Fuel For The Broker-Dealer Index
Not much news was available at this morning’s
opening. The Dow Jones Industrial Average
(
$INDU |
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PowerRating) opened positive,
then pulled back and began to form an ascending triangle on the intraday chart.
Just before 11:00 AM EST, the Dow broke a support line at 10250 and dove
past the 10200 level before dwindling down to the lows of the day at 10164.94.
The Dow has been in a small trading range since this point. Home Depot’s
(
HD |
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PowerRating) CEO came out this morning and said that their business faces further challenges
in the third quarter. These comments caused the retail sector to pull back.
In another
news development, Merrill Lynch
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MER |
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PowerRating)
reached a settlement with New York’s
Attorney General over a conflict of interest in their business dealings.
Right now many of the broker-dealers are trading positive. This is fueling the
Broker Dealers Index
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$XBD.X |
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PowerRating) today, which is trading
positive.
June gold
(
GCM2 |
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News |
PowerRating) is trading higher
again today.
After yesterday’s run to a three-year high, it looked like there was some profit-taking
in early trade. June gold tends to affect the movement of the PHLX Gold & Silver Index
(
$XAU.X |
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PowerRating) and some of
the gold mining stocks, such as Anglogold
(
AU |
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PowerRating), Barrick Gold
(
ABX |
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PowerRating), Newmont
Mining
(
NEM |
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PowerRating) and Placer Dome
(
PDG |
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PowerRating).
June gold is making new three-year highs.
In the tech-heavy Nasdaq Composite
(
$COMPQ |
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PowerRating),
the PHLX Semiconductor Index
(
$SOX.X |
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PowerRating) and the AMEX
Biotechnology Index
(
$BTK.X |
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PowerRating) teamed up to push the index lower
today. The Naz has traded as low as 1418.00 and is trying to muster a
comeback at this point.
The June dollar [DXM2|DXM2] is trading
positive today.
Group 1 Automotive
(
GPI |
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PowerRating) is pulling back from the high
and testing its 20-day moving average. GPI has a
TradingMarkets.com RS3 rating of 96 and an uptrending
ADX of 33.
Whole Foods Market
(
WFMI |
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News |
PowerRating) is trading in a
triangle. WFMI is holding a
3-month relative strength rank of 82 with an uptrending
ADX of 30 from TradingMarkets.com.
Manpower
(
MAN |
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News |
PowerRating) is setting up in a pullback
from high. MAN is carrying a
3-month relative strength rank of 80 from TradingMarkets.com.
Given Imaging
(
GIVN |
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News |
PowerRating)
is pulling back from the high. GIVN has a
TradingMarkets.com RS3 rating of 93 and an uptrending
ADX of 30.
The market internals are weaker at this point in
the day. NYSE Adv/Dec 1240/1828. Nasdaq Adv/Dec 1242/2112.