The Biggest Since September
U.S. stocks are falling, driving the benchmark
indexes toward the biggest two-week decline since September. Earnings reports by
Microsoft
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MSFT |
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IBM |
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computer companies, are responsible for the drop.
Every Cloud has a Silver Lining
As the markets were trading lower, Dell Computer
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the largest maker of personal computers, said fiscal fourth-quarter sales and
earnings will exceed its forecasts, as consumers bought more PCs and the company
took market share from rivals.
The Standard & Poor’s 500 Index
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$SPX.X |
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9.37 to 1129.51. Computer-related shares accounted for 85% of the decline.
Chipmaker Intel
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INTC |
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makers to lead the drop.
The Nasdaq Composite Index
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$COMPQ |
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The Dow Jones Industrial Average
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$INDU |
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down 61.86.
For the week, the S&P 500 has fallen 1.3%, after slumping 2.3% the previous
five days. The Nasdaq has lost 3.6% this week, following a 1.8% drop last week.
Stocks rallied through the end of last year on expectations the economy would
begin to pull out from recession and help boost corporate profits as soon as the
first half of this year. Some of those gains have eroded in the past two weeks
as technology companies in particular have failed to provide positive signs of a
rebound. Next week will see more big name companies come out with earnings, so
stay tuned.
Internet Security Systems
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ISSX |
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trending higher above its 50-day EMA, currently trading at 33.84 with increasing
volume. ISSX has a resistance level at 35.65.
Gaming Stocks Stay Strong
Three Gaming Stocks that continue to move higher
are Alliance Gaming, Argosy Gaming and Penn National Gaming. Alliance Gaming
(
ALLY |
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continues to rally to all-time highs with increasing volume. This week, ALLY
broke above its resistance at 30 on strong volume. ALLY has a TradingMarkets.com
3-month RS ranking of 98.
Argosy Gaming
(
AGY |
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all-time high today with very strong volume. AGY has a TradingMarkets.com
3-month RS ranking of 88.
Penn National Gaming
(
PENN |
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PowerRating) continues
to rally to all-time highs with increasing volume. This week, PENN broke above
its resistance at 30 on strong volume. PENN has a TradingMarkets.com
3-month RS ranking of 92.
Winnebego
(
WGO |
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resistance at 40 on stronger volume. It has a TradingMarkets.com
3-month RS ranking of 94.
And shares of Tractor Supply Company
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TSCO |
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are higher today, hitting all-time highs with stronger volume. It holds a TradingMarkets.com
3-month RS ranking of 93.
Remember that on Monday the markets are closed in
observance of Martin Luther King Jr. Day.