Nasdaq made a change..


Experienced member
Nasdaq made a change today up +7 to 2,340...the importance not being the number of points the Nasdaq gained but making a change by going up after going down non-stop for 7 days...

It was mainly the rally in shares of Cisco Systems, Microsoft and Intel pushing the Nasdaq up...

The Nasdaq struggled very hard to hold on to its gains throughout the session.. it fell repeatedly into red area again and again before stabilizing at modestly higher did even have happier moments at which it climbed as much as 91 points..

Microsoft's rally pushed software issues up...still other tech sectors ended in the red. The sell of in Net stocks continued and a profit warning from Lucent Technologies caused networking issues struggle...

Concerns are still focused on the earnings outlook..

The extremely heavy volume was recorded as the fourth-busiest day ever -- on the Nasdaq Stock Market...

In the mean time Callies, Merrill Lynch's chief U.S. investment strategist told clients not to "fight the Fed." saying the change in the central bank's policy bias paves the way for several rate cuts in 2001, which should be a significant positive for the equity market next year...She said that since the early 1970s, the average increases in the S&P 500 have been 10.4 percent three months after the Fed eases, 19.1 percent six months after and 23.6 percent over 12 months...and further, residual profit taking after rate cuts has been modest...

Meanwhile, the Commerce Department's final revision of third-quarter gross domestic product, a measure of all goods and services produced in the U.S. rose 2.2%, down from last month's estimate of 2.4% growth and below economists' expectations of 2.4%..

Another sign that the Fed will trim interest rates is that first-time jobless claims rose 34,000 to 354,000 last week, reversing the prior week's big declineand suggesting a loosening tight labor market...

As it has become usual recently American analysts come up with various views some of them even contradictory:

Peter Coolidge, senior equity trader at Brean Murray, said investors were nervously optimistic during the day that the worst may be past for the market... "But it's too soon to tell whether that is true..Meanwhile, they will be looking to quality names with solid fundamentals in the wake of the selling," he said.

"Traders and investors are spooked by the recent action, and it has given them cause to pause for thought," Mr. Coolidge said of the recent drop by tech stocks. "There still is the question out there about what these things are worth."

On the other hand Barry Hyman, chief investment strategist at Weatherly Securities sounded quite pessimistic "I think the overwhelming influence on the market is that there is a recession scenario developing here in the market. And I think the valuation issues are dramatic."

Shortly it looks like any rally attempt is suspect amid broad worries about earnings and the effect of the slowing economy... still it's good that Nasdaq interrupted a 7-day losing period...

by the way at the time of writing the futures were:
E-Mini Nasdaq 100 Mar 2312.50 +30.00
Nasdaq 100 Mar 2313.50 +31.00
E-Mini S&P 500 Mar 1295.00 +7.00
Dow Jones Industrial Mar 10615 +1.77

(quotations from CBS)


[This message has been edited by rizgar (edited 21-12-2000).]
Riz - evening mate. Came by to check your post. I think that things could swing either way, which is a good enough reason to stay out.

By the way, have you got omnitrader yet?

All the best

Hi Mark,

Talked to Chris today and ordered 60-day-trial..he promised he would send it by special delivery so I can work on it during holidays...keep posting your experience for us please..I'll do the same as I go the way have you got a data provider?


Riz, I went for the expensive option - the Reuters link (phone no. from Chris (company called Winrow). Works quickly with no probs - don't know what the other is like.
ps. they did not send by registered mail - so you may need to move fast!!!1

Hi Mark,

Got problem with setup...only having problems with DATA..being trying RegisData one of those Chris said would be ok..having problems cant install the history..only gives me the current prices..Do you have a URL (internet link) for Winrow..


[This message has been edited by rizgar (edited 23-12-2000).]
Hi Riz
Did not have a link.....rather a phone number.
It is :David Rouse - 01606 41241. However, he is usually only reachable between 10am - 1pm.
Hope you get sorted soon,

I decided to get atrial package too. Loaded ok and works well from my existing AIQ file (once a patch is downloaded).

Only problem so far is the portfolio which is American style. Looks like all that has been changed is the dollar sign. This means that you enter a share as £5.10 but as the data is held in pence it values at £510, also gives 1/2 and 1/4 etc. I can ignore it and enter the share as £510 and mentally divide by 100.

I have e-mailed the support service and will post the response.

Other than that it seems to be a good method of trawling prospects and learning TA principles.

Have started a new thread for Omnitrader in Technical Analysis.

Happy Christmas

[This message has been edited by Joe (edited 24-12-2000).]
Joe - I guess it depends on the data provider. My one from Reuters keeps it all in pence - with no fractions! (phew). I'll put any further responses on the Omnitrader thread you have set up. Hopefully it will allow us to get the best from our systems.
All the best,