Sectors That Have Relative Strength On Rally Attempt
After yesterday’s big
sell-off in the Dow
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$INDU |
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there would be a possible rally at today’s open. The Dow did a head
fake to the upside and then fell into a slide. The Dow has fallen to the worst
levels of the day at 9608. General Motors
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GM |
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Caterpillar
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CAT |
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and Dupont
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DD |
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The Nasdaq Composite
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$COMPQ |
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holding firm and is trading near an important short-term technical floor. Techs
are not exactly strong, but are showing some relative strength in software,
networking, storage and semiconductors. Initial support is at 1564 in front of
the session low (1555). If the Nasdaq breaks below these levels, the 1544 area
would serve as support and then 1530/1528 would be a secondary level.
In addition to the market’s uncertainty, a weak
June dollar
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DXM2 |
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August gold
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GCQ2 |
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half year high at $331.50 an ounce.
Dave Floyd has a good take on the S&P futures
today.
Click Here to see what Dave says.
Meridian Gold
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MDG |
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all-time highs today. Meridian is being helped by the August gold
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GCQ2 |
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gold has a
TradingMarkets.com RS3 rating of 98 and an uptrending
ADX of 32.
The following stocks are moving higher today
with unusually high volume: Pier One Imports
(
PIR |
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(
ATVI |
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HGMCY |
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17.78 up .54,
Hollywood Entertainment
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HLYW |
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AG |
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20.42 up .79.
Occidental Petroleum
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OXY |
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the 20-day moving average. OXY is at chart support as well as MA support.
Swingers may want to watch this one for intraday pullback entries. After
pulling back over the last week, OXY looks like it may be trying to
resume its uptrend. Expect some resistance at the $30.75 area.
NYSE Breadth:
Adv: 1110 / Dec: 2013 Net: -903
UpVol: 23699580 DnVol: 57204644 Net: -33505064
Nasdaq Breadth Adv: 1070 / Dec: 2186 Net: -1116 UpVol: 4058775 DnVol:
4899035 Net: -840260