Four Names Influencing Today’s Dow
The Dow Jones Industrial Average
(
$INDU |
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is trading positive and has established a very narrow trading range in the first
half of trading. The DJIA has intraday support at 10,050 and resistance at
10,100. Procter & Gamble
(
PG |
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PowerRating), DuPont
(
DD |
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PowerRating), Phillip Morris
(
MO |
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and International Paper
(
IP |
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PowerRating) are helping buoy the Dow.
The Nasdaq
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$COMPQ |
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PowerRating) looks like it is
trying to establish support at 1655. Over the last five days, the Nasdaq has
held at or above support at the 62% retracement of the Sept/Jan rally (1658).
Some recent attempts have been squashed near the Feb low just under the 1700
level. Without the enthusiasm of buyers, the Nasdaq is going to have a difficult
time to break above the 1700 resistance point. We could see a retest of the
April intraday low at 1640. The next support level of interest is at 1628/1626 (Oct.
19 low and bottom of Oct. 11 gap). The intraday resistance is at 1673/1675.
The Phlx Semiconductor Index
(
$SOX.X |
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PowerRating)
attempted to break out above its 200-day MA (536.349), but it was quickly turned
away and has reversed to trade lower.
Some of the stronger sectors today are: Bank,
Transportation, Apparel, Household Products and Cyclicals.
KB HOMES
(
KBH |
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PowerRating) hit its 52-week high on strong
volume. The homebuilders continue to amaze. KBH appears to be moving
out of a high level cup. You may want to watch Toll Brothers
(
TOL |
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PowerRating) as
it is nearing the highs. If KBH takes off, then TOL might make a
nice follow-the-leader play.
Clorox
(
CLX |
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PowerRating)
is breaking out of an ascending triangle on the daily chart. Volume is
increasing to support the move. CLX is trading at 46.07, up 1.52.
Vishay Intertech
(
VSH |
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PowerRating) is trading 100%
average volume before 1:00 PM and has triple 9s to sell. Since the volume
calculation is done over 65 days, today’s volume looks lower compared to the
last two days. VSH, so far, is forming a reversal bar on the daily and
looks tired. Swingers may want to put this on their list as a potential short
candidate for Friday.
June crude
oil
(
CLM2 |
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PowerRating) is trading lower this morning at $26.21 barrel. The decline in crude tends to put pressure on the
AMEX Oil Index
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$XOI.X |
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PowerRating)
and the
Phlx Oil
Service Sector
(
$OSX.X |
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PowerRating).
The June S&Ps
(
SPM2 |
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PowerRating) has a narrow
range on the intraday chart.
Click Here for Lewis Borsellino’s take on today’s S&Ps.