The Strongest Stocks In The Strongest Sectors Are…
Stocks immediately dropped on the NYSE this
morning. This week earnings season will shift into high gear and General
Electric
(
GE |
Quote |
Chart |
News |
PowerRating) shares again are weighing on the Dow Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating).
When the Dow opened this morning, it immediately broke its 10,200 support and
fell to the lows of the day at 10,070. As of this report, the Dow is beginning to
muster a rally from the lows of the day, but remains in negative territory.
Volume is weak so far on the day. On the daily chart, the Dow has resistance at
10,300. On the intraday chart, the Dow is just above its support at 10,130.
Resistance is 10180 and secondary resistance is at 10,200. A close above 10,200,
would be a positive for the Dow.
After gaining 30.95 in the previous session, the
Nasdaq Composite Index
(
COMPX |
Quote |
Chart |
News |
PowerRating) has pulled back in the first half of
trading and is meandering back and forth between positive and negative. The
Nasdaq is higher from the intraday lows. It is now trading above the intraday
support at 1751.00 and has resistance at 1760 and secondary resistance at 1764.
On the daily chart, resistance is at around 18.08.50.
In the futures markets this afternoon, the June S&P 500 contract has fallen to a
20-day low. This makes the SPM2 a potential
Turtle Soup Plus One Buy Setup.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) is trading lower today. Gold looks to be forming a cup-and-handle pattern and
has resistance at $305.00 an ounce. June Gold affects
the movement of the PHLX Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) and some of
the gold mining stocks, such as Anglogold
(
AU |
Quote |
Chart |
News |
PowerRating), Barrick Gold
(
ABX |
Quote |
Chart |
News |
PowerRating), Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating) and Placer Dome
(
PDG |
Quote |
Chart |
News |
PowerRating).
May crude oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) is trading
higher this morning. Crude oil affects the movement of the Amex Oil Index
(
$XOI.X |
Quote |
Chart |
News |
PowerRating)
and the PHLX Oil Service Sector
(
OSX |
Quote |
Chart |
News |
PowerRating).
The Amex Oil Index
(
$XOI.X |
Quote |
Chart |
News |
PowerRating) is trading
stronger today. The majority of the components of the XOI are positive. Some
of the stronger stocks pushing the XOI today are: Amerada Hess
(
AHC |
Quote |
Chart |
News |
PowerRating), BP
Amoco
(
BP |
Quote |
Chart |
News |
PowerRating), Chevron Texaco
(
CVX |
Quote |
Chart |
News |
PowerRating), Kerr-McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) and Phillips
Petroleum
(
P |
Quote |
Chart |
News |
PowerRating).
The PHLX Semiconductor Sector
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
is trading positive today. Among the stocks that are pushing the SOX higher are KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating), Novellus Systems
(
NVLS |
Quote |
Chart |
News |
PowerRating), Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) and Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating).
Lear Corp.
(
LEA |
Quote |
Chart |
News |
PowerRating) is trading in a running
cup-and-handle atop the 20-day moving average. LEA holds a
3-month relative strength rank of 85 from TradingMarkets.com.
Right Management
(
RMCI |
Quote |
Chart |
News |
PowerRating) is breaking out
of a cup-and-handle pattern with strong volume. RMCI has a
TradingMarkets.com RS3 rating of 99 and an uptrending
ADX of 25.
Patterson-UTI Energy
(
PTEN |
Quote |
Chart |
News |
PowerRating) is rebounding
off the 20-day moving average. PTEN is carrying a
3-month relative strength rank of 81 from TradingMarkets.com.
Mid-Atlantic Medical
(
MME |
Quote |
Chart |
News |
PowerRating) is trading in a
flag pattern. MME has a
3-month relative strength rank of 92 along with an uptrending
ADX of 39 from TradingMarkets.com.
The Market internals have improved but volume
remains on the lighter side. NYSE Adv/Dec 1352/1675. Nasdaq Adv/Dec 1506/1851.
Good luck in The Second Half of Trading!