Stocks ended a rough week with a modest bounce on Friday.
The Nasdaq gained 4 to 1221, the S&P 500 added 2 to 845, and the Dow rose 43 to 7986. Volume soared to 1.79 billion shares on the NYSE, and 1.8 billion on the Nasdaq. Advancers led 16 to 15 on the NYSE, and 17 to 16 on the Nasdaq.
surged 9% on a bullish chip forecast.
each fell 7% on cautious analyst comments.
fell to new lows on downgrades.
Storage stocks were weak on rumors of a warning from Veritas
and the effect of Sun’s
acquisition of privately held Pirus Networks on QLogic
lost 7% despite beating estimates, but Tibco
, and Powerwave
all gained on their earnings news.
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.
Four straight equity put-call ratio closes above 1.0, matching the number of equity PC closes above 1.0 that occurred the week of Sept. 17-21, 2001. If not for a lower VIX (see first chart below), we’d be downright bullish here, but it should be worth a week or two of upside before a final leg down into October. Today’s bounce was a weak one, however, so there may be some weakness early next week before a bounce, perhaps to 7850-7875 on the Dow, 1192-1206 on the Nasdaq (or 1175 if that support fails), and 830-833 on the S&P (814 is the next support below that). Major resistance can be found at 1251-1270 on the Nasdaq (second chart below), 8030-8050 and 8200-8300 on the Dow (third chart), and 854 and 870-875 on the S&P (fourth chart). The Dow had its first weekly close under 8000 since October 5, 1998.
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