Momentum Building?
On the first day of November,
stocks are positive at midday as October’s momentum
has carried over into a new month. Traders are weighing up that weak readings on
the job market and manufacturing sector could have been worse.
Stronger sectors on the day are: Gold
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$XAU.X |
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Oil
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$XOI.X |
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$SOX.X |
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Networking
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$NWX.X |
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PowerRating), Banks
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Retail
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$RLX.X |
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PowerRating), Utilities
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$UTY.X |
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The one weak sector to note is: Biotech
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$BTK.X |
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The Nasdaq Index
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$COMPQ |
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able to push higher once the resistance at around 1340 was broken. This week’s
high at 1347 (also the September high) remains a resistance barrier. The index jumped more
than 2% off the low and is now chopping just below the highs of the day.
Intraday supports are at 1336 and 1332/1330. A near term breakout initially
points to the 1355/1360 area followed by 1370/1375.
The S&P 500 Index
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threatening to rally to the 900 resistance level. It is staying close to the
20-period SMA on the intraday. Support is at 890.
Lockheed Martin
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LMT |
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last night’s TM Daytraders Report as a Low RS candidate looks to be
resuming its recent trend down. For the past month ( look at the 60-minute chart
using Sept. 27 as the start date ), LMT has made a clearly defined series
of lower highs and lower lows. With today’s action forming a .50 wide Slim Jim
near the lows of the session, LMT looks to be a definite laggard in a strong
broader market.
Applebee’s
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APPB |
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above its resistance (24.00) to hit a 90-day high with strong volume.
Nasdaq Market Breadth
Adv: 1795 UpVol: 7218287
Dec: 1170 DnVol: 2049185
Net: +625 Net: +5169102
NYSE Market Breadth
Adv: 1966 UpVol: 54515340
Dec: 1145 DnVol: 26516513
Net: +821 Net: +27998827