A Heads-Up For Short-Term Traders…
The markets received oversold signals last Friday when the markets rebounded from a midday
sell-off. The Dow Jones
Industrials lost more than 200 points, then recovered and closed
down about 24 points, and that late-day day rally has extended into today’s
trade. The combination of a CVR 1 and 3 on Friday’s Market Bias Page gave short-term traders a good heads-up. The Dow Jones Industrial Average
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$INDU |
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high at 9659 and has been up over triple digits for most of today’s session.
The Nasdaq Composite
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$COMPQ |
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getting a shot in the arm from the Semiconductors today. The PHLX
Semiconductor Index
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$SOX.X |
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been beaten down of late, falling below their key level of 500.
No economic data
is due out today. The week’s most meaningful releases include housing
starts and building permits and the consumer price index. In the currency
futures, the Sept dollar
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DXU2 |
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Sept Japanese yen
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JYU2 |
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ECU2 |
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lower on the day.
Nike
(
NKE |
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average. The shoe stocks are all strong today and trading near their highs.
Nike looks like it may be coming into some chart resistance. Swingers may
want to take a look at some of the other stocks in this category. Both Reebok
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RBK |
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(
SKX |
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better trades for some more upside potential. Skechers would be the stock
with the least overhead resistance.
Intuit
(
INTU |
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ascending triangle on unusually high volume. INTU has a TradingMarkets.com RS3
rating of 89 and an uptrending ADX of 27.
Hot Topic
(
HOTT |
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PowerRating) is trading in a running
cup and handle atop its 20-day moving average. HOTT is up 0.57 to 26.94 and
is carrying a
3-month relative strength rank of 89 from TradingMarkets.com.
UnitedHealth Group
(
UNH |
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PowerRating) is pulling
back from its high and testing its 20-day moving average at 91.34. UNH has an
RS3 rating of 93 and an uptrending ADX of 33.
Sinclair Broadcast Group
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SBGI |
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PowerRating) has
pulled back from its high to retest its 20-day moving average at 15.38. SBGI has
an RS3 rating of 91 and an uptrending ADX of 33.
Nasdaq Breadth: 2002-06-17 13:29:49
Adv: 2149 / Dec: 1115 Net: +1034
UpVol: 6257609 / DnVol: 1899695 Net: +4357914
NYSE Breadth: 2002-06-17 13:29:49
Adv: 2237/ Dec: 899 Net: +1338
UpVol: 62526948 / DnVol: 9646030 Net: +52880918