What’s Leading The Pack Today
On the first day of the week of trading, the
Dow Jones Industrial Average
(
$INDU |
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PowerRating) and Standard & Poor’s 500
Index
(
$SPX.X |
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PowerRating) are on the rise, erasing early declines. Two big blue
chips are leading the pack, Philip Morris
(
MO |
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PowerRating) and Coca-Cola
(
KP |
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Chart |
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PowerRating).
Some investors said they were encouraged by better-than- expected third-quarter
earnings and sales by companies such as Lexmark International
(
LXK |
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PowerRating). While indexes are headed for their third straight year of losses, they’ve gained
over the past two weeks.
At the start of today’s trade, the S&P 500 pulled back and tested its
50-day moving average before forming an inverted head
and shoulders on the intraday chart and beginning a nice rally to break above a key
resistance zone. The 893.50 area is the 68% retracement level drawn from the
August high to the recent October lows. Now the 890 level serves as initial resistance
with 907 as secondary resistance. The 890 area serves as the 1.0 Volatility
zone.
The Nasdaq Composite
(
$COMPQ |
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Chart |
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PowerRating) is
trading between the 50% retracement level (1268) and 1305 the 62% retracement
drawn from the Aug high to the recent Oct. low. The Nasdaq has overhead
resistance at 1315.
The strongest sectors on the day are: Utility,
Generic Drug, Natural Gas, Airline
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), Health, Chemical, Telecom,
Wireless, Paper
(
$FPP.X |
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PowerRating), Homebuilding, Tobacco, Coal. The weaker sectors
on the day are: Drug
(
$DRG.X |
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Chart |
News |
PowerRating), biotech
(
$BTK.X |
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Chart |
News |
PowerRating),
Computer-Hardware, Oil Service
(
$OSX.X |
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Chart |
News |
PowerRating), Retail, Lodging.
Bunge Limited
(
BG |
Quote |
Chart |
News |
PowerRating) is breaking
out above its resistance to hit a 52-week high. Volume is very strong on the
breakout. BG has a
TradingMarkets.com RS3 of 86 and an up trending
ADX of 32. BG is trading at 25.04 up 1.14.
Adolph Coors
(
RKY |
Quote |
Chart |
News |
PowerRating) is breaking out
with strong volume to hit a 90-day high. RKY has a
TradingMarkets.com RS3 rating of 87.
Sandisk Corporation
(
SNDK |
Quote |
Chart |
News |
PowerRating) is close
to hitting its 52-week high at 21.70. After breaking the 18.00 resistance level
to trade higher with very strong volume, SNDK has a
TradingMarkets.com RS3 rating of 89.
Universal Health Services
(
UHS |
Quote |
Chart |
News |
PowerRating) is pulling
back to the 20-day moving average. UHS is carrying a
3-month
relative strength rank of 93 from TradingMarkets.com.
Willis Group Holdings
(
WSH |
Quote |
Chart |
News |
PowerRating) is pulling
back from its recent high. WSH is holding a
3-month
relative strength rank of 94 from TradingMarkets.com.