The First Sign Of A Bottom
An indication out from the the National Association
of Purchasing Management-Chicago is giving observers their first indication
that the manufacturing recession weighing on the economy for nearly a year
could be drawing to a close. Markets are up on the news and also rebounding
after the most brutal week of selling this summer.
The Dow is up 56 at 9975, the Nasdaq is up 13.37 at
1805.08, and the S&P 500 is up 6.97 at 1136.01.
The NAPM-Chicago showed that its regional
manufacturing index rose to 43.5 this month from 38 in July and this is
helping the blue-chip Dow Jones Industrial Average come back from a more
than 500-point loss for the week that has taken it below the 10,000
milestone.
In tech, Novellus
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four-month low after reporting disappointing earnings. The stock fell
more than 7%, but is recovering on heavy volume.
Despite the drop in Novellus, the semiconductor index
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Linear Technologies
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3%.
Internets
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stocks that as little as 18 months ago touted prices several fold higher. From
the
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and Yahoo!
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leader in the Net class, up 5.27%.
Two clues from the Futures Indicators pages again alerted
you to possible upside in the indexes. From the
Turtle Soup Plus One Buy List, Nasdaq 100 futures
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signaled they could reverse and a CVR III signal from the Market
Bias Indicators Page also suggested a turnaround from a multi-month low in the indexes.