A Market Filled With Opportunities
The markets remain in a trading range at the
midpoint of trading today. The big news today was this morning’s report on the
US
economy’s GDP, which was even stronger than imagined during the first quarter of
this year. The GDP grew at a surprising 6.1% annual rate, its strongest growth
in more than two years.
This is encouraging news for the economic
recovery. However, Thursday’s report shows only where the economic recovery has
been, and not where it is going. As yesterday’s two-day FOMC meeting adjourned,
Federal Reserve Chairman Alan Greenspan and his colleagues have raised concerns
that the recovery may be slowing and said it could still falter without a solid
recovery in business investment.
Yesterday’s market was full of opportunities as
we saw a steep decline in the markets at the beginning of the session and then a
rally on the NYSE with heavy volume that had large blocks that swelled
over 50%. Kevin Haggerty’s lessons and workshops train you for these types of
days, days where you can make some pretty impressive trades. To read
today’s Kevin Haggerty article,
Click Here.
The PHLX Semiconductor sector Index
(
$SOX.X |
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Chart |
News |
PowerRating) is trading positive, helping buoy the Nasdaq Composite
(
$COMPQ |
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PowerRating),
which is trapped in a trading range between 1420 and 1450.
The S&P 500
(
$SPX.X |
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Chart |
News |
PowerRating) is trading
between 970 and 980, with today’s pivot point at 968. Intraday support is at 973.
Stericycle
(
SRCL |
Quote |
Chart |
News |
PowerRating) is pulling back to the 50-day moving average and a 50%
retracement. SRCL is holding a
3-month relative strength rank of 94 from TradingMarkets.com.
JDA Software
(
JDAS |
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News |
PowerRating)
is breaking above its 20-day moving average with increasing volume.
General Dynamics
(
GD |
Quote |
Chart |
News |
PowerRating) is moving higher out
of a sharp pullback to the 20- and 50-day moving averages. GD is holding a
3-month relative strength rank of 92 from TradingMarkets.com
Ambac Financial
(
ABK |
Quote |
Chart |
News |
PowerRating) looks ready to
resume its uptrend out of a pullback. ABK is holding a
3-month relative strength rank of 92 from TradingMarkets.com.
Nasdaq Breadth: 2002-06-27 13:22:32
Adv: 1639 / Dec: 1566 Net: +73
UpVol: 515261100 / DnVol: 415071503 Net: +100189597
NYSE Breadth: 2002-06-27 13:22:32
Adv: 1632 / Dec: 1482 Net: +150
UpVol: 44099230 / DnVol: 56783109 Net: -12683879