3SOF

chart

and is healthy for further advances, you may be right.

interesting day tomorrow?

As you predicted, had a retractment today.  Do you think we had a push Thurs.  by shorts  to cover today?

If so I applaud them.

possibly...people have made a lot over the week...wanted to make sure they take it home
2100...that may be tough to get over

I'm in these guys right now:

ANX
IFLB
GIGM

I think it looks healthy.  Need to pullback a bit.  Take a little rest.   I didn't take as much off the table as I should have.  I'll see by next week if my plan will catch up to Mr.Market.

So I'm thinkin it will be a weak volume day tomorrow with profit taking on the big runners(buying opportunities in some of them)...i think this started today (ex: epyh retracing)..and overall I think we are in a trading range(without clear direction) overall in the markets.  No time for chart sorry.

Any thoughts 3stocksonfire members?

Yes, it makes sense EliteG... But I'm a bit afraid of this zone on the NDX, since 1490/1510 has been a support/resistance zone, and this descending swing may just stop or speed up on this price range... Taking in consideration NDX on 1493, this is very a dangerous zone to watch another down day...

Yea I see what you are saying Ramsburg on the NDX.  Its at the 50sma and the 200ema I wonder if it bounces back today.  Looking at the Nasdaq Composite though I see a lot of support levels in place and to me we break out of range oscillation when we break 2100 topside or 2000 lowside.  I guess that a pretty big range but it seems similar to mid-jan to mid-march.

Thanks, both of you for these thoughts.

Being european, I had forgotten about 4th of july!

Very possible that especially small stocks will be sold out today - I can understand that.

I skall exersice "sitting on my hands" today, that is: not trade!

And I'll TRY not to panic.   

Have a great weekend - and a good 4th!

Cheers!

Looks like a possible bearish island reversal setting up in the markets with the opening gap down pressure. 

"9:00AM: S&P futures vs fair value: -2.1. Nasdaq futures vs fair value: -4.0. Negative bias persists in pre-market trading, setting the stage for stocks to open on a downbeat note... Aside from financial stocks making headlines, following Q2 earnings from C, BAC, KRB and SCH, falling oil prices, a Q2 earnings miss from Noble Corp (NE) and downgrades on MRO, OXY, and VLO at Smith Barney could weigh on the Energy sector... Consumer discretionary should also be in focus as investors weigh reports of Whirlpool's (WHR) $1.3 bln bid for Maytag (MYG) against mixed results from HAS and MAT"
http://finance.yahoo.com/mo

*edit: this also seemed important
"8:30AM: S&P futures vs fair value: -2.1. Nasdaq futures vs fair value: -3.0. Still shaping up to be a lower start for the cash market as futures indications trade below fair value... With no notable economic data scheduled for today and only five releases on the docket all week, the spotlight remains fixed on earnings reports... So far, it appears Citigroup's disappointment may be providing the impetus to lock in some recent gains following performances on the Dow, S&P and Nasdaq of 3.2%, 2.8% and 4.8%, respectively, over the last two weeks"

Today will be interesting, attempts to slow down market sentiment with brokers lowering targets on yesterdays key reporters INTC, YHOO, plus Greenspan talking later s many watch and wait until he is don:
--------
News Headlines


Intel, GM, Yahoo pressure futures 
Four Dow industrials components top forecasts



By Steve Goldstein , MarketWatch 
Last Update: 8:09 AM ET Jul 20, 2005 

LONDON (MarketWatch) -- Market reaction to Intel Corp., General Motors Corp. and Yahoo Inc.'s second-quarter results weighed on stock-market futures Wednesday, with traders also awaiting testimony from Federal Reserve Chairman Alan Greenspan later in the session.

S&P 500 futures fell 4.4 points and Nasdaq 100 futures weakened 11.5 points.

General Motors ( GM ) swung to a second-quarter loss of $286 million, or 51 cents a share. Excluding restructuring charges, it loss of 56 cents a share was well below analyst forecasts of an adjusted profit of 3 cents a share.

Revenue fell to $48.5 billion from $49.3 billion.

Five of the other six Dow industrials components reporting earnings -- Pfizer Inc. ( PFE ), Altria Group ( MO ), J.P. Morgan Chase & Co. ( JPM ), Honeywell International ( HON ) and United Technologies ( UTX ) - met or exceeded forecasts.

Pfizer Inc reported that second-quarter net income rose 21%, beating analyst estimates, as revenue added 1%. Net income for the member of the Dow Jones Industrial Average reached $3.46 billion, or 47 cents a share, from $2.86 billion, or 38 cents, in the year-earlier period. After special items, adjusted earnings were 46 cents a share. The consensus estimate of analysts surveyed by Thomson First Call was 44 cents. Revenue rose to $12.43 billion from $12.27 billion; analysts were looking for revenue of $12.15 billion.

