Who's Pushing This Market?

The Philadelphia Semiconductor Index ($SOX.X | Quote | Chart | News | PowerRating) is in rally mode thus far. After trading lower this morning, the SOX is now trending higher. After bouncing on its key support (500.00) on Wednesday, the Semi Index has now broken above (533.43) and is eyeing its next level at 545.70. The SOX is helping push the Nasdaq higher.

U.S. stocks are poised to move toward their first weekly gain in three as investors are hoping the economy and corporate profits will improve in the first half of this year.

Minnesota Mining & Manufacturing (MMM | Quote | Chart | News | PowerRating) is helping the Dow Jones Industrial Average move higher today, while Georgia-Pacific (GP | Quote | Chart | News | PowerRating) helped lift the S&P 500. The recent concerns surrounding the company's asbestos problems are beginning to subside.

The S&P 500 ($SPX | Quote | Chart | News | PowerRating) is currently higher, up 5.10 to 1137.25 and is up 0.8% so far this week. The Dow ($INDU | Quote | Chart | News | PowerRating) is climbing up 81.79  to 9877.86, extending the week's climb to 1.2%.

Computer Network Technology (CMNT | Quote | Chart | News | PowerRating) is touching the top of a flag pattern. CMNT is down 0.20 to 22.10 and is holding a 3-month relative strength rating of 95 with an uptrending ADX of 32 from TradingMarkets.com.

Alliant Energy (LNT | Quote | Chart | News | PowerRating) is forming a high-level cup-and-handle. LNT is currently down 0.15 to 30.44 and holds a (low) 3-month relative strength of 27, but has moved more than 10% off its November low and has an uptrending ADX of 29 from TradingMarkets.com.

JDA Software (JDAS | Quote | Chart | News | PowerRating) is tracing out a pullback from high. JDAS is now down 1.16 to 27.74 and is carrying a 3-month relative strength rank of 97 from TradingMarkets.com.

MRO Software (MROI | Quote | Chart | News | PowerRating) is coming out of a pullback from highs. MROI has a TradingMarkets.com 3-month RS ranking of 98. It is up 1.02 at 27.51.

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