- internet.com's -
M A R K E T  C L O S E

By Paul Shread (mailto:pshread@internet.com)
http://www.isdex.com

http://www.internetstockreport.com/close/article/0,1785,1701_777391,00.html


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June 1, 2001 - Stocks rose Friday on hope that the latest economic reports
could mean further rate cuts by the Federal Reserve. Traders shook off
more negative news from Cisco.

The ISDEX http://www.wsrn.com/apps/ISDEX/ rose 5 to 258, and the Nasdaq
climbed 38 to 2149. The S&P 500 added 4 to 1260, and the Dow rose 78 to
10,990. Volume edged higher to 1.16 billion shares on the NYSE, but
declined to 1.53 billion on the Nasdaq. Advancers led 18 to 12 on the
NYSE, and 21 to 15 on the Nasdaq. For earnings reports, visit our earnings
calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported
earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after
hours quotes and news, visit our after hours trading site at
http://www.afterhourstrading.com.

The employment report came in slightly stronger than expected, with a loss
of 19,000 jobs in May, and the unemployment rate came in at 4.4% instead
of the 4.6% expected by analysts. But at least one economist said the drop
in the unemployment rate could be due to some people giving up on finding
work. A weaker than expected National Association of Purchasing Management
survey provided fresh evidence that manufacturing remains in recession.

Cisco (NASDAQ:CSCO), off .49 to 18.77, set tech stocks back with this
quote from its latest SEC filing: "The recent slowdown in the general
economy, changes in the service provider market, and the constraints on
capital availability have had a material adverse effect on many of our
service provider customers, with a number of such customers going out of
business or substantially reducing their expansion plans. These conditions
have had a material adverse effect on our business and operating results,
and we expect that these conditions will continue for the foreseeable
future."

Openwave (NASDAQ:OPWV) cleared 40 resistance once again, surging 2.61 to
40.94 on positive comments from Robertson Stephens and rumors of an
impending investment from NTT DoCoMo.

Palm (NASDAQ:PALM) rose .70 to 6.33 on management comments that business
and market share have been improving with the introduction of the m500.

Novellus (NASDAQ:NVLS) rose 2.50 to 50.40 after saying its quarter is on
target. Altera (NASDAQ:ALTR) managed to gain 1.11 to 25.11 on an earnings
warning.

Intel (NASDAQ:INTC), up 1.69 to 28.70, and AMD (NYSE:AMD), up 1.35 to
29.60, rose on Robertson Stephens comments that motherboard demand is
stabilizing.

Sapient (NASDAQ:SAPE) slipped .09 to 9.48 on negative comments from CS
First Boston.

Some technical comments on the market: Note: We include charts in the
technical market commentary. If you can't get the charts via the e-mail
newsletter version, try this link:
http://www.afterhourstrading.com/column.html

Nice recovery today. Monday is another cycle turn date, so the turn may
have come today, or it could arrive any time Monday or Tuesday. Given
today's low-volume gains, that turn could still be down. As long as the
S&P 500 holds 1200 support and the Nasdaq holds 2000, the market looks
okay; below those levels, a retest of the lows becomes likely. The Dow
(first chart) closed just below the important 11,000 level, but the
ability to recover off this week's lows makes for a much nicer looking
weekly candlestick than the index was sporting two days ago. 11,000 is
critical resistance, and the index has support about every 100 points
starting at 10,900. The Dow would trade with a negative bias below 10,600.
The S&P 500 (second chart) once again turned back at the important 1265
level, the neckline of a potential inverted head-and-shoulders bottom. The
index could find support in the 1218-1242 range. One positive is that the
Nasdaq (third chart) is now firmly back above its September downtrend
line, which is now around 2080-2100. 2052-2060 is the next support below
2080-2100. The Nasdaq 100 (fourth chart) is sitting right above important
support at 1740-1760.




Special report: For a free introduction to technical chart patterns and an
overview of last year's action in the stock market, visit
http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.




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