Three Stocks To Watch If Market Bounces
With the shady accounting practices of
Worldcom making investors nervous and “Mother Martha” (Martha Stewart) being
the subject of a probe that may include possible obstruction of justice and making
false statements related to the sale of ImClone shares, the markets are trying
to shake off the bad news.
The Nasdaq fell to five-year lows today after
there was pressure from the futures this morning. The September Nasdaq 100
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NDU2 |
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PowerRating) fell as low as 974 before moving higher. The Nasdaq Composite
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$COMPQ |
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ascending triangle on the intraday chart and hit a high at 1420.
In morning trade, the S&P 500
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$SPX.X |
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PowerRating) declined 16.50 to
959.60 and fell below its
September low close of 965.80.
Bond prices surged. The Sept. 30-year bond
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USU2 |
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PowerRating) gapped open and hit highs at over 105.00 and pulled back to trade
right above 104.00. The 10-ten year note
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TYU2 |
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108.00 level to trade to newer highs before settling back to around 107.95 The
Sept. dollar
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DXU2 |
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could hit equality with the U.S. dollar in the very near future. The lower
dollar has spooked many traders, and there are fears that foreign investors will
pull even more money out of U.S. stocks.
Dollar General
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DG |
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20-day moving average. DG is carrying a
3-month relative strength rank of 85 from TradingMarkets.com.
Swift Transportation
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SWT |
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from its recent high. SWFT is holding a
3-month relative strength rank of 82 from TradingMarkets.com.
Ambac Financial
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ABK |
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PowerRating) is rebounding off
the 50-day moving average after gapping lower. ABK is holding a
3-month relative strength rank of 92 from TradingMarkets.com.
Bj’s Wholesale Club
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BJ |
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below its support line to hit a 52-week low. Many stocks are breaking down this
morning and hitting 52-week lows.
The Federal Reserve will be adjourning their
two-day FOMC meeting, and the feeling is that they will leave interest rates alone.
Nasdaq Breadth: 2002-06-26 13:30:35
Adv: 1014 / Dec: 2315 Net: -1301
UpVol: 2016205 / DnVol: 8948822 Net: -6932617
NYSE Breadth: 2002-06-26 13:30:35
Adv: 899 / Dec: 2316 Net: -1417
UpVol: 24456090 / DnVol: 89563446 Net: -65107356