Shrugging Off Xerox And Focusing On The Positive…
Another accounting fraud?…
A new Xerox audit found that the copier maker
improperly increased the amount of revenue during the past five years, making it
appear there was more than the
Securities and Exchange Commission (SEC) estimated in an April settlement with
the company. Investors are shaking off this story and looking for positive news.
Today is the last day of the second quarter.
Traditionally, stocks get some support from professional money managers seeking
to put idle cash back into stocks before the end-of-quarter positions are
reported.
This year’s second quarter has been a very difficult and challenging one for
stock investors. With just half of a trading session remaining, the Nasdaq
Composite
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technology stocks, is down about 20% for the quarter and is on track to post its
seventh-worst quarter ever. The Nasdaq is currently trading higher and at its best
levels of the day.
The
Dow Industrials
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just 10% in the quarter. The Dow is positive on the day and trading near the
intraday
high. The Dow, the barometer of the overall market sectors, is about to post the
39th-worst quarter in its history.
Advancing stocks are outnumbering decliners by a ratio of more than 2:1 on
the New York Stock Exchange. It helped that there was a solid crop of economic
data, including new readings on consumer spending, income and sentiment, as well
as a report on business activity in the Chicago region.
One other variable helping the markets today is the dollar’s surprising
rebound. Stocks have generally been moving to the upside vs. the currency markets in
recent weeks because of concern that a sell-off in the US dollar could
scare foreign investors to sell dollar-denominated assets. The September
dollar
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the push to the positive is the news that the Federal Reserve is buying dollars
on behalf of the Bank of Japan.
The S&P 100
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Index [$VIX.X |VIX.X] is pulling back from it recent highs, as well as the
Nasdaq 100 Volatility Index
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Werner Enterprises
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and making a run at its prior high. WERN carries a
3-month relative strength rank of 82 from TradingMarkets.com.
Websense
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from a short-term bottom with increasing volume. WBSN has an uptrending
ADX of 25.
JDA Software
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above its 50-day moving average with increasing volume from a short-term bottom.
Intuit
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resistance with increasing volume and has hit a 52-week high. Intuit has a
TradingMarkets.com RS3 rating of 92 and an uptrending
ADX of 25. INTU has risen 1.60, or 3.4%, to 49.04. Intuit said it
will buy closely held Eclipse, a provider of business-management software for
wholesale durable-goods distributors, for $85 million.
HCA
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its 20-day moving average, and found support at the 50-day moving average. It
has now retraced back to the 20-day moving average. HCA has a
TradingMarkets.com RS3 rating of 81 and an uptrending
ADX of 26.
NASDAQ Breadth: 2002-06-28 13:29:50
Adv: 1940 / Dec: 1416 Net: +524
UpVol: 58245962 / DnVol: 27643680 Net: +30602282
NYSE Breadth: 2002-06-28 13:29:50
Adv: 2220 / Dec: 938 Net: +1282
UpVol: 67108321/ DnVol: 23121770 Net: +1282