Altria Group met earnings forecasts for the quarter and lifted its 2005 outlook by 5 cents a share, J.P. Morgan swung to a profit and posted adjusted results that were ahead of forecast, and United Technologies and Honeywell also posted results ahead of forecast.

Overseas, mining stocks were in demand after China reported stronger-than-expected first quarter GDP of 9.5% and after Rio Tinto's ( RTP ) second-quarter production report showed that most operations were producing at or near capacity. Rio Tinto shares rose over 3% in London.

In currencies, the British pound lost ground against the dollar and the euro after minutes showed more members than expected voted for a rate cut in the July meeting. See currencies.

Crude-oil futures rose back over $59 a barrel in early electronic trade as Hurricane Emily began to land.

Focus stocks

In the early morning, Chevron ( CVX ) upped its bid for Unocal, now offering $63.01 in cash and stock. Unocal backed the revised offer, while Chinese oil company CNOOC ( CEO ) said it was holding onto its $67 cash offer. See story.

Maytag Corp. ( MYG ) said that a consortium of China's Qindao Haier Ltd. and two U.S. equity partners has abandoned its bid to buy the American household appliance manufacturer.

Also, Groupe Danone ( DA ) continued to gain from bid speculation, up over 5% as the Financial Times said PepsiCo ( PEP ) has hired UBS and Morgan Stanley to provide advice on a possible bid, and The Wall Street Journal reporting that Danone has held talks with unnamed "white knight" suitors.

Eastman Kodak ( EK ) increased the number of jobs it planned to cut as part of its restructuring to 22,500 to 25,000 from 15,000 due to the faster-than-anticipated decline in consumer film sales. Kodak reported a second-quarter loss of $146 million, or 51 cents a share, vs. a profit of $136 million, or 46 cents a share in the same period a year ago. Excluding discontinued operations and other non-recurring items, earnings would have been 53 cents a share. Revenue rose 6% to $3.69 billion from last year's $3.46 billion, as a rise in graphic communications and health group sales offset a decline in digital and film imaging sales. Analysts surveyed by Thomson First Call had been expecting earnings of 80 cents a share and revenue of $3.63 billion, on average.

Broker calls

J.P. Morgan cut chip giant Intel Corp. ( INTC ) to neutral from overweight, saying it is concerned with pricing pressures, peaking utilization rates and gross margins resulting in lower-than-expected leverage. The broker told clients that as a result of the peak in leverage and increasing capital expenditures, it believes further upside to its estimates is limited.

But Citigroup Smith Barney raised its price target on chip giant Intel Corp. to $32 from $30, citing the strong demand environment. The broker told clients that given Intel's predisposition to be conservative on its guidance, it suspects some upside is possible come the company's mid-quarter update.

Intel shares were hit around 5% in pre-open deals.

RBC Capital Markets cut its price target on Internet search engine Yahoo, Inc. ( YHOO ) to $36 from $40, saying second-quarter sales came in slightly below consensus as international seasonality reduced the sequential revenue growth rate. In addition, the broker told clients that the upside to margins was in part driven by the push out of marketing costs related to the launch of the music subscription products.

Yahoo shares tumbled over 9% in pre-open trade.

Citigroup Smith Barney cut video game maker Electronic Arts, Inc. ( ERTS ) to neutral from buy, citing the recent rise of the share price. The broker told clients it continues to believe the company will post first-quarter 2006 results toward the higher end of management targets.

just some support, resistance and japanese candlestick analysis of the Nasdaq 

looking good on the short term with confirmed hammers but 2200 is a mental barrier...



med-short term chart shows support from a trendline and the 9ema..2165 might give a bit of support too.



way-long term shows 2 resis lines meeting in this area..will we be able to break through? helps to be prepared whichever way it goes.



and then some interesting look at PPO and MACD...we have potential here.. 



thats what i see..

Although I belong to the pessimists and bears I have to recognize that I see a lot of strength in this markets nowadays.The run in the markets is led by S&P and the Nasdaq and I feel that the DJIA is left a little for behind, but I guess that doesnt mather much.
About todays session in the Nasdaq, i felt very happy about the confirmation of what I was expecting a summer rally, which is not very common in the financial markets.Forget about the stupid holidays, holidays are for the fools, live is to short to spend it in our yatch on some beach in the south of Europe enjoying the sun and the summer.
I expect that today move over 2200 point in the Nasdaq composite was a breakout of that resistance.Looking at this 3 year chart I feel that the upside move initiated in the end of April is just part of the big upside that is about to come.Although the light volume I feel confident on the upside.

www.papuasiainvest.com

Buysantander
02/08/2005

The HotStix weekly QQQQ chart really shows the patterns in play. The image is getting cut off at the end of June but it still gives a good big picture view of the Q's. As long as the Aug/2004 & April/2005 support trendline extended to today and into the future holds the Nasdaq 100 remains bullish.