What’s Boosting Today’s Winners
Last week, the markets closed on a stronger
note, but that did not help prop the markets up this morning as they
work on their fourth week of losses. From the get-go Monday, the news didn’t
seem to give the markets much to rally on. The
leading indicators for August came in at -0.2% vs. consensus of -0.1%; July
revised to -0.1% vs. -0.4%. In the tech sector, JDS Uniphase
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issued a warning; CFSB cut its 2003 forecast and estimates for a number of semi
equipment issues; Lehman Brothers cut revenue and EPS estimates for several
infrastructure software issues and Soundview cut estimates on several system
companies. In addition to tech there were other issues to be concerned about.
The Retail sector
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$RLX.X |
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news from Walmart
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WMT |
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FD |
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PowerRating).
Also Tommy Hilfiger
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TOM |
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TGT |
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victims of downgrades. In the Airline sector
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$XAL.X |
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that some of the carriers are looking for more financial help from the Federal
Government. (This is according to the Wall Street Journal.) The
Broker Dealers
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$XBD |
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GS |
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and Lehman Brothers
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LEH |
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force.
In addition,
Iraq has refused to accept any new
United Nations resolutions on weapons inspections, raising the chances of a U.S.
attack on the number two Middle East supplier of the world’s oil.
November crude oil
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CLX2 |
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19-month high. Technically, crude is breaking out of an ascending triangle. This
helped the Phlx Oil Service sector
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$OSX.X |
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PowerRating) become one of the
winners on the day.
Rehabcare
(
RHB |
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support at the 20-day moving average and a trendline. RHB holds a
3-month
relative strength rank of 95 from TradingMarkets.com.
Tenet Healthcare
(
THC |
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PowerRating) is pulling
back to the 20-day moving average and a 50% retracement after a thrust higher.
The stock is holding a
3-month
relative strength rank of 80 from TradingMarkets.com.
Roadway Corp.
(
ROAD |
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PowerRating) is pulling
back from its recent high. ROAD is holding a
3-month
relative strength rank of 90 from TradingMarkets.com.
Express Scripts
(
ESRX |
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PowerRating) is forming
a pullback from its recent high. ESRX is carrying a
3-month
relative strength rank of 93 from TradingMarkets.com.
Biosite
(
BSTE |
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PowerRating) is pulling back
after a thrust higher. The stock is holding a
3-month
relative strength rank of 98 from TradingMarkets.com.
Patterson Dental Co.
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PDCO |
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PowerRating) is
breaking out from a cup-and-handle with increasing volume.
PDCO has a TradingMarkets.com RS3 rating of 92.
Invision
Technologies
(
INVN |
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PowerRating) is rallying from the 50-day
moving average after a pull-back from the high. INVN has a
TradingMarkets.com RS3 rating of 96 and an up trending
ADX of 30.
Nasdaq Breadth
Adv: 820 UpVol: 204769712
Dec: 2552 DnVol: 1080067890
Net: -1732 Net: -875298178
NYSE Breadth
Adv: 924 UpVol: 29169710
Dec: 2336 DnVol: 105846292
Net: -1412 Net: -76676582