What The Upbeat Fed Said…
In today’s market action, stocks opened higher on
a bounce from yesterday’s large decline. Just after the open, positive comments
were made by Fed Vice Chairman Ferguson. He was generally upbeat about the
economic outlook for 2003 and may have alleviated fears of a
double-dip recession.
The Nasdaq 100
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the 1.50 Volatility Band (1005). Techs are strong on the backs of three leaders:
Cisco Systems
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is picking up, then Oracle
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in late 2003, and Dell
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Morgan.
The SOX semiconductor index
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is up almost 5% as well. Also stronger are wireless, energy and telecom equipment. Weaker sectors are
restaurant, tobacco, home builders
The daily chart of the S&P 500 Index
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has initial support at the 50% retracement area (867). The index is
consolidating between this point and overhead resistance at the 61.8% retracement of 889.73. Intraday supports are at 880 and 878. Next resistances
are at 891/892. Failure will possibly lead to yesterday’s low (874.63).
Fortune
Brands
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FO |
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daily chart. FO has increasing volume today.
Nasdaq Market Breadth
Adv: 1971 UpVol: 6243191
Dec: 1077 DnVol: 666916
Net: +894 Net: +5576275
NYSE Market Breadth
Adv: 2050 UpVol: 50710730
Dec: 1057 DnVol: 16205474
Net: +993 Net: +34505256