Where The Naz Might Find Its Footing
This morning the Nasdaq
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9:45 a.m. EST the it began its decline, lead by such tech heavies as Cisco
Systems
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Brocade
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continues to try and find its footing, the Naz may find support at 1745,
however, the 1774.66 level looks to be a resistance point if the Nasdaq can put together a rally before the end of the
session.
The S&P 500 futures
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SPM2 |
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channeling near their session lows in the first half of trading. Microsoft and
Cisco Systems fell, sending the S&P 500 to its lowest level
in a month on speculation an economic rebound is failing to stoke demand for
computer and telecommunications equipment. Some of the stronger stocks today
that are buoying the S&P 500 are Eastman Kodak
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EK |
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Providian Financial
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MTG |
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and Medimmune
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The Dow Jones Industrial Average rose for a
third day in four, led by Eastman Kodak after a Salomon Smith Barney Inc.
analyst said sales at the world’s largest photography company are improving.
Two sectors that remain stronger on the day are
the PHLX Bank Sector
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$BKX.X |
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Index [$CYC.X]$CYC.X].
Hovnanian
Enterprises
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HOV |
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higher today, making a 52-week high with increasing volume. HOV has a
TradingMarkets.com RS3 rating of 97.
Coventry Healthcare
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CVH |
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top of a triangle. CVH is carrying a
3-month relative strength rank of 93 from TradingMarkets.com.
Anthem
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ATH |
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daily chart. ATH is holding a
3-month relative strength rank of 88 from TradingMarkets.com.
New Century
Financial Corporation
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NCEN |
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continuing higher today, making a 52-week high with increasing volume. NCEN has a
TradingMarkets.com RS3 rating of 99 and an uptrending
ADX of 50.
Advanced Energy Industries
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AEIS |
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pulling back to the 20-day moving average. AEIS is holding a
3-month relative strength rank of 88 along with an uptrending
ADX of 31 from TradingMarkets.com.