What May Set The Tone For Renewed Buying
Today’s markets have run into sideways
movement at the mid day point. Traders were looking for some kind of
movement after President Bush addressed some of Corporate America’s top brass to
discuss the remedies in regard to the ongoing concerns about earnings prospects
and corporate accounting. The daily news of potential fraud has continued
to cool any potential rally in the markets.Â
The Dow Jones Industrial Average
(
$INDU |
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PowerRating) is in a trading range between 9250 to 9300. In the Nasdaq
Composite
(
$COMPQ |
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PowerRating), the market has been able to shake off the news
that 13 chip equipment companies were downgraded by Merrill Lynch. If the
markets can hold their ground through mid-afternoon, it could set the tone for
potential renewed buying interest later in the session. The S&P 500 futures
for September
(
SPU2 |
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PowerRating) have been tied down to a narrow trading range
between 970 and 975.
SPX Corp.
(
SPW |
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PowerRating) appears to be forming a
counter trend rally. SPW is carrying a
3-month relative strength rank of 15 with a downtrending ADX of 31 from
TradingMarkets.com.
Cemex
(
CX |
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PowerRating) is moving in a counter trend
rally to the 20-day moving average and a trendline. Swing traders take note
of the two prior reversals back to the downside off the trendline and the MA.
Accredo Health
(
ACDO |
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PowerRating) is moving higher
off its low of four days ago. The stock has fallen nearly 40% from its May
high, following a similar path of many healthcare issues. ACDO carries a
3-month relative strength rank of 8 with a downtrending ADX of 42 from
TradingMarkets.com.
The Omnicom Group
(
OMC |
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PowerRating) is trading in a
counter trend rally. OMC is carrying a
3-month relative strength rank of 1 with a downtrending ADX of 58 from
TradingMarkets.com.
Clear Channel Communications
(
CCU |
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PowerRating) is
starting to move out of a counter trend rally. CCU is carrying a
3-month relative strength rank of 2 with a downtrending ADX of 45 from
TradingMarkets.com. CCU has had its price target adjusted downward by analysts
over the last couple of days.
NASDAQ Breadth: 2002-07-09 13:44:19
Adv: 1687 / Dec: 1640 Net: +47
UpVol: 3278350 / DnVol: 5925036 Net: -2646686
Breadth: 2002-07-09 13:44:19
Adv: 1633 / Dec: 1488 Net: +145
UpVol: 29675956 / DnVol: 47414110 Net: -17738154