Fastest In A Year
The market has dropped off and is now fighting
to regain the winning pattern it showed earlier. Strength in the tech sector,
especially the PHLX Semiconductor Sector
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), is helping in
the struggle. Other sectors doing well today include autos, airlines, casinos,
publishing, and aerospace. Within the Dow Jones Industrial Average
(
$INDU |
Quote |
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News |
PowerRating),
IBM
(
IBM |
Quote |
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News |
PowerRating) is topping the list of winners.
At this point in the game, the Dow has a low of
10407.12. It is now rallying up from that point. Resistance is at 10449.3 and
secondary resistance is at 10469.60.
The U.S. economy expanded at a 1.7% annual
pace from October through December, the fastest in a year, and a prelude to
first quarter growth that may be the strongest since mid-2000.
Gross domestic product, the value of all goods and services produced, was driven
in the final quarter of 2001 by consumer and government spending that surged
after the terrorist attacks of Sept. 11. The growth rate was stronger than the
1.4% reported by the Commerce Department last month. The U.S. had slipped
into recession a year ago.
The Nasdaq
(
COMPQ |
Quote |
Chart |
News |
PowerRating) composite is
trading positive. It has pulled back to its intraday support at 1837.83 and is
now rallying higher.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) has been trading between the positive and negative
points throughout today’s session after a strong move yesterday above its
$300.00-an-ounce resistance line. The PHLX Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
will follow the pattern of gold, as well as some of the gold mining
stocks, such as Anglogold
(
AU |
Quote |
Chart |
News |
PowerRating), Barrick Gold
(
ABX |
Quote |
Chart |
News |
PowerRating) and Newmont
Mining
(
NEM |
Quote |
Chart |
News |
PowerRating).
The PHLX Semiconductor Sector Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
is trading strong today. Every one of the stocks in the sector is positive.
Some of the stronger stocks are KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating), Maxim Integrated
Products
(
MXIM |
Quote |
Chart |
News |
PowerRating), Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating), Novellus Systems
(
NVLS |
Quote |
Chart |
News |
PowerRating)
and Linear Technology
(
LLTC |
Quote |
Chart |
News |
PowerRating).
The AMEX Pharmaceutical Index
(
$DRG.X |
Quote |
Chart |
News |
PowerRating)
is pulling up from the lows and is trading positive today. Some of the
stocks helping push the DRG are Abbott Laboratories
(
ABT |
Quote |
Chart |
News |
PowerRating), AstraZeneca
(
AZN |
Quote |
Chart |
News |
PowerRating)
and Bristol Meyers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating).
The Morgan Stanley Cyclical Index
(
$CYC.X |
Quote |
Chart |
News |
PowerRating)
is trading positive today. Some of the stocks helping push the cyclical index
higher are Dana Corporation
(
DCN |
Quote |
Chart |
News |
PowerRating), Fedex
(
FDX |
Quote |
Chart |
News |
PowerRating), Good Year Tire &
Rubber
(
GT |
Quote |
Chart |
News |
PowerRating), Johnson Controls,
(
JCI |
Quote |
Chart |
News |
PowerRating), Knight-Ridder
(
KRI |
Quote |
Chart |
News |
PowerRating) and
Sears, Roebuck and Co.
(
S |
Quote |
Chart |
News |
PowerRating)
Radio One
(
ROIA |
Quote |
Chart |
News |
PowerRating) appears ready to move
out of a pullback to the 20-day moving average. ROIA has a
3-month relative strength rank of 81 from TradingMarkets.com.
Scios
(
SCIO |
Quote |
Chart |
News |
PowerRating) is pulling back from its
high of two days ago. SCIO is carrying a
3-month relative strength rank of 94 along with an uptrending
ADX of 39 from TradingMarkets.com.
Synovus Financial
(
SNV |
Quote |
Chart |
News |
PowerRating) is rallying from a pullback off
of the high.
Fortune Brands
(
FO |
Quote |
Chart |
News |
PowerRating) is rallying from a
pullback off of the high. FO has a
TradingMarkets.com RS3 rating of 81
and an uptrending
ADX
number of 43.
JDA Software (JDAS)
has broken out of an ascending triangle with strong volume. JDAS has a
TradingMarkets.com RS3 rating of 95.
The markets will be closed tomorrow to observe GOOD
FRIDAY! Take the time this weekend to enjoy the people who are important to you
and review your trades if you have time! Enjoy the rest of the trading session!