Six Stocks Defying The Downtrend
Traders were looking for a higher opening
this
morning with the reshuffling of the S&P 500 and an upgrade on Cisco Systems from
Merrill Lynch.Â
The S&P 500 will replace seven companies at
the close on July 19. This means that the new companies that are replacing
the seven will be picked up by many institutions. The new companies that will
replace the previous seven are: Goldman Sachs
(
GS |
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PowerRating),
Electronic Arts
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ERTS |
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PowerRating), Prudential
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PRU |
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PowerRating),
United Parcel Service
(
UPS |
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PowerRating), Ebay
(
EBAY |
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PowerRating), Principal Financial
(
PFG |
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PowerRating) and SunGard Data
(
SDS |
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PowerRating). The S&P 500 started off positive as
the futures indicated, but then retreated and fell to the intraday lows at 934. The S&P 500 index pushed to its lowest level
since October 1998 in recent trade as it continues to be the worst performer of
the major market averages.
Tech stocks had a chance to
rally, from a number of analyst upgrades of several big names including
Cisco Systems
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CSCO |
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PowerRating), but the potential rally turned negative, with
Qwest Communication’s most recent troubles diverting attention. At the midday
point the Indexes were trading near the lows.
Beazer Homes
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BZH |
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PowerRating) is forming an ascending
triangle on its intraday chart and is one of the day’s volume leaders. From
the daily chart, the stock has formed double hammers, and is holding at its
200-day moving average.
Six stocks that are defying the market
downtrend that are trading with very strong
volume and are in positive territory are: Paypal
(
PYPL |
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PowerRating), Sonic
Corp
(
SONC |
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PowerRating), Dime Community
(
DCOM |
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PowerRating), Choicepoint
(
CPS |
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PowerRating), Christopher & Banks
(
CHBS |
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PowerRating) and Beazer Homes
(
BZH |
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Chart |
News |
PowerRating).
NASDAQ Breadth:
Adv: 1244 / Dec: 1991Net: -747
UpVol: 3801589 / DnVol: 4757594 Net: -956005
NYSE Breadth:
Adv: 1026 / Dec: 2113 Net: -1087
UpVol: 25040428 / DnVol: 78243090 Net: -53202662