Four Bright Spots In Today’s Market
The markets are encountering some profit-taking in the first half of trading today along with possible terrorism alerts.
Read
Tony Saliba for more on this. The Dow Jones Industrial Average
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immediately dropped and began a downtrend to its intraday low of 10220 by
11:00AM EST. The market internals are negative.
The Nasdaq Composite
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being pushed lower by the PHLX Philadelphia Semiconductor Index
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and the AMEX Biotechnology Index
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established intraday support at 1700.
The bright spot in the markets today is gold.
June gold
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GCM2 |
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This has helped some of the gold mining stocks hit 52-week highs. The Phlx Gold
& Silver Index
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October of 1999. Some of the gold mining stocks trading higher today are Anglogold
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AU |
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ABX |
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Mining
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NEM |
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PDG |
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The June dollar
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DXM2 |
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112.98, slightly negative on the session.
McDonald’s
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first time of the day. Swingers may want to put MCD on their watch
list. McDonald’s has found some support at the 10-day MA and also chart
support from the last highs at $29.78. In addition, MCD put in a
reversal tail on Friday. McDonald’s has the potential to offer some
further upside if it can take out that $30.26 high made on May 16.
American Greetings
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AM |
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from its recent high. AM is holding a
3-month relative strength rank of 98 with an uptrending
ADX of 32 from TradingMarkets.com.
Amerada Hess
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AHC |
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cup and handle at its recent high. AHC is carrying a
3-month relative strength rank of 80 from TradingMarkets.com.
Barrick Gold
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ABX |
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52-week high. Today, June gold is trading positive and helping push several of
the gold mining stocks to 52-week highs, Barrick Gold being one of them. ABX has a
TradingMarkets.com RS3 rating of 82
and an uptrending
ADX of 33.
Best Buy
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has triple 9s to sell.
Some of the retail stocks look like they are forming lower highs on the daily.
BBY has moved up and once again hit some resistance at the $50 area.
Best Buy may offer some shorting opportunities for swing traders. Also take
a look at Target
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TGT |
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which have similar patterns and appear to be forming lower highs.
The markets are trending sideways just off of
their lows. Volume looks to be lighter so far today. NYSE Adv/Dec
1143/1866. Nasdaq Adv/Dec 1053/2242.