| 07/30/2002 Tues 10:00 am Tues Tech stocks are expected to benefit from the next wave and see trend reversal in semi-con stocks. Ellipsiz and Chartered may have formed double bottom at 0.24 and 2.83 respectively. Ellipsiz see target at 0.34 and chartered at 3.80. Stats target lies at 2.42. Nasdaq formed reversal patterns and this week looks better than last week. For those who have switch broking firms, pls resend your new email address if you wish to stay on mailing list. Today's opening was strong and a firm finish likely as momentum has turned. Mon Selling pressure may dry up this week as funds may take a break from last week's meltdown. Nasdaq may be hitting bottom- email on this. Dow too shows signs of resilience and could move higher this week. Cortina, IPO at 0.23 and in sector of growth. EPS at 5 cts and PE of 4.6 makes it well priced. to stay above water. Fri NASDAQ took a hit from TMSC results and profit warning. The Dow managed to slavage most of its losses. The trading pattern of last session surprised with the meltdown in the afternoon and it looks apparent that the funds got wind of TMSC results and today's early weakness may reflect discount this factor for the second time. Pressure could be seen in Chartered and Venture and to a lesses extent to smaller cap stock. Qian Hu traded lower and sell on news appear to have taken place. Intra-day charts looking oversold here. IPO today is OKP- the sector is weak but shares issue is small. Thurs The Dow made a 488 points gain and this is the second biggest gain in history. Amazing rally! Is this the bottom? Technically speaking, a short term bottom may have formed. This rally could head upwards for the next 1-2 weeks but as the reporting season is still around, we could see hiccups along the way. Nevertheless, today looks a brighter day than yesterday and those stocks which were plundered could stage a sharp rebound. Heavy short covering is likely as hedge funds which did a great deal of collateral damage may have to buy back stocks which they shorted. Wed Dow and NASDAQ took more hits from Novellus System profit warning and further weakness in the telco sector. However, after the market close, Merck announced a $10 bln stock buyback plan, Amazon reported smaller losses. After trading hours, Amazon is up $1 and Merck is up $0.80. The weak sentiments in Wall street is clearly not going away during this reporting season but here sentiments is improving as witnessed by the 29 points rally which is lead by the property sector. The 10% cash downpayment for property buys is seen as a boost for demand as it means lower cash payout. City Dev, Capitaland and Allgreen may see more room on upside after today's opening breather. Food companies which are unrelated to the NASDAQ could also see some life this week. Previous commentaries |
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