Fri, Jul 11, 2014, 7:16 PM EDT - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Alcatel-Lucent Message Board

  • surenotsure surenotsure Jun 15, 1998 12:33 PM Flag

    LU/bay comment

    Oct is not that far off. Isn't cisco the BIG GUY on the BLOCK.
    LU wants to be the big guy and will. So I say this what if LU looks at buying cisco in Oct or Nov. Only a thought.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Market Features: With Key Support Levels Gone,
      Technicians Grow Edgier
      By Justin Lahart
      Senior
      Writer
      6/15/98 6:52 PM ET


      Rock-solid bottoms at 1080
      on the S&P 500 and 8800 on the Dow Jones Industrial
      Average. Like death and taxes, they seemed so sure to
      those who view the market in a technical light. But
      after bouncing off those levels so many times over the
      last two months, the market finally cracked the floor
      in today's late selloff. The move through these
      support levels has the chartists worried.

      "It
      looks nasty right now," said Richard Dickson, technical
      analyst at Scott & Stringfellow. "It looks like they're
      going to take the Dow lower tomorrow. The question is:
      Do we go into some kind of waterfall?"


      Worsening the outlook, the September contract on the S&P
      500 closed the trading day in Chicago down 22.40 to
      1084.80. Traders had cited 1087.50 to 1089.50 as a key
      level there -- one that the market has rebounded from
      four times in the last three weeks.

      "The
      futures are getting crushed," said Peter Green, director
      of technical research at Gruntal. "I think we're
      going to go to 1050 rather quickly in the cash. We
      satisfied the 8650 objective on the Dow. Now I think we're
      going to go to 8450 as the next target."


      Dickson points out that the day's selling reverses what
      has been the character of the market's recent dips --
      heavy selling followed by a reversal. Most market
      participants thought that's what had occurred on Friday -- and
      that today stocks would continue moving higher. "You
      had that reversal day on Friday, and then today what
      happened?" asked Dickson. "That's it -- sorry, guys -- and
      now we're down at the lows of the day at the close.
      That's not a good thing. The sellers are clearly in
      control now."

      Many market watchers contend that
      technical analysis is not a very efficient tool for
      predicting what will happen to the market -- except in
      hindsight, that is. Still, the wide acceptance of the
      support levels smashed in Monday's action has the market
      concerned. The support levels had taken on vast
      psychological importance, and that could turn the failure in
      the charts into a near self-fulfilling prophecy.
      Ironically, that could lead to the kind of cathartic selling
      that technicians and fundamentalists alike have hoped
      to see -- a drop with the big volume that has been
      missing since April. "We need volume," said Green.
      "Volume is miniscule here. In my opinion, we need a
      billion-share day to wash out the sellers."

      Unless the
      market can reverse itself, according to Dickson, things
      could get rougher. "If the market is going to save
      itself, it's going to save itself in the next couple of
      days," he said.

      For tomorrow morning, at least,
      things do not look good. The S&P 500 futures closed 5
      points below fair value, suggesting a drop at the open,
      and with the Nikkei futures down 410 to 14530 -- well
      below the Nikkei's close of 14,825.2 -- another drop in
      Asia could be in the cards.















      � �

    • Can you say antitrust problem. The two largest actual and potential competitors in the data networking field merging? I don't think so.

 
ALU
3.46-0.07(-1.98%)Jul 11 4:02 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.