Adam Oliensis Highlights the Following Issues: NASDAQ Composite, S&P 500 Index, Qualcomm, and Adobe Systems.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 28, 2003

Investing is tough right now, but market expert Adam Oliensis can show you how to leap over the obstacles with his extensive study on indices and valuable information on a pair of his stock positions. Learn about NASDAQ Composite (NASDAQ:COMP), S&P 500 Index (CIN:SPX), Qualcomm (NASDAQ:QCOM), and Adobe Systems (NASDAQ:ADBE). Click here for the full story exclusively on Zacks.com: http://featuredexpert2bw.zacks.com/

Here are the highlights from the Featured Expert column:

Overall volume was pretty average Wednesday as the markets hunkered down, decreasing the recent intense volatility and quieting the extreme internal ratios seen lately. The markets are digesting their recent impulse moves and "deciding" whether they can continue on or must retrace further. They're waiting for cues and clues.

If we ignore the anxiety created by watching CNN and just look at the chart of the NASDAQ Composite (NASDAQ:COMP) the recent action is really pretty impressive. After closing the January breakdown gap between 1401 and 1420 the COMP has pulled back less than 38% of its rally off its March low and has, over the past 3 days appeared to find some footing on its 10-dma, well above horizontal support. In reaction to filling that January gap we have not plummeted but just eased back.

The S&P 500 Index (CIN:SPX) paints a similar picture in many respects. The index sits atop its 10-dma with 5-day Stochastics almost into oversold territory. If the 870 area can't hold as support then there could be support near 862 but more likely we'd see a test of the 850 area.

Qualcomm (NASDAQ:QCOM) experienced a low volume pullback subsequent to its late November high with a one-day high volume spike to climax the decline in early February. The stock showed good relative strength throughout the decline phase and finally based for the latter part of February and into early March. Given the strong OVM line, which has pulled back hardly at all after that rally, Adam Oliensis' play is on the stock's having had time enough to rest and make another go at breaking moving up.

Adobe Systems (NASDAQ:ADBE) has also showed good relative strength throughout the December-March market gyrations. Seven trading days ago, the stock leapt up and broke out from a sound base creating a breakaway gap on huge volume. The stock then pulled back to its breakout point, which is now the 10-dma and the top of the breakaway gap. Oliensis entered the long position with the intent of riding the bounce up off that support line.

Learn more about Adam Oliensis' investing philosophy, including his new stops on the above-mentioned positions and additional commentary on the indices, by clicking: http://featuredexpert3bw.zacks.com/

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