Climbing For Eight Straight Weeks…
In today’s opening, the Standard & Poor’s 500
Index
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The move higher in early trade was led by Wal-Mart Stores
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the start of the holiday shopping season boosted confidence that consumer spending
will spur faster profit growth. Intel Corp
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Lehman Brothers
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The S&P 500 added 3.19, or 0.3%, to 939.50 as of 12:38 p.m. ET. The Dow Jones Industrial Average
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8899.38. The Dow has climbed eight straight weeks and is 22% above the
five-year low reached Oct. 9. The Nasdaq Composite Index
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rose 18.98, or 1.3%, to 1497.76.
The Nasdaq Composite Index
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has tested its resistance level at the 1520/1527 early trade but has now pulled
back and is currently weakening. The intraday support level is at 1497 (Friday’s
high) and 1490 the 200-day moving average and the 38.2% retracement level (drawn
from the year’s high and low points).
The indices pulled back from their intraday high
levels after this month’s ISM report was released, showing US manufacturing unexpectedly
contracted last month, evidence that the nation’s
factories still aren’t contributing to the economic recovery.
The Institute for Supply Management’s factory index rose to 49.2 in November
compared with a reading of 48.5 the previous month. The index has been lower
than 50, signaling contraction, since September.
Zoran Corp.
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is rallying to hit a 6-month high with increasing
volume. ZRAN has a
TradingMarkets.com RS3 rating of 93 and an up trending
ADX of 32.
Nasdaq Market Breadth
Adv: 1662 UpVol: 7673823
Dec: 1505 DnVol: 2205337
Net: +157 Net: +5468486
NYSE Market Breadth
Adv: 1797 UpVol: 54891760
Dec: 1371 DnVol: 31839389
Net: +426 Net: +23052371