Investors bid stocks higher Wednesday despite warnings and downgrades, focusing instead on the first guilty plea in the Enron case.
The Nasdaq climbed 32 to 1409, the S&P 500 rose 11 to 949, and the Dow gained 85 to 8957. Volume rose to 1.34 billion shares on the NYSE, and 1.62 billion on the Nasdaq. Advancers led 22 to 9 on the NYSE, and 23 to 10 on the Nasdaq.
After the close, JD Edwards and Synopsis
beat estimates. Ariba
gained on a deal with Met Life.
During the day, Newport , Sycamore
and Portal
gained on earnings results.
United Online gave back 8% on a downgrade.
Mercury Interactive continued to post strong gains, up another 6%. Verisign
surged 17%.
AOL gained 7% on a cable deal with AT&T
and Comcast
.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
The bulls sure are making this interesting. The S&P and Wilshire 5000 (first two charts below) closed right at major resistance today; can they do any better than they did at this level two days ago? 951 is major resistance on the S&P, but an overthrow to 960 or so would not be surprising, and in fact would form a bearish rising wedge. However, if the breakout comes on volume and the index can close above 970 or so, there is no major resistance on the index until 1050. To the downside, the S&P daily (third chart) has critical support at 925-929. The Nasdaq (fourth chart) closed right at 1410 resistance today. If it can get through that, 1440 is next and then 1500-1550. Support is 1370, 1355, and 1322 (critical). The one big negative for the Nasdaq is that new highs have yet to outnumber new lows almost a month into this rally. The Dow (fifth chart) has resistance at 9000 and 9250, and critical support at 8800 and 8700. Tomorrow-Friday has some potential as a cycle turn date for the Dow.
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