What’s Leading The Rebound
At the mid way point, the three
major indices have been able to keep a modestly favorable bias intact. At the bell
this morning, stocks rose, led by General Electric
(
GE |
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the biggest company by market value said it will probably meet its earnings
target this quarter.
The Standard & Poor’s 500 Index
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$SPX.X |
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to 824.45, with General Electric contributing more than 10% of
the advance.
The Dow Jones Industrial Average
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$INDU |
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rebounded from its lowest levels in almost four years. Concerns over slowing
earnings growth and a possible war with Iraq sent the Dow down 15% in the past
month. Yesterday, the index closed at its lowest since October 1998, sliding
past its previous low on July 23.
The Nasdaq Composite Index
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$COMPQ |
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volume and positive bias. The strong performance by Biotech
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$BTK.X |
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Semiconductor
(
$SOX.X |
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thus far.
U.S. home resales unexpectedly
fell in August to the second-lowest level this year as consumer optimism
declines and the industry slows from a record first half of the year.
U.S. Treasuries fell for the
first day in three as stocks rose. The yields on the Dec. U.S. bond
(
USZ2 |
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(
DCZ2 |
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levels in at least 30 years.
Biosite
(
BSTE |
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after a thrust higher. The stock is holding a
3-month
relative strength rank of 98 from TradingMarkets.com.
Roadway
(
ROAD |
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its 52-week high with increasing volume. ROAD has a
TradingMarkets.com RS3 rating of 99.
Madalay Resort Group
(
MBG |
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rallying higher from a break above the 32.00 resistance line with increasing
volume. MBG has a
TradingMarkets.com RS3 rating of 97.
Michael’s Stores
(
MIK |
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rebounding of a 61.8% and a 38.2% retracement level. MIK is carrying a
3-month
relative strength rank of 95 from TradingMarkets.com.
Invision Technologies
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INVN |
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is rallying from the 50-day moving average after a pullback from the high. INVN
has a
TradingMarkets.com RS3 rating of 96 and an up trending
ADX of 30.
Nasdaq Breadth
Adv: 1838 UpVol: 5756267
Dec: 1285 DnVol: 1771148
Net: +553 Net: +3985119
NYSE Breadth
Adv: 1940 UpVol: 57354090
Dec: 1233 DnVol: 25203059
Net: +707 Net: +32151031