Confused
The Qs remain stuck in the mud
this morning and are hovering near Monday and Tuesday lows as
we approach midday, with offsetting Cisco
(
CSCO |
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PowerRating) (pre-open upgrade) and
Siebel Systems
(
SEBL |
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PowerRating) (mid-morning presentation comments) fueling the lack
of market direction and conviction. The
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PowerRating) has been diverging to
the weak side for much of the day, further limiting the Qs ability to mount a
sustained rally.
"Confused" is perhaps the best way to describe the recent action as
rallies remain limited to contra-trend pops amidst the larger downtrends. A
break of recent daily lows of 1350 on the futures (approximately $33.50 on the Q’s)
on volume may lead to accelerated selling, which perhaps is what the market
needs to put an exclamation point on the current drip. (Note
as the column goes to press, we’ve broken such support which may be key to
guiding the afternoon trade.)
Wednesday April
10, 2002 12:20 P.M. ET
Good Trading!