What’s Propelling Tuesday’s Biggest Winner
The three major indices
found themselves in a mixed market during the first half of trade.
The biggest winner, the Dow Jones Industrial Average
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$INDU |
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for a third day as Boeing
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BA |
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gained on expectations of a higher military budget regardless of which party
wins control of Congress in today’s elections.
The Dow gained 39.88, or 0.5%, to 8610.79, its highest since Aug. 30, as
of 12:12 p.m. ET. Boeing and United Technologies contributed a
quarter of the advance.
The S&P 500 Index
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added 1.08, or 0.1%, to 909.31. The Index has rallied up from the low and has
initial resistance at 911/912 (38.2% retracement drawn from yesterday’s high to
low) holding firm thus far. Secondary resistance is at 914/915 (50% retracement).
Failure to work above these levels leaves the door open for another run to the
downside over the very short term. Initial support is at 908 with a more
important barrier at 902/898.
The Nasdaq Composite Index
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$SOMPQ |
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lost 8.99, or 1.2%, to 1388.55. The Nasdaq is in a very choppy sideways
pattern.
Strong Sectors: Aerospace, Tobacco,
Biotech
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$BTK.X |
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Store, Auto, Drug
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Weak: Managed Care, Rubber, Grocery, Health Care facilities, Footwear, Comp.
Hardware, Electronics Retailers, Chip, Chip Equip., Steel
Fresh Del Monte Produce
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FDP |
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strong volume.
SAFECO Corp.
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SAFC |
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higher in tight consolidation. Volume is increasing.
Nasdaq Market Breadth
Adv: 1453 UpVol: 3171531
Dec: 1838 DnVol: 4962042
Net: -385 Net: -1790511
NYSE Market Breadth
Adv: 1467 UpVol: 36173812
Dec: 1617 DnVol: 30602460
Net: -150 Net: +5571352