Fastest Pace In 15 Months
The largest part of the U.S. economy expanded
in February at the fastest pace in 15 months, an industry survey showed.
The Institute for Supply Management’s index of service companies, builders
and other non-manufacturing companies rose more than expected. That adds to
reports of factory growth for the first time in 19 months, rising construction
and increases in incomes and spending that show the economy is rebounding from
the recession that began last March.
The institute’s index of non-manufacturing business, which accounts for about
four-fifths of the U.S. economy, rose to 58.7 from 49.6 in January. A reading
above 50 signals expansion, and the index hasn’t been this high since November
2000.
Orders at service companies also were the highest in 15 months, reflecting
rising sales at retailers such as Costco Wholesale
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for goods at the retail level has already started to boost production at
manufacturers, which reported expansion in February for the first time since
July 2000.
This good news is not helping move the markets, however, as profit-taking is
pulling the Dow Jones Industrial Average
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part of trading. The Dow is trading at the lowest levels of the day. The support
level of the day is at around 10460. The Nasdaq
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currently hanging on to positive gains. It is trading right around its 50% retracement line
on the 10-minute chart.
The March S&P 500
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right around its Pivot Point of 1146.20.
After breaking above its resistance with a strong
day and closing near its high, the PHLX Semiconductor Sector
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is moving higher again this morning. Some of the components of the SOX that are
helping push it higher are: Applied Materials
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Linear Technology
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Intel
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The AMEX Securities Broker/Dealer Index
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is trading higher today after a strong day yesterday. Stocks helping push the
XBD are Jeffries Group
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Mandalay Resort
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from its high. Initial support is around 31.00 and secondary support is around
29.50. MBG has a
TradingMarkets.com RS3 rating of 94 and an uptrending
ADX of 51.
Ryland Group
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is pulling back from its high. Initial support is around 91.00 and secondary
support is around 89.00. RYL has a
TradingMarkets.com RS3 rating of 97 and an uptrending
ADX of 31.
FLIR Systems
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is pulling back from its high. Initial support is around 54.00 and secondary
support is around 52.50. FLIR has a
TradingMarkets.com RS3 rating of 96 and an uptrending
ADX of 40.
Mohawk Industries
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back from its high. Initial support is around 62.50 and secondary support is
around 61.30. MHK has a
TradingMarkets.com RS3 rating of 93 and an uptrending
ADX of 42.
Express Scripts
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the 20-day moving average. ESRX has a
3-month relative strength rank of 93 with an uptrending ADX of 42 from
TradingMarkets.com.