What’s Fueling Today’s Fire
The two major factors that are moving
today’s markets are the Employment Data and the Tech
sector. The unemployment rate dropped unexpectedly to 5.7%, lowering
expectations of a Fed rate cut at the next FOMC meeting on Sept. 24. Prior to
this morning’s employment report, a September move was given 46% odds.
Tech stocks are helping fuel the fire today.
Amongst the strongest sectors on the day are Biotech
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Networking, and Semiconductors
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strong when Intel
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prior expectations. Other sectors that are strong are: Banks
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Retail and Oil Services
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The weaker sectors are Gold
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and Insurance.
The S&P 500
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the short-term support at 887. The S&P has pushed up through 895 with 899 and
903 being initial resistance. Secondary resistance is at 910.
Apria Healthcare
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AHG |
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to test its 50-day moving average at (22.63) and now AHG has broken above its
50% retracement level (23.69) with increasing volume. AHG has a
TradingMarkets.com RS3 rating of 82 and an up trending
ADX of 26.
Dean Foods
(
DF |
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52-week highs with increasing volume. Dean Foods has a
TradingMarkets.com RS2 rating of 93 and an up trending
ADX of 25.
Lowe’s Companies
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LOW |
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cup-and-handle pattern. A break above 44.00 with increasing volume will signal a
possible rally to the upside. LOW has a
TradingMarkets.com RS3 rating of 92 and an up trending
ADX of 26.
Borgwarner
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BWA |
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20-day moving average and could be setting up for a retest of its prior high.
BWA holding a
3-month
relative strength rank of 80 from TradingMarkets.com.
Belo Corp.
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BLC |
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PowerRating) is rebounding out of a
pullback to the 20-day moving average. BLC has a
3-month
relative strength rank of 84 from TradingMarkets.com.
Nasdaq Breadth
Adv: 2118 UpVol: 6562039
Dec: 947 DnVol: 802063
Net: +1171 Net: +5759976
NYSE Breadth
Adv: 2241 UpVol: 52654491
Dec: 906 DnVol: 18963770
Net: +1335 Net: +33690721