February 19, 2002
The Dow closed down 1.6% at 9743 on normal volume. The Nasdaq 100 fell 3.5% to close at 1386 as tech stocks are sold down on accounting concerns.
IBM leads the retreat
IBM stock fell 3.3% as the company agrees to change disclosure on future transactions. (more)
Australia - ASX
The decline on the All Ords has slowed with the index closing at 3414 on lower volume. Expect further weakness today as the market reacts to the Dow/Nasdaq. The Slow Stochastic is still below its signal line.
Wine pool [MGW]
Brian McGuigan Wines and Simeon Wines are likely to merge. (more)
Market reaction was uncertain despite the blood products group posting a 107% rise in net profits for the half year ended December 2001. (more)
Short-term: Avoid further new entries.
Long-term: Wait for a correction on the secondary cycle.
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