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[TTHQ Staff]

Harry's Closing Boxer Brief Daily Technical Market Analysis Fri Jun 10th 2005 Sloppy Session Finishes a Negative Week By Harry Boxer, The Technical Trader (www.thetechtrader.com) The markets had a sloppy session, particularly the morning part. The indices ended mixed only because the Dow was up, but it was pretty much a negative session today. The day started out with the Dow and S&P moving up, with the Nasdaq indices moving down. The Nasdaq won out in the end, as it dragged the rest of the market down shortly after the opening and the indices sold off pretty sharply in the morning, bounced before lunch hour, and sold off into the beginning of the lunch hour, at which point for the next 2-3 hours the market meandered sideways. Mid-afternoon they rolled over and took out the lows on the Dow and S&P, but at that point Nasdaq held the lows, and that non confirmation resulted in a last-hour snapback that brought the indices back from the lows for the day. In fact, the S&P recovered more than half its losses. Net on the day, the Dow was up 9.61, the S&P off 2.82, the and Nasdaq 100 down 18 1/2, led by the SOX, down 7 3/4 or just under 2 percent. The semiconductor index was led down by Intel (INTC) dropping 72 cents and Broadcom (BRCM) 39 cents, along with QLogic (QLGC), down 75 cents. Reviewing the technicals, advance-declines didn't look that bad on either exchange. They were negative by 16 to 15 on New York and 15 to 14 on Nasdaq. Up/down volume was actually slightly positive on New York, with a total of a little more than 1.2 billion traded. Nasdaq, on the other hand, was more than 2 to 1 negative on up/down volume on total volume of more than 1.4 billion as well. TheTechTrader.com board today was unusually active. There were some wide swings. The junior energy stocks, which roared ahead earlier in the morning, several to new highs, gave back all of their gains and then some, with Able Energy (ABLE) down 2 1/4 and Georesources (GEOI) off 79 cents. Solar energy stock DayStar Technologies (DSTI), which roared ahead to a new all-time high just under 13 earlier today, closed at 10 1/2, down 59 cents on 5.6 million, a very high-volume reversal there. Among other stocks on the plus side, Internet Initiative Japan (IIJI) exploded for 2 points today on 12 million shares to a new 2-year high. Netflix (NFLX) was up 1.26 on strong volume with a late-afternoon thrust. Alvarion (ALVR) broke out of key resistance across 10, and closed at 10.56, up 80 cents on 3 million shares. Forward Industries (FORD) snapped back 42 cents. On the downside, Parlux Fragrances (PARL) backed off 57 cents, JAMDAT Mobile (JMDT) 88 cents and Cree (CREE) off 56 cents. Stepping back and reviewing the overall patterns, today's session continued the downtrend on Nasdaq and took it to new new 2-week lows and the indices certainly have the appearance of a completed head and shoulders top on the Nasdaq 100 and an yet uncompleted one on the S&P 500. A move below 1190 would complete the head and shoulders top on the S&P 500. That's current short-term price & neckline support. Beneath that id secondary support at 1185. The Nasdaq 100 support is currently at around the 1510 and then 1500 levels. We'll be watching those zones on Monday. Good trading! Harry