Negative ISM and construction spending reports send
markets lower. Crude
oil futures trade lower again by 1% to $58.07.
Tuesday's
market action gave us 3 consecutive lower intraday lows in the S&P 500 Index
(explanations below). This is a bullish signal telling us that
sellers may be done in the short term. It will be interesting
to see if we get more bullish signals today and through the week (click
here for more info).
Stocks on the
Move
Baidu.com (BIDU | Quote | Chart | News | PowerRating) Q3 Profit Vaults On
Higher Revenues, Guides Q4 Revenues Below Estimate (full
story). BIDU shares fall 1.5% through the morning.
Devon Energy (DVN | Quote | Chart | News | PowerRating) Q3 Earnings Down 5% (full
story). DVN shares fall by 0.7%.
Burger King (BKC | Quote | Chart | News | PowerRating) Q1 Profit Rises 82%;
Comp. Sales Up 2.4% (full
story). BKC shares jump by over 8%.
CIGNA (CI | Quote | Chart | News | PowerRating) Q3 Profit Rises 15% On Strong
Healthcare Performance (full
story). CI shares rise by over 3.5%.
Time Warner (TWX | Quote | Chart | News | PowerRating) Q3 Profit More Than
Doubles On Asset Sales, Acquisition Of Cable Systems; Revenue Up 7%; Affirms
FY06 Outlook (full
story). TWX shares fall by 0.4%.
Chipotle Mexican Grill (CMG | Quote | Chart | News | PowerRating) Q3 Profit
Soars On 28% Revenue Growth (full
story). CMG shares fall by over 2%.
For more stories as they happen, go to our Breaking
News section.
Market Snapshot
|
Dow |
-26.57 |
12,055.36 |
|
NASDAQ |
-9.63 |
2,357.08 |
|
S&P 500
|
-3.73 |
1,374.09 |
|
|
NYSE |
NASDAQ |
|
Volume |
1,189,734,000 |
794,761,000 |
|
Advances |
1584 |
1154 |
|
Declines |
1471 |
1709 |
|
Up Volume |
498 |
271 |
|
Down Volume |
547 |
436 |
|
New Hi's |
202 |
91 |
|
New Lo's |
15 |
25 |
Strongest/Weakest Sectors
|
Strongest
Sectors |
Weakest
Sectors |
|
Amex Gold Bugs
Index (HUI) |
Deutsche Bank Energy Index (DXE) |
| PHLX Gold and Silver Sector Index (XAU) |
Oil Services Index (OSX) |
| PHLX Utility Sector Index (UTY) |
CBOE Oil Index (OIX) |
Economic
News
Gasoline
Inventories Down 2.8 Mln. Barrels
Crude Inventories
Up 2 Mln. Barrels
Distillate Stocks Down 2.7 Mln.
Barrels
September Pending Home Sales Down 1.1%
Oct. ISM Index 51.2%; Sept.
Construction Spending Down 0.3%
Oct. ISM Prices Paid 47.0 Vs. 61.0
(Sept.)
Darren Wong
darrenw@tradingmarkets.com
Use our
most
popular trading tool to find out how your stocks will move in the next 5
days.
3
Higher Highs In A Row and 3 Lower Lows In A Row- The same tactics
applied to 3 consecutive closes in the same direction apply here. 3 higher highs
identifies a market that is overbought, especially when its below its 200 day
ma. 3 consecutive lower lows is an excellent time to be looking for long
positions when the market is above its 200 and to be locking in short positions
when its below its 200 day.
