Key Levels For The S&P And Nasdaq

June 25, 2002
Daniel Beighley

The major averages drifted
higher in early trading, though changed directions by 11:00 a.m. ET, when
selling pressure carried the action lower into the close. The biggest gainers
were in International, REITs, and chemical stocks; the biggest losers were
computer hardware, networking, Internet, semiconductors, healthcare, and
airlines.

Today the S&P 500 and
Nasdaq made their lowest closes since their September lows, which makes them
poised to retest tomorrow.

U.S. Treasury Bonds were
down 2 at 103 ’06.

In economic news, the consumer confidence index fell
to 106.4 for June, down from May’s reading of 110.3, and above analysts’
expectations of 105.3. Existing home sales fell 0.3% to a rate of 5.75
million, better than the expected rate of 5.69 million. Also, the Fed meeting
is currently under way, where no change in interest rates is expected to occur.

Market breadth was negative,
with NYSE declining issues over advancing issues by a ratio of 1.21, and down–volume
over up–volume
by a 2.17 ratio. Nasdaq declining issues over advancing issues came in at 1.59,
and down–volume
beat up–volume
by a 6.06 ratio. The
VIX
was up 1.60 at 31.47. The TRIN
was up 1.46 at 2.29.

Plastics and rubber company DuPont
(
DD |
Quote |
Chart |
News |
PowerRating), up 0.30% at 43.24, raised
its earnings targets for the current quarter based on strong sales.

Shipping company Federal Express
(
FDX |
Quote |
Chart |
News |
PowerRating), down 14.31% at 48.00,
reported strong earnings for the fiscal fourth quarter, though warned that the
current quarter will be week.

Homebuilder KB Home
(
KBH |
Quote |
Chart |
News |
PowerRating), 4.06% at 50.49, announced earnings that
beat the Multex consensus by 31 cents, for a 28% upside surprise.

Shoe maker Reebok
(
RBK |
Quote |
Chart |
News |
PowerRating), down 0.38% at 28.44, has been upgraded by
Merrill Lynch to near-term "strong buy" from "neutral" with
the expectation of an increase in earnings consensus and benefits of a weakening
dollar vs. the euro.

Online retailer Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating), down 12.39% at 15.34, fell
after it was announced that they will engage in a price war with Buy.com.
Buy.com has announced it will offer all of its books at 10% below Amazon.com’s
prices.

Biotechnology company
Genentech
(DNA),
down 2.26% at 34.05, said that it will take a $500 million charge after losing a
contract dispute against a Southern
California medical center.

Broadcasting and cable company Emmis
Communications (EMMS),
down 14.53% at 19.23, posted first quarter
earnings 12 cents better than the Multex consensus and has raised its guidance
for the second quarter.

Education company Apollo Group (APOL),
up 2.67% at 37.95, announced earnings 3 cents better than the Multex consensus,
as revenue rose 29%.

Software company Microsoft Corp. (MSFT),
down 2.23% at 52.95, has announced that all major mobile operators in the US and
Europe will launch products with the company’s software.

From TM’s proprietary Implosion
List, advertising company Omnicom Group
(
OMC |
Quote |
Chart |
News |
PowerRating) fell 6.83% at
48.77.

Key Levels For The S&P And Nasdaq

BUY THE FEAR, SELL THE GREED

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