Paul Shread

Could software be about to follow hardware in the IT spending slowdown? Two weeks ago, we wrote about the bearish Broadening patterns appearing in the charts of Microsoft and PeopleSoft . Just as those patterns appeared in Juniper and Nokia last fall before the telecom sector led the market in its second leg down, could […]

Unexpected weakness in the NAPM service sector survey dragged stocks lower on Friday. The ISDEX http://www.wsrn.com/apps/ISDEX/ lost 2 to 209, and the Nasdaq fell 21 to 2066. The S&P 500 slipped 6 to 1214, and the Dow declined 38 to 10,512. Volume fell to 938 million shares on the NYSE, and 1.24 billion on the […]

After three months of a trading range and two months of a slow decline, is the market finally ready for a big move? If it is, the first few days of next week could be the time to make that move. As we’ve been saying for some time, a number of important cycles are lining […]

Chips stocks had yet another strong day, after Intel CEO Craig Barrett reiterated his prediction that business will pick up in the second half of the year. The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 1 to 211, and the Nasdaq climbed 19 to 2087. The S&P 500 rose 4 to 1220, and the Dow added 41 to 10,551. […]

In the ISDEX in July, there was Wireless Facilities , and then there was everyone else. WFII led internet.com’s Internet Stock Index, the ISDEX, with a 51% gain in July, far outpacing the rest of the field. The runner up was Liberate Technologies , which scored a 21% gain last month on optimism that its […]

Claims by Merrill Lynch that the worst of the semiconductor downturn is over sent tech stocks surging on Wednesday. The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 5 to 210, and the Nasdaq surged 41 to 2068. The S&P 500 rose 4 to 1215, and the Dow slipped 12 to 10,510. Volume declined to 1 billion shares on the […]

Another day of earnings season, and two more profitable dot-coms. Priceline.com recorded its first-ever quarter of profitability yesterday, with pro form earnings of 5 cents a share, 4 cents above estimates, and GAAP earnings of a penny a share. The stock was trading up more than $1 in pre-market trading. The company beat revenue estimates […]

Seven months after being given up for dead, Priceline.com reported its first quarter of profitability after the close on Tuesday. Stocks rose during the day on end-of-the-month buying. The ISDEX http://www.wsrn.com/apps/ISDEX/ gained 1 to 204, and the Nasdaq climbed 9 to 2027. The S&P 500 rose 6 to 1211, and the Dow surged 121 to […]

Morgan Stanley economist Stephen Roach’s insightful testimony to the Senate Banking Committee last week about the relationship of the current economic downturn to the 1998 global downturn struck a chord with us. Structurally, there are patterns in a couple of major stock indexes – most notably the S&P 500 and the Philadelphia Bank Index – […]

Stocks began the week on a modest down note after several brokerages cut earnings estimates on the S&P 500. A cautious outlook from Adobe didn’t help. The ISDEX http://www.wsrn.com/apps/ISDEX/ lost 3 to 202, and the Nasdaq declined 11 to 2017. The S&P 500 slipped 1 to 1204, and the Dow gave back 14 to 10,401. […]

What the heck is up with Cisco ? Inquiring minds want to know, because it may well determine the near-term direction of the stock market. Cisco’s stock has been outperforming the Nasdaq since its July 11 low, up almost 20% versus a 5% gain for the Nasdaq. There has been talk that Cisco made its […]

First, the big news: GDP grew at a 0.7% rate in the second quarter, less than the 1.2% rate forecast by economists. The economy continues to slow, but is still growing. However, if not for strong consumer spending in April, that number might very well have come in negative. The futures are mixed on the […]