Picking Up Where It Left Off
The Dow Jones Industrial Average
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$INDU |
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opened where it left off Friday, rallied up and pulled back to test its support.
It then rallied higher and is trading near the highs of the day. U.S. stocks
rallied — driving the Dow to its highest level in seven months — on growing optimism an economic rebound will boost profits. Citigroup
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C |
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and Microsoft
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MSFT |
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$COMPQ |
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is following a similar pattern. The PHLX Semiconductor Index
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$SOX.X |
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and Biotechs
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$BTK.X |
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The March S&P 500
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SPH2 |
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Pivot Point of 1148.50. At these levels, the S&P 500 is close to erasing its loss
for the year. The benchmark had dropped as much as 6% in 2002.
There is also stronger volume on the day. Some 803 million shares traded
on the New York Stock Exchange by 12:30 p.m. ET, 34% more than
the same time a week ago. More than two stocks rose for every one that fell on
the Big Board, while three advanced for every two that declined on the Nasdaq
Stock Market.
The Amex Computer Technology Index
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$XCI |
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is pulling back from its lows. Some of the stocks helping move the XCI are
Applied Materials
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AMAT |
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(
ADP |
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Systems
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CSCO |
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CSC |
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DELL |
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Corp.
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EMC |
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(
IBM |
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MSFT |
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The PHLX Semiconductor Index
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$SOX.X |
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is having another strong day, with all of its components in positive territory.
Some of the stronger moving stocks are KLA-Tencor
(
KLAC |
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Integrated Products
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MXIM |
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AMAT |
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PowerRating), Novellus Systems
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NVLS |
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LLTC |
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XLNX |
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BRCM |
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and Texas Instruments
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TXN |
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The Oil Service Sector
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$OSX.X |
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is breaking out of an ascending triangle. Some of the leaders in the OSX sector
today are: Smith International
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SII |
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SLB |
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CAM |
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WFT |
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TDW |
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and Nabors Industries
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NBR |
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The Amex Biotechnology Index
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$BTK.X |
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is continuing its trend higher today. Some of the stocks helping move the index
are Amgen
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AMGN |
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CRA |
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CEPH |
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Chiron
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CHIR |
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DNA |
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IDPH |
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Millennium Pharmaceuticals
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MLNM |
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The Morgan Stanley Cyclical Index
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$CYC.X |
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The majority of the stocks in the CYC index are positive, those with the
strongest gains are: Caterpillar
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CAT |
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(
C |
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PowerRating), Dana Corporation
(
DCN |
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GP |
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IR |
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and Phelps Dodge
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PD |
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Weatherford International
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WFT |
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triggering out of a Trend Pivot Pullback. WFT is carrying a
3-month relative strength rank of 96 with an uptrending ADX of 30 from
TradingMarkets.com.
Express Scripts
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ESRX |
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off its 20-day moving average. ESRX holds a
3-month relative strength rank of 93 with an uptrending ADX of 42 from
TradingMarkets.com.
Ace Ltd.
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ACE |
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3-month relative strength rank of 83 from TradingMarkets.com.
J & J Snack Foods
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JJSF |
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TradingMarkets.com RS3 rating of 98 and an uptrending
ADX of 43.
Be sure to use protective stops on all trades!
Have a Great Trading Afternoon!