Four Stocks Benefiting From Today’s Move
The GDP number came in this morning
at a higher-than-expected 5.8% vs. the 5.0%
consensus expectations. It looked like it
could be a precursor to a positive session, and it was, until the
University Of
Michigan Consumer Sentiment Index came in lower than expected. The April
number came in at 93.0 vs. March‘s 95.7 number.
Tony Saliba had this one pegged!
The Dow Jones Industrial Average
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$INDU |
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opened higher on the positive GDP number, but quickly retreated below the key
support levels and found a new intraday low at 9955.
The Nasdaq
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$COMPQ |
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to levels that have not been seen since October of 2001. Almost every sector is
lower, including biotechs, telecom equipment, and semiconductors.
The only bright spot on the session is Gold.
The
Phlx Gold & Silver Index
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$XAU.X |
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(
GCM2 |
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June gold has had
an active trading day, opening at 308.60 and going as high as 310.00, then testing its support at 304.80. Gold has not seen
$310 for two years. Some of
the stocks benefiting from the gold move include Anglogold
(
AU |
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(
ABX |
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PowerRating), Newmont Mining
(
NEM |
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and Placer Dome
(
PDG |
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PowerRating). If June gold moves to the upside, look for
positive movement in gold stocks. June gold is trading at 308.30, down .30.
With the markets declining, bonds are in
positive territory. The 30-year
(
USM2 |
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and the 10-year note
(
TYM2 |
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are both in positive territory. For more insight on Bonds and Commodities, read Tony
Crescenzi.
Fastenal Company
(
FAST |
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PowerRating) is in 52-week-high
territory. Keep an eye on FAST. It could be pulling back from the high. FAST has
a
TradingMarkets.com RS3 rating of 90 and an uptrending
ADX of 37. FAST is trading at 85.94, down .38. Support is at 83.00.
Coventry Health Care
(
CVH |
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PowerRating) has broken
out of an ascending triangle on strong volume. CVH has a
TradingMarkets.com
RS3 rating of 93
and an uptrending
ADX of 18. CVH is trading at 28.80, down .36.
Michaels Stores
(
MIK |
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PowerRating) has broken out
to new highs on strong volume. MIK has a
TradingMarkets.com
RS3 rating of 93
and an uptrending
ADX
of 13. MIK is trading at 40.48, up .20.
Career Education (CECO)
is forming a pennant at its high. CECO is down 0.25 to 44.27 and is holding
a
3-month relative strength rank of 93 from TradingMarkets.com.
Take-Two Interactive (TTWO)
is pulling back to the 20-day moving average. TTWO is currently down 0.15 to
22.87 and is holding a
3-month relative strength rank of 91 with an uptrending
ADX of 32 from TradingMarkets.com.
The Market Internals are weak, the NYSE
Adv/Dec is 1218/1826, and the Nasdaq Adv/Dec is 1060/2242. The Nasdaq could fall to a
new support level at 1657.00. The Dow looks like it has support 1910.00