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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_779931,00.html


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June 6, 2001 - Warnings from Dow components Hewlett-Packard and JP Morgan
Chase dragged stocks lower on Wednesday. An unusually pessimistic speech
from Federal Reserve Governor Laurence Meyer also soured traders' mood.

The ISDEX http://www.wsrn.com/apps/ISDEX/ slipped 2 to 266, and the Nasdaq
declined 15 to 2217. The S&P 500 lost 13 to 1270, and the Dow dropped 105
to 11,070. Volume declined to 1.25 billion shares on the NYSE, and 1.75
billion on the Nasdaq. Decliners led 18 to 11 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.

Hewlett-Packard (NYSE:HWP) lost 1.34 to 28.71 after saying that the IT
spending slowdown is spreading beyond the U.S. and Europe. The company
said it is implementing additional cost-cutting measures to try to meet
estimates.

Sun Microsystems (NASDAQ:SUNW) rose .62 to 17.64 on positive comments from
Goldman Sachs, but CS First Boston said Sun's business has dropped off
again after pciking up the first two weeks in May.

Research in Motion (NASDAQ:RIMM) lost 3.51 to 34.49 on CIBC WorldMarkets
comments that AOL (NYSE:AOL) may seek another manufacturer to build its
Mobitex device because of cost issues.

Traders awaited Intel's (NASDAQ:INTC) first-ever mid-quarter update
tomorrow night. Salomon Smith Barney analyst Jonathan Joseph was
cautiously optimistic ahead of the meeting, and the stock climbed .19 to
29.92.

Ciena (NASDAQ:CIEN) slipped .12 to 59.45 despite reaffirming its earnings
guidance.

GoTo.com (NASDAQ:GOTO) lost 2.94 to 23.70 on news that the company filed
to sell 7.5 million shares and a Merrill Lynch downgrade based on
valuation. As we said yesterday, the 23.31 area should now be support if
the company's breakout two days ago was for real.

Priceline.com (NASDAQ:PCLN) surged 1.47 to 6.92 on investments from two
Hong Kong firms.

SonicWall (NASDAQ:SNWL) surged 2.21 to 19.96 on a deal with Cisco
(NASDAQ:CSCO).

Tellabs (NASDAQ:TLAB) dropped 2.52 to 31.62, just above its recent low of
31.23, after CS First Boston said the company faces near-term risk because
of time needed to work down Titan 5500 inventories.

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

Given the lower volume, today's decline probably qualifies as nothing more
than a breather after the recent run-up. But today and tomorrow are a
cycle turn window, so if the decline continues and volume picks up,
short-term direction is likely down. 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
Nasdaq and Nasdaq 100 (first and second charts) are forming clear lower
trendlines for the first time in this rally, and they could be forming
bearish rising wedges (converging upper and lower trendlines). However,
any significant decline should be some time off, and 2150 should be
support on the Nasdaq for now. The Dow (third chart) is holding above
11,000 resistance and its main downtrend line, but it needs to take out
11,400 resistance on this run. The S&P 500 (fourth chart) held the
important 1265 level, the neckline of a potential inverted
head-and-shoulders bottom, and its September downtrend line, both positive
signs. The Nasdaq (fifth chart) is struggling at critical 2252 resistance.
2200 is first support, and then 2150. The semiconductor stocks held up
well today, a good sign, but we'll see how they're doing after Intel's
update after the close tomorrow.





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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