Where Semis May Resume Uptrend
At the opening bell, the Dow Jones Industrial
Average
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$INDU |
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was from a good report that an increase in durable-goods data gave an indication
that capital spending might be increasing. However, the market shrugged off the news
and began to decline.
At this point, the Dow is forming a descending triangle on
the intraday chart. The support is at 10087. This weekend is a three-day
weekend, with the U.S. markets being closed on Monday May 27, 2002. Yesterday the
markets saw a decline in volume, and today is more of the same. Tomorrow will almost certainly
have very small volume. This makes it difficult
to know for sure where the market is headed. When there is a lack of volume, it
usually accompanies a down market. On the Dow, down-tick volume is outpacing up-tick volume.
The NYSE Adv/Dec 1444/1581.
On the Nasdaq Composite
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$COMPQ |
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tech-heavy composite. The PHLX Semiconductor Index
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clinging to its support above 500. In the
coming days, we’ll be watching for firming action which could suggest a
resumption of the uptrend in semis. The market internals on the Nasdaq are negative.
Nasdaq Adv/Dec 1319/1935.
The June S&P 500 futures
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SPM2 |
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trade became choppy.
Click here for Lewis Borsellino’s perspective on the S&Ps.
Once again gold is in the spot light. At
the beginning of today’s trading session, profit-takers were cashing in on
June gold’s
(
GCM2 |
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trade higher, reaching an intraday high at $323.30 per ounce. Today’s run in gold
is due partly to short-covering by traders.. June Gold affects
the movement of the PHLX Gold & Silver Index
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$XAU.X |
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the gold mining stocks, such as Anglogold
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AU |
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ABX |
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NEM |
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PDG |
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all of which have performed well of late and are positive today.
The June US dollar
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DXM2 |
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positive today after reaching a 28-month low.
Kroll
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KROL |
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with increasing volume. KROL has a
TradingMarkets.com RS3 rating of 89 and an uptrending
ADX of 21.
Autozone
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AZO |
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pulling back from the high and testing its 50-day moving average. AZO has
very strong volume today.
Precision Drilling
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PDS |
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rallying after pulling back from the high and testing its 20-day moving average.
PDS has a
TradingMarkets.com RS3 rating of 96
and an uptrending
ADX of 36.
AutoNation
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AN |
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PowerRating) is rallying after
pulling back from the high and testing its 20-day moving average. AN has a
TradingMarkets.com RS3 rating of 97
and an uptrending
ADX of 53.
Airborne
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ABF |
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PowerRating) is rallying after pulling back from
the high and testing its 20-day moving average. ABF has a
TradingMarkets.com RS3 rating of 94
and an uptrending
ADX of 33.