Paul Shread

Stocks surged Thursday on better than expected retail sales, IBM’s 2003 forecast and Intel’s stock buyback, but Dell’s earnings received a thumbs down after the bell. The Nasdaq soared 50 to 1411, the S&P 500 surged 21 to 904, and the Dow rose 143 to 8542. Volume rose to 1.5 billion shares on the NYSE, […]

The Dow (first chart below) and S&P (second chart) are sure making it interesting, pushing to the upper limits of potential right shoulders in head and shoulders tops. A move above 8550 on the Dow and 905.2 on the S&P would favor the bulls (the highs on the left shoulders back in October, 8558.63 and […]

The Dow (first chart below) and S&P 500 (second chart) remain in danger of forming head and shoulders tops here. A break of 8200 or 8550 on the Dow and 865 or 900 on the S&P could dictate intermediate term direction, although 8000-8100 on the Dow and 855 on the S&P could provide support. Head […]

Stocks ended the day little changed Wednesday despite wide swings during the day. Stocks fell early on a lukewarm assessment of the economy by Fed Chairman Alan Greenspan, but later rebounded after Iraq accepted the UN disarmament resolution. The Nasdaq climbed 11 to 1361, the S&P 500 slipped fractionally to 882, and the Dow added […]

Evidence that Osama bin Laden may be alive cut short a strong rally on Tuesday. The Nasdaq surged 30 to 1349, the S&P 500 added 6 to 882, and the Dow rose 27 to 8386, 118 points off its high for the day. Volume rose to 1.34 billion shares on the NYSE, and 1.56 billion […]

The Nasdaq (first chart below) was stopped at its downtrend line and the middle of the bearish “three black crows” formed recently, a common resistance point. Resistance is just above 1350 and 1368, and support is 1340-1347, 1330, 1320 and 1302. The three black crows suggests downside potential to 1280. A similar pattern in early […]

Investors saw little reason to buy stocks on Monday with a Friday deadline looming for Iraq to comply with a UN disarmament resolution. Oracle and HP weighed on tech stocks. The Nasdaq fell 40 to 1319, the S&P 500 lost 18 to 876, and the Dow fell 178 to 8358. With the bond market closed, […]

The one good thing to say about this decline is that volume has been lower each day. As long as it doesn’t start to pick up to the downside, the rally has a good chance of continuing. One negative is that the equity put-call ratio declined to .66 today, showing a little too much eagerness […]

Oracle will launch a Grid computing product this week based on the open source Globus Toolkit. Oracle GDK, an adaptation of the de facto standard Globus middleware, will be unveiled at OracleWorld this week, said Benny Souder, Oracle’s vice president for distributed database development. The product will be available as a free download for Oracle […]

Warnings, downgrades and fears of war with Iraq sent stocks to a second straight day of losses on Friday. The Nasdaq fell 17 to 1359, the S&P 500 lost 7 to 894, and the Dow lost 49 to 8537. Volume was unchanged at 1.44 billion shares on the NYSE, and declined to 1.6 billion on […]

Back to the weekly charts for today. The Nasdaq (first chart below) flirted with but could not hold onto a breakout of its September 2000 downtrend line this week, a level the index will have to clear for this rally to continue. 1388 and 1397-1400 are now resistance, and 1347, 1320 and 1302 are support. […]

A warning from Cisco Systems sent stocks sprawling on Thursday. The Nasdaq fell 42 to 1376, the S&P 500 dropped 21 to 902, and the Dow lost 184 to 8586. Volume declined to 1.45 billion shares on the NYSE, and 1.76 billion on the Nasdaq. Decliners led 21 to 11 on the NYSE, and 21 […]