- 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_778971,00.html




Techs Spur Market Higher



June 5, 2001 - Tech stocks posted strong gains Tuesday on positive
earnings outlooks from Comverse Technology and Xilinx.

The ISDEX http://www.wsrn.com/apps/ISDEX/ surged 10 to 268, and the Nasdaq
soared 77 to 2233. The S&P 500 climbed 16 to 1283, and the Dow rose 114 to
11,175. Volume surged to 1.31 billion shares on the NYSE, and 1.82 billion
on the Nasdaq. Advancers led 19 to 10 on the NYSE, and 24 to 13 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.

Comverse (NASDAQ:CMVT) soared 9.02 to 67.68 after beating estimates by a
penny with 43-cent earnings, and Xilinx (NASDAQ:XLNX) rose 4.02 to 45.61
after reaffirming estimates. Even beleaguered Lucent (NYSE:LU) got in on
the act, rising .49 to 8.49 after reaffirming its quarter.

Ciena (NASDAQ:CIEN), which presents at the SuperComm conference tomorrow
morning, rose 4.97 to 59.70 on bullish comments from Goldman Sachs. Cisco
(NASDAQ:CSCO), up 1.81 to 21.54, rose on comments from SuperComm that its
Cerent product orders may be picking up.

RealNetworks (NASDAQ:RNWK) gave back strong gains to close up .11 to 12.55
after Dow Jones reported that AOL (NYSE:AOL) and Microsoft (NASDAQ:MSFT)
talks may resume.

Ulticom (NASDAQ:ULCM) bolted 3.95 to 30.14 on an expanded relationship
with IBM.

Check Point (NASDAQ:CHKP) continued to slump on business concerns, off
1.36 to 47.93. Amazon.com (NASDAQ:AMZN) slipped .41 to 16.50 despite
assertions that it expects to turn profitable in the fourth quarter.

Nokia (NYSE:NOK) climbed 1.65 to 30.93 on positive analyst comments.

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

A nice day today, and on rising, albeit average, volume to boot. That
should take away some of the near-term risk that this low-volume rally
presented, but we are still in a cycle turn window for the next day or
two. 1200 on the S&P 500 and 2000 on the Nasdaq remain our lines in the
sand; above those levels, the market looks okay, and below those levels, a
retest of the lows becomes likely. The Dow (first chart) is now clearly
above both 11,000 resistance and its main downtrend line, but needs to
take out 11,400. Critical support on the index 11,000 and then 10,750, a
trendline off the March lows. The S&P 500 (second chart) cleared the
important 1265 level, the neckline of a potential inverted
head-and-shoulders bottom, and its September downtrend line, both good
signs. The 1265-1275 level should now be support. The Nasdaq (third chart)
is just below critical 2252 resistance, and could be forming a rising
wedge (fourth chart). That rising wedge is something to keep an eye on,
since we now have a firm lower trendline on the index for the first time.
The semiconductor stocks were strong today, a good sign for further
short-term follow-through to the upside.




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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