The Largest Lead The Way
The markets are trading in positive territory
at this point in the session. Investors are awaiting comments from the
Federal Reserve Bank. The sentiment is that the Federal Reserve policy makers
could signal they may raise interest rates later this
year. Midday trading on the New York Stock Exchange was about 10% below
the level a week ago. U.S. stocks rose after Procter & Gamble
(
PG |
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Goldman Sachs Group
(
GS |
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bolstering confidence in an economic revival.
The Dow Jones Industrial Average
(
$INDU |
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opened stronger, then consolidated for about two hours before
continuing higher. The Dow has risen 6% this year, led by companies that
are linked to the economy’s ups and downs. General Motors
(
GM |
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world’s largest automaker, and Boeing
(
BA |
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manufacturer, both climbed 24% this year.
The S&P 500
(
$SPX |
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Financial stocks are responsible for about one-quarter of the rise.
The Nasdaq
(
COMPQ |
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is forming an ascending triangle on the intraday chart, showing signs that
momentum is trying to push it higher.
Yesterday, crude oil futures climbed above $25 at the Nymex for the first time
since Sept. 11, as traders priced in expectations of tighter supplies later
this year. The April contract rose 60 cents to $25.11 a barrel. The rally came
after the Organization of Petroleum Exporting Countries decided Friday to leave
its current production target of 21.7 million barrels in place through the end
of June. OPEC cited market uncertainty and soft second quarter demand in taking
the decision. This morning April crude oil
(
CLJ2 |
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slightly lower. The AMEX Oil Index
(
$XOI.X |
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positive this morning. Stocks in this sector that are in positive territory are
Chevron Texaco
(
CVX |
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(
KMG |
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PowerRating), Phillips
Petroleum
(
P |
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PowerRating) and Total Fina
(
TOT |
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PowerRating).
The Bank Sector
(
$BKX.X |
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the stronger sectors today Some of stocks pushing the Bank Sector
are: Bank of America
(
BAC |
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PowerRating), Wachovia
(
WB |
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News |
PowerRating), Fifth Third Bancorp
(
FITB |
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PowerRating),
Bank of New York
(
BK |
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(
CMA |
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The Morgan Stanley Consumer Index
(
$CMR.X |
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PowerRating)
is stronger today. Some of the stocks pushing the CMR are: Colgate-Palmolive
(
CL |
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PowerRating), General Mills
(
GIS |
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News |
PowerRating), Kimberly-Clark
(
KMB |
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PowerRating), Proctor & Gamble
(
PG |
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PowerRating)
and Sealed Air Corp.
(
SEE |
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PowerRating).
April gold
(
GCJ2 |
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descending triangle. Support is at 290.00. This morning gold has broken above
the descending resistance trendline. If April gold closes above this line, it
will remain in the sideways channel between 300.00 resistance and 290.00
support. April gold
(
GCJ2 |
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PowerRating). The PHLX Gold & Silver Index
(
XAU.X |
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is influenced by the April gold contract and is trading higher today. Stocks
influenced by gold’s movement are: Anglogold
(
AU |
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(
ABX |
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and Newmont Mining
(
NEM |
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PowerRating) are all trading higher.
ArvinMeritor
(
ARM |
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PowerRating) is rallying from a
pullback off the high. ARM has a
TradingMarkets.com RS3 rating of 93 and an up trending
ADX of 36.
Take-Two Interactive
(
TTWO |
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PowerRating) is pulling
back from the high following a thrust to the upside. TTWO is holding a
3-month relative strength rank of 99 from TradingMarkets.com.
Fortune Brands
(
FO |
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PowerRating)
broke out above 48, its resistance level, with unusually high volume for this
time of the day. FO has an uptrending
ADX of 46.
Quest Diagnostics
(
DGX |
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PowerRating) is pulling back
from the high following a thrust to the upside. DGX is holding a
3-month relative strength rank of 83 from TradingMarkets.com.
Lear Corp.
(
LEA |
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Chart |
News |
PowerRating) is pulling back from its
recent high. LEA is carrying a
3-month relative strength rank of 93 with an uptrending ADX of 40 from
TradingMarkets.com.