A Similar Pattern
What appeared to be a rally day opening soon
turned, as the high hopes were dashed within a half hour of the open. The
Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) bottomed at 10220.00 and
is trading in a range between 10260 and 10235. Volume is quiet. The NYSE Adv/Dec
is 1303/1722.
U.S. stocks fell, led by Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating)
and General Electric
(
GE |
Quote |
Chart |
News |
PowerRating). A report that showed the expansion in the
service economy is slowing fueled concern profit growth is too weak to warrant
gains in benchmark indexes.
Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating) and Minnesota Mining & Manufacturing
(
MMM |
Quote |
Chart |
News |
PowerRating)
dragged the Dow Jones Industrial Average to its lowest level in a month
after analysts said their shares may have climbed too far.
The Nasdaq
(
COMPQ |
Quote |
Chart |
News |
PowerRating) has
followed a similar pattern as the Dow and has a trading range between 1781.80
and 1790.00. Volume is also quiet. The Nasdaq is Adv/Dec 1367/1917.
Many of the sectors are in the red today. One
group that is performing well today is homebuilding. Some of the stars in this
sector are Centex
(
CTX |
Quote |
Chart |
News |
PowerRating), Toll Brothers
(
TOL |
Quote |
Chart |
News |
PowerRating), Pulte Homes
(
PHM |
Quote |
Chart |
News |
PowerRating),
Ryland Group
(
RYL |
Quote |
Chart |
News |
PowerRating) and MDC Holdings
(
MDC |
Quote |
Chart |
News |
PowerRating).
In the futures market, the June S&P 500
futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) have made a new 20-day low and hit the S2 Pivot Point at
1133.37. The June Dow Futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) have hit their S2 Pivot Point at
10236. The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) futures have also made a new 20-day
low.
Hollywood
Entertainment
(
HLYW |
Quote |
Chart |
News |
PowerRating) is trading
higher today with very strong volume. HLYW has a
TradingMarkets.com RS3 rating of 80
and an uptrending
ADX of 20.
The Software Holders ETF
(
SWH |
Quote |
Chart |
News |
PowerRating) appears to
be headed for a re-test of the February low. SWH is holding a
3-month relative strength rank of 11 from TradingMarkets.com.
Wendy’s
(
WEN |
Quote |
Chart |
News |
PowerRating) is pulling back after its
recent move higher. WEN carries a
3-month relative strength rank of 82 from TradingMarkets.com.
Abercrombie and Fitch
(
ANF |
Quote |
Chart |
News |
PowerRating) is pulling
back from its recent high. ANF is holding a
3-month relative strength rank of 80 from TradingMarkets.com.
Wet Seal
(
WTSLA |
Quote |
Chart |
News |
PowerRating) is pulling back from
its high. WTSLA is holding a
3-month relative strength rank of 89 along with an uptrending
ADX of 30 from TradingMarkets.com.
Arch Coal
(
ACI |
Quote |
Chart |
News |
PowerRating) is trading higher
today after breaking out and closing above its resistance. Arch Coal has a
TradingMarkets.com RS3 rating of 84
and an uptrending
ADX
of 28.