Three Trapdoors
At the midpoint of trading, the markets are
lower, but a lot has happened in the first half. All of the major indexes
hit “Trap Doors.” The Dow Jones Industrial Average
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to an incredible start, opening at 8476.21 and then running up to the intraday
high at 8723.37. Then the Dow hit a Trap Door and dropped off, erasing all of its
gains and falling into negative territory.
The Nasdaq Composite
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followed a similar trend opening at 1408.10 and racing up to 1426.28, just to hit
a Trap Door and fall all the way down to 1370.21, the lows so far on the day.
Some of the Stronger sectors on the day are:
Biotech, Oil, health, Drug and Software.
The Weaker Sectors are: Gold, Consumer finace,
Airline, Computer Hardware, Utility, Retail, Semiconductors and Telecom.
The Biotech Index ($BTK.X)
is hitting a trend line and the 20-day moving average after a counter trend
rally.
The PHLX Semiconductor Index
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was one of the stronger sectors on the day, but it also hit a Trap Door and has
fallen into the negative zone breaking below the intraday support of 384/380.
Some of the Stocks pulling the SOX down are: Applied Materials
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Novellus
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Xilinx
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Northrup Grumman (NOC)
is moving in a counter trend rally off its recent low. The stock is up 2.60
to 111.10 and is carrying a
3-month relative strength rank of 56 from TradingMarkets.com.
Two stocks that are trading in positive territory
with unusually high volume are Inter Tel
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Stocks that are negative with unusually high
volume are: Capital One Financial
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Beazer Homes
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HI |
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Financial Corp
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DSL |
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NASDAQ Breadth
Adv: 1563 UpVol: 73498970
Dec: 1666 DnVol: 56862320
Net: -103 Net: +16636650
NYSE Breadth
Adv: 1524 UpVol: 54237113
Dec: 1614 DnVol: 68092140
Net: -90 Net: -13855027