Relief Rally Real?
Following Friday’s 3% swoon, the Nasdaq is looking at a positive open Monday,
as traders look for some relief from these heavily oversold levels.
The Dow futures are up 20 points, and the Nasdaq futures are up 28
points.Â
The S&Ps look to open up 4.6 points while the yield on the 10-year
Treasury has edged down to 4.94%.
For what it’s worth, many of the major papers over the weekend were loaded
with front-page Nasdaq bear commentary as well as comparisons to 1973-74 and
even the 1930s. More signs of a bottom?
Monday Movers
In the chip realm, Vitesse
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PowerRating) warned that second quarter earnings
would be less-than-expected, and after trading sharply lower, Vitesse has
actually bounced back from early morning lows. After closing Friday at 37 13/16,
Vitesse is trading down to just 37 1/4 in pre-market activity. The ability to
ignore bad news is always refreshing news for a stock.
Juniper Networks
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PowerRating) is looking up following its 52-week low close of
53 19/32 on Friday. Juniper is currently trading up to 56 in pre-market activity
as the Nasdaq looks for leadership.
Amazon
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PowerRating) is in talks with Wal-Mart regarding a possible alliance
that could help the beleaguered online retailer. Amazon closed Friday flat at 10
and is currently trading up to 11.88 in pre-market activity.
Cisco Systems
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CSCO |
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PowerRating) was one of Friday’s big casualties, falling 2 5/16
to 22 3/16 to help weigh on the Nasdaq. Cisco is getting a little relief Monday
and is trading up to 22 5/8 in pre-market activity.