What Fueled The Big Open
The bulls and bears are involved in a tug-of-war
so far. What started off as a stronger opening and positive early session, suddenly weakened and began to fall to the lowest levels of the day. By
midday, the indices were attempting to rally from the lows of the day. A large
part of the big leap this morning was attributed to investors pinning their
hopes on another interest-rate cut but the excitement wore off and the selling
of shares began.
The S&P 500
(
$SPX.X |
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PowerRating) made an
intraday low around 858 and by the midpoint was pulling higher.
The Nasdaq Composite
(
$COMPQ |
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PowerRating) was
at the lows of the day at mid point trading.
Stronger sectors on the day are: Banks
(
$BKX.X |
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PowerRating),
Drug
(
$DRG.X |
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PowerRating), Airline
(
$XAL.X |
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PowerRating), Gold
(
$XAU.X |
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PowerRating),
and Utility
(
$UTIL.X |
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PowerRating).
Weaker Sectors on the day are: Oil Service
(
$OSX.X |
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PowerRating), Telecom, Internet, Wireless, Cyclical,
Semiconductors
(
$SOX.X |
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PowerRating), Networking.
Energizer Holdings
(
ENR |
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PowerRating) is tracing out a
pullback from high. ENR holds a
3-month
relative strength rank of 98 from TradingMarkets.com.
Genentech
(
DNA |
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PowerRating) is triggering out of a
pullback/first stage Bow Tie. DNA carries a
3-month
relative strength rank of 87 from TradingMarkets.com
Corinthian
Colleges
(
COCO |
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PowerRating) is rallying
from a pullback from the highs with increasing volume. COCO has a
TradingMarkets.com RS3 rating of 99 and an up trending
ADX of 22.
After testing the 50-day moving average,
Guidant
(
GDT |
Quote |
Chart |
News |
PowerRating)is rallying from a pullback from the highs. GDT has a
TradingMarkets.com RS3 rating of 95 and an up trending
ADX of 34. Support is at the 50-day moving average (32.65).
After testing the
50-day moving average, Wisconsin Energy
(
WEC |
Quote |
Chart |
News |
PowerRating) is rallying from a pullback from the highs with increasing volume. WEC has a
TradingMarkets.com RS3 rating of 91 and an up trending
ADX of 31. Support is at 24.50.
NASDAQ Breadth: 2002-08-07
Adv: 1227 UpVol: 273648100
Dec: 1927 DnVol: 576175707
Net: -700 Net: -302527607
NYSE Breadth: 2002-08-07
Adv: 1424 UpVol: 31092319
Dec: 1733 DnVol: 56105010
Net: -309 Net: -25012691