What Greenspan Is Saying…
At the midpoint of today’s trading session,
the markets are beginning to make a run at positive territory.
The Dow and Nasdaq are at new session highs. Everyone is listening to what Mr.
Greenspan is saying. The Fed chairman is reporting that the US recovery is
gaining strength, but corporate wrongdoing has posed a threat to it.
The Dow Jones Industrial Average
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at one point had dropped over 100 points but has since improved and is forming
an ascending triangle on the intraday chart. The Market Internals are improving.
After yesterday’s strong reversal to close
positive, the Nasdaq Composite
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$COMPQ |
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and has stayed positive. It is attempting to break out of the downtrend channel
on the daily chart.
The Sept S&P 500 E-Mini
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ESU2 |
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attempting to get into the green zone, after trading the first half in the red.
The strong sectors so far today are:
Telecom, Wireless, Semiconductors, Semi Equipment, Airlines, Biotech and Gold
The losing sectors on the day are:
Machinery, Retail, Oil, Homebuilders, Banks, Media, Brokers, Coal, Food, Steel,
Rail, Paper and Building Products.
The Semiconductor
HOLDRs (SMH)
are rallying above the Trend Entry Point from the 1,2,3 Double Bottom on the
daily chart. Overhead resistance is at 36.00.
Stocks with unusually high Volume and are trading
positive: Cognizant Tech
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CTSH |
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SONC |
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Amazon
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AMZN |
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GPT |
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Stocks with unusually high Volume and are trading
negative: Mohawk Industries
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MHK |
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MYG |
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Allen Interiors
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ETH |
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PowerRating), Shell Transport
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SC |
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Nasdaq Breadth:
Adv: 1725 UpVol: 77975820
Dec: 1508 DnVol: 44305871
Net: +217 Net: +33669949
Breadth: NYSE
Adv: 1476 UpVol: 52706144
Dec: 1660 DnVol: 59429640
Net: -184 Net: -6723496