What Bullish Market Internals Are Saying…
The major indices did
not open in tandem, but given what today represents, there is only
one thing that really matters: freedom. The Nasdaq Composite
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
started off with a strong move to the upside moving above the 50-day and 20-day
moving average with fairly strong market internals. Initial support is at the
50-day moving average at 1,331. Initial resistance is at 1339, the 50% retracement from the Aug/Sept. pullback. The Dow Jones Industrial
Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) is trading at the 50-day moving average (8614). The
market bias is bullish, but volume will probably not be as strong today due to a
shortened trading day.
One economic report, the Fed’s Beige Book,
continued much of the economic message that has been reported. Slow uneven
growth, not many jobs, and retail sales mixed.
Some of the stronger sectors on the day are
Semiconductors
(
$SOX.X |
Quote |
Chart |
News |
PowerRating),
(
SMH |
Quote |
Chart |
News |
PowerRating), Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating),
(
BBH |
Quote |
Chart |
News |
PowerRating),
Software
(
$HSO.X |
Quote |
Chart |
News |
PowerRating), Networking and Internet.
Chiron
(
CHIR |
Quote |
Chart |
News |
PowerRating) is finding support at a
38.2% retracement. CHIR is holding a
3-month
relative strength rank of 84 from TradingMarkets.com.
Ball Corp.
(
BLL |
Quote |
Chart |
News |
PowerRating) is tracing out a slim
pennant at the level of its recent high. BLL has a
3-month
relative strength rank of 98 from TradingMarkets.com.
Ashland
(
ASH |
Quote |
Chart |
News |
PowerRating) is staging a counter trend
rally to its 20-day moving average. ASH is carrying a
3-month
relative strength rank of 15 with a downtrending ADX of 45 from
TradingMarkets.com.
Nasdaq Breadth
Adv: 1457 UpVol: 335967300
Dec: 1356 DnVol: 119874300
Net: +101 Net: +216093000
NYSE Breadth
Adv: 1641 UpVol: 22832478
Dec: 1301 DnVol: 9857052
Net: +340 Net: +12975426
In closing I would like to
honor the memory of those who lost their lives last Sept. 11. My thoughts and
prayers go out to all those that lost family, friends and/or co-workers. I
praise the heroes who died in their selfless rescue efforts and the men and
women that protect our freedoms. God be with you and God Bless America.