Five Stocks Helping The Dow
The Dow Jones Industrial Average
(
$INDU |
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PowerRating)
gapped at the open and then within a half-hour was trading down at yesterday’s
intraday lows. Then the Dow began a rally as investors digested the data from
the preliminary report issued by the Labor Department showing. The report showed
that business productivity, or output per number of hours worked, surged 8.6% in
the first quarter. This follows a 5.5% increase in the fourth quarter. The Dow
has support at around 9665.00.
Some of the stronger indexes on the day are
Banking
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$BKX.X |
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PowerRating), Retail
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$RLX.X |
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PowerRating) and Cyclical
(
$CYC.X |
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PowerRating). Also, even though tech was weak, the Dow was getting help from
a few of those companies, such as Intel
(
INTC |
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PowerRating), Microsoft
(
MSFT |
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PowerRating), IBM
(
IBM |
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PowerRating),
United Technologies
(
UTX |
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PowerRating) and Hewlett Packard
(
HPQ |
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PowerRating).
The Nasdaq Composite
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$COMPQ |
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PowerRating) is
now in positive territory after breaking through a support level (1590)
yesterday. The Nasdaq sold off this morning in a small trading range, then
rallied into plus territory. Coincidentally, the Phlx Semiconductor Index
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$SOX.X |
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PowerRating)
was close to breaking its support at 457.212, but managed to rally into the
green.
The BIG EVENT will be when the FOMC Meeting
adjourns today. Most traders feel that the Fed will not raise interest rates
this time around. Perhaps there will be an afternoon rally.
June crude oil
(
CLM2 |
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PowerRating) is positive today. Yesterday, June crude closed lower by 2%
on news that Iraq said it would resume crude exports starting on May 8, and
separately, a Russian news agency reported that Russia has hiked output by a half–million barrels a day. The U.S energy officials warned OPEC that they need to
boost production by a million barrels a day by the end of this year to keep oil
prices from rising too high. The
AMEX Oil Index
(
$XOI.X |
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PowerRating) and some of its components are positive today. The
Phlx Oil
Service Sector
(
$OSX.X |
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PowerRating) is negative.
Royal Caribbean
(
RCL |
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PowerRating) is trading in
a running cup-and-handle atop the 20-day moving average. RCL carries a
3-month relative strength rank of 85 from TradingMarkets.com.
United Surgical Partners
(
USPI |
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PowerRating)
is pulling back from the recent high. USPI is holding a
3-month relative strength rank of 95 with an uptrending
ADX of 34 from TradingMarkets.com.
Constellation
Brands
(
STZ |
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PowerRating) is rallying from a pullback from a high. STZ will be
splitting 2–for-1 on
5/14/2002. Currently STZ has a
TradingMarkets.com RS3 rating of 88
and an uptrending
ADX of 43.
Michael’s Stores
(
MIK |
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PowerRating) is pulling
back from its recent high. MIK is holding a
3-month relative strength rank of 73 from TradingMarkets.com.
Ensco International
(
ESV |
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PowerRating) is
rebounding off the 20-day moving average. ESV carries a
3-month relative strength rank of 96 from TradingMarkets.com.