What’s Lifting The Dow
After breaking below its support level of 1100,
the S&P 500 tested its 1080 level and is now trading back up near the highs
on the day. The S&P 500 extended its decline after a survey showed U.S.
non-manufacturing business unexpectedly contracted last month, suggesting an
economic recovery may be slower in the coming months. The Standard & Poor’s
500 Index
(
$SPX |
Quote |
Chart |
News |
PowerRating) is down for a third day, led by Tyco.
You are only as good as your last game, or in
this case, your last trading day. Tyco International
(
TYC |
Quote |
Chart |
News |
PowerRating) was
trading at around 55.00 earlier this year. Today Tyco is under continued sell
pressure and has traded as low as 22.25. We are finding out every day that the
market is very unforgiving of anyone who manages earnings in a suspect manner.
If the Enron debacle had not happened, one would wonder if the markets would be
performing better.
Reliant Resources
(
RRI |
Quote |
Chart |
News |
PowerRating) has dropped
and is trading near all-time lows after the power-producer and trader delayed
the release of fourth quarter results and said it will restate profits for part
of 2001.
Nextel Communications
(
NXTL |
Quote |
Chart |
News |
PowerRating) and
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) dragged down the Nasdaq Composite Index
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
on speculation slower wireless subscriber growth will hurt earnings. The Nasdaq
has initial support at 1800.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) is being lifted by General
Electric
(
GE |
Quote |
Chart |
News |
PowerRating) which maintained its profit forecast. The Dow bounced
off of its support at 9600 and is now trading higher.
Emulex
(
EMLX |
Quote |
Chart |
News |
PowerRating) is trading in a running cup-and-handle
atop the 20-day moving average. EMLX is up 0.45 to 44.05 and is holding a 3-month
relative strength rank of 97 from TradingMarkets.com.
Target
(
TGT |
Quote |
Chart |
News |
PowerRating) is pulling back and bouncing
off its .382 retracement level. TGT has a TradingMarkets.com
3-month RS ranking of 88. It is down .31 at 42.64.
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) is pulling back and bouncing
off its 50-day moving average and its .50 retracement level. INTC has a TradingMarkets.com
3-month RS ranking of 85. It is down .24 at 33.73.
Click here for New
60-day Highs on Double-Volume