Three Players Supporting The Market’s Comeback…
After yesterday’s amazing rally in the three major
indices, traders were looking for a follow-through rally today. In
pre-trading, the futures indicated the opposite would happen and, sure enough, the
markets opened lower.
At the mid point of trade, the markets have made a comeback and are in and out of the positive zone.
Three players that have helped erase losses are Johnson & Johnson
(
JNJ |
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PowerRating),
Verizon Communications
(
VZ |
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PowerRating) and Dell Computer
(
DELL |
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PowerRating).
One player that weighed heavily on the Dow Jones
Industrial Average
(
$INDU |
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PowerRating) was
Dow Chemical
(
DOW |
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PowerRating). Dow
said third-quarter profit was lower than expected because the cost of oil and
other raw materials rose. Shares of the largest US chemical maker have been
as low as 9%. Another issue is continued talk of dealing with Iraq
with
Bush and House leaders agreeing on a resolution allowing US action against Iraq.
The Standard & Poor’s 500 Index
(
$SPX.X |
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PowerRating) added 1.83, or 0.2%, to 849.56 as of 12:38 p.m. New York time. For today’s Nasdaq and S&P
500 futures support and resistance
click here for Lewis Borsellino’s comments.
Some of the stronger sectors on the day thus far
are: Semiconductors
(
$SOX.X |
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PowerRating), Biotech
(
$BTK.X |
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PowerRating),
Computer-Hardware, Energy, Internet Security, Drug
(
$DRG.X |
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News |
PowerRating),
Health, Video Game, Homebuilding, Retail. Weak
sectors include Banking
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$BKX.X |
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PowerRating), Paper
(
$FPP.X |
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PowerRating),
Lodging, Gold
(
$XAU.X |
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PowerRating), Cyclical.
Immucor
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BLUD |
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PowerRating) beats
by $0.04; updates full yr outlook. Reports Q1 net of
$0.23 a share, $0.04 better than the First Call consensus, vs yr-ago EPS of
$0.11. Revs rose 24.7% to $23.2 mln. For 2003, co sees EPS of $1.01-$1.06 on
revs of $95-$96.5 mln (First Call consensus $0.92 and $97 mln).
Waste Connections
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WCNX |
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PowerRating)
is breaking out to hit a six-month high with increasing volume. WCNX has a
TradingMarkets.com RS3 rating of 91.
HCA Inc.
(
HCA |
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PowerRating) is
breaking out above resistance to hit a two-month high with increasing volume.
HCA has a TradingMarkets.com RS3 of 85.
Ryland Group
(
RYL |
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News |
PowerRating) is
breaking above the 50% retracement line (39.23; drawn from the Sept 2001 low to
the May 2002 high) with above average volume.
Lennar Corp.
(
LEN |
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Chart |
News |
PowerRating) is
attempting to break out of a cup-and-handle pattern on the daily chart.
Alcon
(
ACL |
Quote |
Chart |
News |
PowerRating) is trading in a
running cup and handle atop the 20-day moving average. ACL carries a
3-month
relative strength rank of 96 from TradingMarkets.com.
Nasdaq Market Breadth
Adv: 1495 UpVol: 454172131
Dec: 1654 DnVol: 454706500
Net: -159 Net: -534369
NYSE Market Breadth
Adv: 1519 UpVol: 39418950
Dec: 1586 DnVol: 58250796
Net: -67 Net: -18831846