Tech stocks managed to finish the day on the plus side on Monday, but rising oil prices and Mideast tensions weighed on blue chips.
The ISDEX http://www.wsrn.com/apps/ISDEX/ rose 2 to 162, and the Nasdaq gained 17 to 1862. The S&P 500 fell less than a point to 1146, and the Dow slipped 41 to 10,362. Volume declined to 1.05 billion shares on the NYSE, and 1.55 billion on the Nasdaq. Decliners led 17 to 14 on the NYSE, and 19 to 15 on the Nasdaq.
After the close, E.piphany
warned, and BroadVision
warned and released restated results.
During the day, Sun
gained 8% on positive comments from Merrill Lynch.
plunged 52% on an earnings warning.
dropped 19% on a warning.
Communications equipment and chip stocks were strong on bullish comments from Bank of America. Applied Micro
were among the winners.
Storage stocks gained ahead of a conference this week, led by Emulex
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) flirted with disaster today when it gapped back below a trendline it broke out of at the end of the week. Support is 1850, 1830, and critical support for tomorrow is 1820. Resistance is 1870, 1880 and 1900. The Dow (second and third charts) pierced a critical support at 10,275 but then recovered to close above it. First support is 10,335, and resistance is 10,400, 10,425, 10,450, 10,475, and 10,500. The S&P (third chart) failed once again an old downtrend line at 1148. The S&P has support at 1138-1142 and 1131.
Special report: For a free introduction to technical chart patterns, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.