Prelude To A Rally?
Opening reversals ruled the day early in Monday’s session but were unable to
stick as reports of a second strike in Afghanistan hit U.S. media wires. Fear
and uncertainty still haunts the markets yet the major indexes were able to pare
off some of the earlier drops and gain some ground into the close.Â
The Nasdaq Composite
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green, rising 15 points in the last hour to recapture the 1600 level, up 0.66 at
1605.96. Dow Industrials
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close but finished 51.76 into the red at 9068.01 while the S&P 500
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slipped 8.94 to close at 1062.44.
Despite only the bond market being closed today, volume was very light in
today’s session, less than 70% of the recent averages. Decliners outpaced
advancers on roughly a 3:2 ratio.Â
With U.S airports likely to lead the way in installation of camera and surveillance
technology, issues in this sub-sector enjoyed another bounce in the session,
with Visage
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3.01 to 15.91 and InVision
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Semiconductor stocks were moving throughout the session, with KLA-Tencor
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gaining 2.95 to 36.36 and THQ Inc.
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recent pullback from high and rising 2.77 to 48.77.Qualcomm
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another big winner, up 2.76 to 41.22.
Avigen
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yet still managed to finish the day with a 30% haircut, down 4.00 at 10.52. The
stock was hammered early upon news that it’s Coagulin therapy to assists
hemophiliacs would be placed on hold following the finding of evidence of the
gene therapy in subjects body fluid. The nature of the tests of the therapy
required them to halt the tests if any instance of this occurred.
The weakening banks were also distributed today, with Fifth Third Bancorp
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54.54. Zion
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Economic reports due out tomorrow are the Richmond and Kansas City Fed’s
manufacturing surveys.