Highest Rise In Two Years
U.S. retail sales, excluding auto dealers, rose
more in January than any other month in two years, as consumers bought building
materials, furniture, clothing, and items from discounters such as Wal-Mart
Stores
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since the government began keeping comparable records in 1992. That, combined
with a record $120.6 billion decrease in fourth quarter business inventories,
suggests factories will have to boost production to keep up with consumer
demand.
The 1.2% increase in sales last month followed a
0.7% increase in December, which was stronger than what the government reported
a month ago, the Commerce Department said. Sales including cars fell 0.2% in
January, erasing December’s increase. Car sales have fallen since setting a
record in October.
This surprise good news provided fuel to push the
markets higher on the open. The Dow
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came close to hitting 10,000 before pulling back. The bias in today’s market is
definitely bullish. On the intraday chart, the Dow has resistance at 10,036 and
support at 9944.
The Nasdaq
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rallied past the 1860 resistance level, then pulled back. The Philadelphia
Semiconductor Index
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are both enjoying a strong day, helping push the Nasdaq. Intraday, the
Nasdaq has initial resistance at 1860 and secondary resistance at 1867. Support
is at 1851.
April Gold
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stay above the $300 an ounce level. The 300 level has served as support for gold
the past several trading sessions.
March S&P 500 futures
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is trading just above its R2 Pivot (1118.03)Â at 1118.50. March Nasdaq
100 futures
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above its R1 (1482.67), and the March Dow futures
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between the R2 Pivot (9957) and R1 Pivot (9908) at 9975.
XL Capital
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expansion of its daily range after a momentum gap to the upside. XL has
already traded more than double it average daily volume in Wednesday’s trading.
XL is now up 5.42 to 96.67 and holds a 3-month
relative strength rank of 34 from TradingMarkets.com.
USA Networks
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ascending triangle. USAI is on the TradingMarkets.com
Proprietary Momentum List. USA Networks has an RS3 rating of 96 and an
uptrending ADX number of 38. The stock is currently trading at 30.90, down .06.
Bristol-Meyers Squibb
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potential resistance at the 20-day moving average and a 38.2% retracement level.
BMY is now up 0.96 to 46.34 and carries a 3-month
relative strength rank of 7 alongside a downtrending ADX of 42 from
TradingMarkets.com.
Chico’s FAS
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pennant at its high. CHS is now trading up 0.41 to 33.40 and carries a 3-month
relative strength rank of 99 alongside an uptrending ADX of 31 from
TradingMarkets.com.