Stocks continued to come under pressure on Monday as investors await first-quarter earnings reports.
The ISDEX http://www.wsrn.com/apps/ISDEX/ fell 5 to 159, and the Nasdaq lost 38 to 1812. The S&P 500 dropped 16 to 1131, and the Dow fell 146 to 10,281. Volume declined to 1.1 billion shares on the NYSE, and 1.4 billion on the Nasdaq. Decliners led 22 to 9 on the NYSE, and 22 to 13 on the Nasdaq.
After the close, WebMD fell on news of a convertible offering, Brocade
edged higher after the company said it will meet or beat estimates, and Liberate
rose after topping estimates and raising guidance.
During the day, EMC fell 5% after analysts cut earnings estimates on the company.
Sun and Microsoft
both fell on news that Sun will roll out a .Net competitor.
High-flyers like Brocade , Emulex
and QLogic
lost 5%.
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 Nasdaq (first chart) has a very nice down channel forming, and support tomorrow should be right about at the important 1793 level. To the upside, the index would break out just under 1860. The Dow (second and third charts) broke 10,300 support. The index could find support in the 10,275 range tomorrow; much lower than that and the 10,150-10,200 range is the next important support. The S&P (fourth and fifth charts) is back below an important weekly trendline at around 1145 and a daily support around 1140. 1125 or so looks critical here. It could be an interesting few days (the market is closed on Friday), with quarterly rebalancing and Japanese banks marking-to-market this week.
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