB and a native drive data transfer rate of 40MB per second, IBM says its new TotalStorage Enterprise Tape Drive 3592 offers “better capacity, speed, and price than comparable […]

The Nasdaq (first two charts below) is closing in on tough resistance in the 1900-1950 area. Support is 1860 and 1840. The S&P (third chart) is closing in on 1033 resistance, and 1051 is next. 1015-1018 and 1010 are important support. The Dow (charts four and five) are pushing through an important resistance zone; above […]

An upgrade to IBM and bullish comments by RF Micro Devices helped the market resume its winning ways on Monday. CS First Boston said IBM is the ideal late-cycle recovery play because of its slower-moving commercial customers. CSFB said it believes large commercial accounts will soon begin to boost tech spending, benefiting IBM. RF Micro […]

The Nasdaq (first chart) has found support at an old uptrend line; below 1849 on Monday and 1814 looks like the next strong support. 1900-1940 is resistance. For the S&P (second chart), 1015-1018 is important support. Below that, 1010 and 1000 are next supports. Resistance is 1033 and 1051. The Dow (third chart) looks like […]

The Nasdaq’s longest winning streak since February 2000 came to an end Friday despite good earnings news from Intel . Intel ended the day up 0.4% after raising estimates for the second time in two weeks, but the Nasdaq and the broader market fell on an unexpected loss of 93,000 jobs last month, ending a […]

Quite a day for the Nasdaq (first chart) considering the precarious set-up the index entered the day in. However, at 7-8 days, the rally is now up there with some of the longer ones in recent years and could be due for a breather. Tomorrow morning’s employment report could dictate whether the rally extends into […]

Intel’s best quarter in years keeps getting better. For the second time in as many weeks, Intel raised its revenue guidance after the close on Thursday. Intel raised its third-quarter expectations from $7.3-$7.8 billion to $7.6-$7.8 billion. The chip giant said its Architecture business continues to experience strong, broad-based demand, especially in emerging markets, while […]

The rally looked a little wobbly today, with the Nasdaq (first chart below) putting in a high-volume doji star while the Nasdaq 100 and the semiconductor index (not pictured) finished down on the day. Support on the Nasdaq is 1840-1846 and 1814, and resistance is 1863 and 1900-1940. The S&P (second chart) faces resistance at […]

Cisco Systems sent tech stocks to another day of gains after CEO John Chambers said August orders were better than expected. Cisco rose 3.3% to a 19-month high on the news, breaking through the $20 level, and the Nasdaq hit a new 17-month high. The Nasdaq rose 11 to 1852, the S&P 500 added 4 […]