What We’re Standing On

February 22, 2002
Daniel Beighley

The major indexes traded mixed
in the early part of the session with the Dow trending higher, the S&P 500
moving sideways, and the Nasdaq drifting down, but a sharp rally in the last two
hours of trading brought all three to positive closes. Oil and energy stocks
held the biggest gains of the day, with airline and Internet issues taking the
biggest losses.

With no economic data released
today, traders focused on upgrades in the semiconductor sector and negative
earnings in the software sector.

Overall
NYSE volume was 1,388,523,000.
NYSE advancing issues were 1,957,
with up-volume at 781,909,000;
declining issues were 1,155,
with down-volume at 596,276,000.
Overall Nasdaq volume was 1,823,803,000.
Nasdaq advancing issues were
1,949,
with up-volume at 955,120,000;
declining issues were 1,571 with
down-volume at 856,176,000.
The VIX
was down 0.93 to 24.89. The TRIN
was down 0.24 to 1.29.

Average volume on the day
brought the Dow to a close above its 50-day MA, as the S&P 500 traded in a
narrow range well below its major moving averages, and the Nasdaq, still well
below its major averages, closed in the upper half of its range. The Semiconductor
Index
(
$SOX.X |
Quote |
Chart |
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PowerRating) traded in a narrow range under its major moving
averages. The Broker/Dealer Index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) closed in the upper
half of its range, but below its major moving averages.

Software company BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating),
down 6.01% 14.86, announced earnings Thursday in line with analysts’
expectations, though warned that they had a dimmer outlook for the year and
expect to see fewer sales.

Generic drug
maker Andrx
Group
(
ADRX |
Quote |
Chart |
News |
PowerRating), down 19.57% to 34.27, posted profits of 6 cents a share,
compared to 25 cents a year ago. Analysts were looking for 10 to 25 cents a
share.

Investment banker JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating),
down 3.64% to 28.08, was the subject of a Wall Street
Journal report claiming the company is being reviewed for its transactions
with Enron and Mahonia Ltd, an offshore company established by Chase Manhattan
Bank 10 years ago.

Software maker Computer
Associates
(
CA |
Quote |
Chart |
News |
PowerRating), down 15.71% to 15.93, was in the news again as the
company was forced to back up its bank credit facility due to its difficulty
selling commercial paper. The company’s accounting methods are currently under
investigation by federal authorities.

What We’re Standing On

BUY THE FEAR, SELL THE GREED

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