Stocks surged Wednesday after GE said it will meet its numbers.
The Nasdaq surged 40 to 1222, the S&P 500 rose 20 to 839, and the Dow gained 158 to 7841. Volume declined to 1.66 billion shares on the NYSE, but rose to 1.69 billion on the Nasdaq. Advancers led 24 to 8 on the NYSE, and 22 to 11 on the Nasdaq.
Microchip and Veritas
surged after reaffirming guidance.
Micron rose 3% despite missing estimates.
Register.com fell 18% on a warning.
RF Micro rose 2.5% after raising estimates.
Microsoft managed only a 1.8% gain despite Goldman Sachs assertions that the company will meet estimates.
Cabot rose 8% on an upgrade.
SonicWall fell 17% on a warning.
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.
If this was the start of the wave iv rally in the Dow (first two charts below), it shouldn’t get very far. Ideally, it should stay below 7922, but if it can clear that level, 8017-8050 and 8217-8247 could come into play. Above 8217-8247, 8700-9000 would become likely. 7665 is first support on the Dow, and 7532 is critical. The Nasdaq (third chart) generated a nice morning star reversal today and could be good for some more upside. 1251 is critical resistance, and 1195 is now critical support. The S&P (fourth chart) was stopped by 844 resistance. 854 is next, and 870 is critical. 830-833 and 814-815 are support.
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