Blue chips continued to gain on Friday, but tech stocks rested.
The ISDEX http://www.wsrn.com/apps/ISDEX/ slipped 1 to 154, and the Nasdaq gave back 6 to 1768. The S&P 500 rose 4 to 1104, and the Dow climbed 82 to 9545, 60 points from its September 10 close. Volume declined to 1.21 billion shares on the NYSE, and 1.99 billion on the Nasdaq. Advancers led by 18 to 12 on the NYSE, and 19 to 16 on the Nasdaq.
After the close, Lockheed Martin won the coveted $200 billion Joint Strike Fighter contract over Boeing
, as expected.
During the day, VeriSign plunged 10.52 to 42.82 on concern about slowing growth, and JDS Uniphase
fell 1.19 to 8.77 after missing estimates.
Overture surged 6.45 to 25.50 and Avant
soared 4.16 to 11.30, both on much better than expected results.
Corvis fell .09 to 2.23 after missing revenue estimates. VerticalNet
, up .11 to 1.39, and F5
, up .66 to 16.55, both warned. BMC
slipped .41 to 16.98 after meeting estimates.
Ericsson rose .13 to 4.48 despite missing estimates and warning.
Digital River continued to surge on earnings optimism, up 1.98 to 12.09.
Some technical comments on the market: Note: We include 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 (first chart) formed a gravestone doji today, a potential reversal candlestick. Critical support is 1752-1754, the top of the big bearish engulfing candlestick from last week that the Nasdaq negated yesterday. The second critical support should be at about 1730, the bull flag that the index broke out of yesterday. First resistance is 1793, and then 1817. The Dow (second chart) came within 7 points of filling its Sept. 10-17 gap at 9605. First support is 9480 and then about 9420. The S&P (third chart) faces resistance at 1110, and support is 1090-1094. Finally, both GE and the NYSE negated potential head and shoulders tops today (fourth and fifth charts), and the NYSE is finally close to giving an On Balance Volume buy signal, which has been a long time coming for the broad list.
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