These Two Lead The Way
With the heavy volume going into yesterday’s end-of-day
rally, traders are looking for a follow through in today’s trading. U.S. stocks
are rising higher as signs that the economy is emerging from recession continue
to appear. Intel and Procter & Gamble are leading the advance. A
government report showed personal income rose for the first time in four months
following yesterday’s report that the economy unexpectedly expanded in the
fourth quarter, and the Federal Reserve’s statement that a recovery is
beginning.Â
The March Nasdaq 100 futures
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NDH2 |
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is rallying towards its resistance at around 1561. The March S&P 500 futures
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SPH2 |
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while the March Dow futures [DJH2|DJH2] are rallying higher and have 9858
resistance level.Â
The Amex Biotech Index
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$BTK.X |
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pulling up from its support level of 500. After forming a bearish rounding top
and trying to break below support, the BTK is now trading higher with the help
of Chiron
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CHIR |
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PowerRating). Chiron is bouncing off of its support at around
41. Two other index players contributing to the advancement are Amgen
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AMGN |
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and Genetech
(
DNA |
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PowerRating). Both of these stocks are higher on the day
and are trading off of their support line.
The Philadelphia Semiconductor index
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$SOX.X |
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is flirting with its 200-day simple moving average. A close above this key level
is what we want to see. Several stocks that are contributing to the momentum,
including Intel
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INTC |
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PowerRating), which is coming on the heels of an upgrade
from Merrill Lynch. Intel is trading at 34.97, up 1.11.
Stocks Experiencing Unusually High Volume
Pharmaceutical Product Development
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PPDI |
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has gapped up and is trading above its resistance line of 30.
THQ
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THQI |
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resistance level of 45.
OSI Systems
(
OSIS |
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and is trading near all-time highs.
Procter & Gamble
(
PG |
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PowerRating) gapped above
its resistance and is now eyeing its December 2001 high at 81.40.
MGM Mirage
(
MGG |
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PowerRating) is coming out of a
pullback on heavy volume. The company reported fourth quarter earnings of 15
cents a share, off from 42 cents a year ago, but still 9 cents above estimates.
Looking ahead, the company said they are “comfortable” with estimates
of 24 cents per share. MGG is now up .82 at 32.34.
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60-day Highs on Double-Volume