Nasdaq didn’t go for 4th losing day…up +45

Riz

Experienced member
1,266 5
Dow Jones 10573 -49
Nasdaq 2441 +45
S&P 500 1301 +5

Nasdaq is up +45 at 2441 gaining for first day in four…as winners outnumbered losers...volume was 1.96 billion on the Nasdaq Stock Market where bargain hunters chased after tech stocks…

Most tech stocks moved higher… software and Internet issues took the lead…

Microsoft (up 5.9%), Sun Micro (up 4.4%), Oracle (up 5.2%) and Dell (up 3.3%) were some of those giving Nasdaq strong support…

The world's biggest cell phone maker Nokia’s shares tumbled $3.81, or 8.8 percent after it said it sold 128 million handsets during 2000 and estimated the global market at 405 million, lower than many analysts had expected…

"This is a profit warning," said Jan Werding, telecoms equipment analyst at Carnegie in Stockholm. "Consensus estimates were for some 440 million sales…"

Actually the least hoped was 130 million units…the good thing is that the market was able to isolate Nokia…one should note this as a sign…

Analysts carried on expressing their views with regard to how much the economy may slow and whether it is going to end up in a cyclical recession…as always there are pessimists, less pessimists and optimists…

It looks like Merrill Lynch doesn't believe the U.S. economy is in or about to be in a recession…. They have still tweaked their gross domestic product estimates lower…

They now expect first-quarter GDP growth to fall in the 1.5 to 2 percent range with a growth rate of about 2 percent in the first half of 2001 before recovering to around 3.5 percent in the second half…

"It certainly feels like a recession to many companies whose earnings will decline, but we don't believe the economy is contracting… We now look for a 50 basis point easing on Jan. 31 and a 5 percent fed funds rate by June. The risk is for more easing.." said Merrill Lynch's chief economist Bruce Steinberg …

It’s good to hear that especially after hearing on monday, Morgan Stanley Dean Witter's chief economist Stephen Roach saying he was shifting to an outright recession scenario in the U.S. and cutting forecasts for the global economy in 2001….

Overall I don’t think we’ll go much lower from here and as I said in my earlier Nasdaq posts it’s going to be bounces (both up and down) from here on…preparing the market for a long term uptrend if the Fed convinces investors that they have reduced rates enough to stop the bear market and begin a bull market meaning they are able to prevent a recession and start a recovery...


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cookie

Active member
248 1
Naz rallies in early trading to gain 60 points from an opening deficit of -53 in the first hour.

Charty mentioned that investors seem to want to bolster the Naz at the expense of the Dow.

How long has it been since the Naz experienced two consecutive up days ??

Only problem could be that Yahoo report 4th Qtr after close of business tonight. Still the market appeared to ignore the negatives from Nokia this week.

Hold on to your hats... at 10.40 ET Naz +21points and Dow has recovered to -39 from -90.

Take care


Cookie
 

ChartMan

Legendary member
5,580 46
NDX closes up 103......
BRCM rallied strongly (against TA in the last hour) to end @ $110,up $14 in 3 hours.Expect early selloff tomorrow.

Martin.
 

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