One Less Obstacle For The Market
The Conference Board’s gauge of consumer
sentiment rose to 110.2 this month from 95 in February as optimism grew about
the job market in a recovering economy. That put the index at its highest level
since August and was above analysts’ forecasts. U.S. stocks rose for the first day in three
in response to the report.
General Electric
(
GE |
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(
WMT |
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The
S&P 500
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$SPX |
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opening, but has fallen into a sideways trading range. Brokerage stocks are rallying
after Morgan Stanley Dean Witter
(
MWD |
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firm, reported earnings that topped forecasts and said business may be
improving.
The
Dow Jones Industrial Average
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$INDU |
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the bias has been positive, led by cigarette maker Philip Morris
(
MO |
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as 25 of 30 members advanced. The Nasdaq Composite Index
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COMPQ |
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has added 19.23, or 1.1%, so far, to 1831.72.
Stocks also got a boost after Robert McTeer, president of the Federal Reserve
Bank of Dallas, suggested interest rate increases may not be imminent. Shares
fell last week and yesterday on concern that the Fed may raise rates, slowing
the recovery in earnings.
The
PHLX Semiconductor Sector
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$SOX.X |
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Some of the stocks helping push the SOX higher are KLA-Tencor
(
KLAC |
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PowerRating),
Maxim Integrated Products
(
MXIM |
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PowerRating), Applied Materials
(
AMAT |
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PowerRating), Novellus
Systems
(
NVLS |
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PowerRating) and Linear technology
(
LLTC |
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PowerRating).
The AMEX Oil Index
(
$XOI.X |
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PowerRating) is
trading higher today. On the chart, it’s rallying from a pullback off the high.
Some of the stocks moving the Oil Index are: BP Amoco
(
BP |
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PowerRating), Chevron Texaco
(
CVX |
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PowerRating), Royal Dutch Petroleum
(
RC |
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PowerRating) and Total Fina
(
TOT |
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PowerRating).
The Morgan Stanley Cyclical Index
(
$CYC.X |
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PowerRating)
is trading higher today. Some of the stocks pushing the Cyclical Index
higher are: Alcoa
(
AA |
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PowerRating), Caterpillar
(
CAT |
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PowerRating), Citigroup
(
C |
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PowerRating), CSX
Corporation
(
CSX |
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PowerRating), Dana Corporation
(
DCN |
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PowerRating) and Deere & Co.
(
DE |
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PowerRating).
The AMEX Computer Technology Index
(
$XCI |
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PowerRating)
is positive so far today. Some of the stocks helping push the index are
Applied Materials
(
AMAT |
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PowerRating), Automatic Data Processing
(
ADP |
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PowerRating), Intel
(
INTC |
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PowerRating),
Micron Technology
(
MU |
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PowerRating) and Texas Instruments
(
TXN |
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PowerRating).
April gold
(
GCJ2 |
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PowerRating) is trading lower
today. Gold has been positive of late and influences the movement of the PHLX
Gold & Silver Index
(
$XAU.X |
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PowerRating). It also affects the movement of gold
mining stocks. Anglogold
(
AU |
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PowerRating), Barrick Gold
(
ABX |
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PowerRating)
and Newmont Mining
(
NEM |
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are all trading lower.
Digene
(
DIGE |
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PowerRating) is pulling back from its high following a thrust to the upside. DIGE is holding a
3-month relative strength rank of 80 from TradingMarkets.com.
Centex Corp.
(
CTX |
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PowerRating) is trading in a right-angled ascending broadening formation. Even though ascending is in the
description, this is a bearish pattern.
Dura Automotive
(
DRRA |
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PowerRating) is gapping out of
a triangle on an expansion of range. DRRA has a 3-month relative strength rank of 98 from TradingMarkets.com. The stock
trades on average below our normal volume parameters, but has traded nearly 12
times its average daily volume already in Tuesday’s session.
Cooper Industries
(
CBE |
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PowerRating) is trading in a
triangle at its high. The stock is holding
3-month relative strength rank of 80 along with an uptrending
ADX of 35 from TradingMarkets.com.
Ball Corp.
(
BLL |
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PowerRating) is pulling back to the
20-day moving average. BLL is carrying a
3-month relative strength rank of 80 along with an uptrending
ADX of 42 from TradingMarkets.com.