Blue Chips Surge
Blue chips stocks surged Monday on hopes of a neutral Federal Reserve, but Internet and technology stocks again lagged.
The ISDEX
Cisco
Optical networking stocks rose on positive comments from ABN Amro. JDS Uniphase
eBay
Ariba
Robertson Stephens cut 2001 estimates for Ameritrade
Intraware
Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html
The Nasdaq and ISDEX are retesting their recent lows on lower volume, and so far haven't made lower lows (2523 and 382 were the recent lows), all of which are positives for Net and tech stocks. Now can they rally from here? If the Nasdaq can take out 2755 and the ISDEX 434, we would break the cycle of lower lows and lower highs. To the downside, a break of 2523 would likely lead to much lower lows, potentially to around 2200 on the Nasdaq and 2100 on the Nasdaq 100 (see chart below). The 1990 logarithmic trendline is around 2300-2400 on the Nasdaq, a major support.
fell 14 to 399, and the Nasdaq lost 47 to 2947. The S&P 500 gained 5 to 1320, and the Dow soared 168 to 10,542 on strength in cyclicals. Volume declined to 491 million shares on the NYSE and 854 million on the Nasdaq. Decliners led by a few issues on the NYSE and by 23 to 12 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
fell 2 5/8 to 45 7/8 at the start of a two-day analyst meeting.
rose 1 7/16 to 57 5/8, Ciena
, which reports earnings Thursday, climbed 5/16 to 77 1/4, and Corning
added 1 7/16 to 62 3/8.
fell 2 3/4 to 32 on concern that the company may buy CMGI unit
uBid or other companies.
slipped 5/8 to 60 5/16 despite Sprint PCS' launch of its Ariba-powered B2B platform. Positive comments from CS FirstBoston also didn't help B2B stocks, as Commerce One
lost 1 7/16 to 27 7/16, and i2
fell 8 3/8 to 91.
, off 3/8 to 8 7/16, and E*Trade
, up 5/32 to 8 15/32.
plummeted 1 to 1 13/16 after announcing that it will lay off 47% of its workforce, or 180 employees.