Four Sectors That Lead The Way…
What started out this morning as a positive
sign the markets would have a good day, has now diminished at the halfway
point. The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) has given back
all of its gains and is now in negative territory. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
was only trading slightly positive before going negative. The trading range on
the Nasdaq is very narrow.
Today’s gains in stocks were from groups like
financial, retail, transportation and technology.
Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating)
is rallying from a double-bottom pattern. WMT
has broken above its 20-day moving average and also its 50-day moving average
and has an uptrending
ADX of 31.
Fedex
(
FDX |
Quote |
Chart |
News |
PowerRating) is breaking out of an inverted
head-and-shoulders pattern on the daily chart, and volume is increasing.
Peoplesoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) is rallying from a
short-term bottom. Today PSFT broke above its 20-day moving average on increasing volume.
Its overhead resistance is its 50-day moving
average at 22.20. PSFT has an uptrending
ADX of 21.
Tenet Healthcare
(
THC |
Quote |
Chart |
News |
PowerRating) has broken out
above its resistance on strong volume. Today volume is strong once again,
and this is helping push it to all-time highs. THC has a
Tradingmarkets.com
RS3 rating of 93.
Unitedhealth Group
(
UNH |
Quote |
Chart |
News |
PowerRating)
has broken out of an ascending triangle to an
all-time high. UNH has a
Tradingmarkets.com RS3 rating of 95 and an uptrending
ADX of 32.
These setups listed above look good today, but
like Kevin Haggerty said this morning, this looks to be Jekyll and Hyde market.
These setups could fail tomorrow. So do your homework and have your stops in
place. Click Here to read Kevin
Haggerty’s morning piece.
NYSE Breadth:
2002-06-11 13:12:20
Adv: 1409 Dec: 1683 Net: -274
UpVol: 32327800 DnVol: 41697121 Net: -9369321
Nasdaq Breadth:
2002-06-11 13:12:20
Adv: 1428 Dec: 1791 Net: -363
UpVol: 3596024 DnVol: 4206905 Net: -610881