Stocks finally bounced on Friday, as buyers stepped in after five straight down days.
The ISDEX http://www.wsrn.com/apps/ISDEX/ rose 6 to 158, and the Nasdaq gained 36 to 1818. The S&P 500 rose 16 to 1096, and the Dow surged 116 to 9744. Volume declined to 1.37 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Advancers led by 20 to 10 on the NYSE, and 23 to 11 on the Nasdaq.
fell 4% on accounting concerns, but finished 3 points off its low for the day.
rose 7% on news of insider buying.
managed to finish unchanged despite analyst comments that it could face a weak first half. The company reports earnings next Thursday.
surged 16% on comments that it expects revenues to improve this year.
rose 5% on a Merrill Lynch upgrade.
and GlobeSpan Virata
rose after topping estimates, but EDS
fell on accounting worries.
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.
A nice bounce today, but on declining volume. Still, it’s a start. So far, the Dow (first chart) is holding 9500-9600 support, and the S&P (second chart) is holding the 1080 area nicely. A break of those levels would be a sign that the next leg down has begun. The minimum target for this decline remains 1052 on the S&P. One trader who follows linear regressions noted that the Nasdaq, the S&P and the Wilshire 5000 pierced their 13 week lower lines today, a bearish development that suggests an eventual retest of the September lows for the market. The S&P closed right under 1098 resistance, and 1110 just above that looks very tough. The Dow closed right at 9750-9775 resistance. 9825-9860 is next and then 9900. If the Nasdaq (third chart) can get through 1830, it could be headed for 1860-1870. 1745-1768 is critical support.
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