How The Markets Are Going Positive
At the midpoint of trading on this last
day of the week, the markets are fighting their way back to turn positive. The
Nasdaq Composite
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$COMPQ |
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has held its support at 1270, which is the Aug. 9 low. Intraday support is at
1280 and 1284. Overhead resistance is at 1290/1292 and secondary resistance is
at 1300.
Since Iraq has now denied the United Nations
from weapons inspections, October crude oil is building momentum after
pulling back yesterday. This is pushing the Amex oil sector
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$XOI.X |
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to the best levels of the day. Some of the stocks that are benefiting to the
move are Chevrontexaco
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CVX |
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AHC |
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Total Fina
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TOT |
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(
BP |
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RD |
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and Sunoco
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SUN |
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$OSX.X |
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is also being affected by the rise in oil. Some of the stocks dragging on the
OSX are Cooper Cameron
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CAM |
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(
SLB |
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WFT |
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The Amex Biotech sector
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$BTK.X |
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today. Some
of the stocks helping push BTK higher are Millennium Pharmaceuticals
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MLNM |
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Genentech
(
DNA |
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IDPH |
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Affymetrix
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AFFX |
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retracement line at 337.75 and support is at 323, the 61% retracement line.
Other positive sectors include Computer Hardware,
Utilities, Banks and Retail.
The weak sectors so far are Transports, Gold and
Insurance.
Biosite
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BSTE |
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continues its impressive move to the upside with increasing volume. It‘s rallying
closer to its highs of the year at 33.50. BSTE has a
TradingMarkets.com RS3 of 98.
International Game Technology [IGT|IGT]
is pulling back to the 20-day moving average. IGT is holding a
3-month
relative strength rank of 92 from TradingMarkets.com.
Accredo Health
(
ACDO |
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in a running cup and handle atop the 20-day moving average. ACDO carries a
3-month
relative strength rank of 76 from TradingMarkets.com.
Tenet Healthcare
(
THC |
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volume.
Nasdaq Breadth
Adv: 1473 UpVol: 343806800
Dec: 1549 DnVol: 348764705
Net: -76 Net: -4957905
NYSE Breadth
Adv: 1575 UpVol: 34713620
Dec: 1494 DnVol: 37115921
Net: +81 Net: -2402301