This Symbol Up — Four Days In A Row
The Dow industrials is pulling back after
disappointing results from Boeing
(
BA |
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PowerRating), Honeywell
(
HON |
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PowerRating) and
United Technologies
(
UTX |
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PowerRating) dampened the hopes for a strong recovery in
corporate earnings.
Tech stocks struggled after Nokia
(
NOK |
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PowerRating) slashed its sales forecasts
and Advanced Micro Devices
(
AMD |
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PowerRating) warned of a slowdown.
In midday trading, the Dow Jones Industrial Average
(
$INDU |
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PowerRating) has
given up
53 to 10168, after falling 80.54 points on Wednesday. Support on the intraday
chart is at 10135.40. On the daily chart, 10,200 has been strong support. A close
above this level will have the Dow in a continued sideways pattern on the daily
chart.
The Nasdaq Composite Index has pulled back 15.20 to
1795.50 after slipping 6.12 points in the previous session. The Phlx
Semiconductor Sector Index
(
$SOX.X |
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Chart |
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PowerRating) has had a negative affect on the
tech sector today. Given the pullback, take
Kevin Haggerty’s suggestion and look for setups. On the intraday chart,
support is at 1793.71. If the Nasdaq can close above the 1808.56 level, this
will be positive because it is support on the daily chart.
The June S&P 500 futures
(
SPM2 |
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News |
PowerRating) looks to be forming an
inverted head-and-shoulders on the intraday chart. The June S&Ps have support
on the daily chart at 1120.00 and resistance at 1129.00.
Bonds are positive and the dollar is making a
five-day low.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) is breaking above its
$350.00 an ounce level and trading up over $2.00.
June Gold affects the movement of the PHLX Gold & Silver Index
(
$XAU.X |
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News |
PowerRating) and some of
the gold mining stocks, such as Anglogold
(
AU |
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News |
PowerRating), Barrick Gold
(
ABX |
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Chart |
News |
PowerRating), Newmont Mining
(
NEM |
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News |
PowerRating) and Placer Dome
(
PDG |
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Chart |
News |
PowerRating).
All are trading positive.
June crude oil
(
CLM2 |
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News |
PowerRating) is trading positive again today for the fourth
day in a row. June crude oil is influencing the AMEX Oil Index
(
$XOI.X |
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Chart |
News |
PowerRating)
in a positive way. Some of the stronger stocks in the XOI today are BP Amoco
(
BP |
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News |
PowerRating), Chevron Texaco
(
CVX |
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Chart |
News |
PowerRating) and Total Fina
(
TOT |
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Chart |
News |
PowerRating).
Black and Decker
(
BDK |
Quote |
Chart |
News |
PowerRating) is nearing the apex
of a triangle. BDK holds a
3-month relative strength rank of 82 from TradingMarkets.com.
CareMark
(
CMX |
Quote |
Chart |
News |
PowerRating), in the drug retailers, is
making a 52-week high and looks like it is trying to break out of four-week
base. You may also want to watch CVS
(
CVS |
Quote |
Chart |
News |
PowerRating). CVS is forming a base
near the highs. If CMX makes a move to the upside, CVS may not be
far behind. CVS is currently resting on the 20-day MA.
Southwest Airlines
(
LUV |
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PowerRating) hits
two-month low.
American Airlines
(
AMR |
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PowerRating) and United
(
UAL |
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PowerRating) have also had sharp
intraday drops on the plane crash news coming out of Italy. A lot of volatility
and volume coming into these stocks and they may offer some good intraday
scalps in both directions
Home improvement retailer Lowes
(
LOW |
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PowerRating)
retouches the 50-day MA. LOW is in some daily congestion, but may
prove to be a nice short if it can break the lows of the last week. Another home
improvement retailer, Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), has gone negative for the first
time today. HD is in a similar daily chart pattern and could also offer a
short if it breaks the lows of the last week.