Paul Shread

Sony Electronics plans to offer a new series of PetaSite tape library systems based on its breakthrough SAIT drive technology. Designed for content management, data backup, and enterprise data storage applications, Sony claims the new SAIT PetaSite systems will set a new standard for automated tape storage density with up to 250 terabytes of native […]

Stocks plunged Monday as the war in Iraq bogged down and the U.S. accused Russia of continued arm sales to Iraq. An appearance on TV by Iraqi leader Saddam Hussein – which may have been taped – also unnerved traders. The Nasdaq plunged 52 to 1369, the S&P 500 fell 31 to 864, and the […]

This rally has continued without a breather despite overbought conditions on all indexes – amazing strength indeed. The Dow and S&P (first two charts below) closed above their 200-day moving averages today, yet another breakout for the bulls. Those averages, at 8436 and 891, are first support, and 8250-8300 and 870-875 are now critical support. […]

Stocks soared Friday on a BBC report that Iraqi leader Saddam Hussein may have been killed in the initial U.S. air attack, sending the Dow to its best week since October 1982. The Nasdaq gained 19 to 1421, the S&P 500 surged 19 to 895, and the Dow soared 235 to 8521. Volume rose to […]

The Dow and S&P (first two charts below) continue to push into heavy resistance, and both remain firmly overbought. If they can continue to push higher, the 200-day moving averages at 8446 and 893 are next. Support is 8130-8150 and 8076 on the Dow, and 852-855 on the S&P. The Nasdaq (third chart) probed into […]

Traders bought an early sell-off on Thursday on hopes that war with Iraq will be quick. The Nasdaq gained 5 to 1402, the S&P 500 climbed 1 to 875, and the Dow rose 21 to 8286. Volume rose to 1.44 billion shares on the NYSE, but declined to 1.58 billion on the Nasdaq. Advancers led […]

Blue chip stocks rose Wednesday as U.S. warplanes began bombing Iraqi missile sites near the Kuwait border, but tech stocks were restrained on disappointing results from Oracle. The Nasdaq slipped 3 to 1397, the S&P 500 gained 7 to 874, and the Dow rose 71 to 8265. Volume declined to 1.42 billion shares on the […]

The Dow and S&P (first two charts below) are doing damage to some critical resistance levels here. Above 8300 and 975, the 200-day moving averages at 8450 and 894 come into play. The indexes are extremely overbought – stochastics on the S&P closed above 99 today – but that so far has only slowed the […]

Stocks added to their recent gains Tuesday despite comments by the Federal Reserve that the economic outlook remains cloudy, as traders hoped that a quick victory in Iraq will improve that outlook. The Nasdaq climbed 8 to 1400, the S&P 500 added 3 to 866, and the Dow rose 52 to 8194. Volume declined to […]

The Dow and S&P (first two charts below) remain just below the critical resistance levels of 8243 and 870; above those levels, the indexes could make a run for the January-December highs. To the downside, support is 8076 and 8000 on the Dow, and 8052 on the S&P. The Nasdaq (third chart) is right below […]

Stocks soared Monday as final efforts at diplomacy failed, making war with Iraq appear all but certain. The Nasdaq soared 51 to 1392, the S&P 500 surged 29 to 862, and the Dow soared 282 to 8141. Volume rose to 1.7 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Advancers led 21-9 […]

The NYSE put in a 90% upside day today – that’s potentially bullish, since it follows a 90% downside day by just five trading days. However, we never got a good washout on the downside, and NYSE new highs are actually fewer in number than they were at last week’s lows, and new lows increased […]