Where The Sector Strength Is
At the midpoint in trading, the markets
are moving higher, being fueled by Financial, Tobacco,
Beverages, Oil Services, Drugs, Steel, Biotech and Healthcare.
The
Amex Pharmaceutical Index ($DRG.X)
is one of the sectors on the
TradingMarkets.com Strongest Sectors of the Past 5 Days. The DRG has broken
above its 50-day moving average at 294.83 and is now breaking its resistance at
around 299.Â
Some of the stocks that are helping push the DRG are: Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating), Pharmacia
(
PHA |
Quote |
Chart |
News |
PowerRating), Glaxosmithkline
(
GSK |
Quote |
Chart |
News |
PowerRating), Eli
Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating), Astrazeneca
(
AZN |
Quote |
Chart |
News |
PowerRating). Some of the Pharmaceutical
stocks that are breaking above their 50-day moving average are: Pfizer (PFE),
Johnson & Johnson (JNJ),
Eli Lilly (LLY),
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) and Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating).
The weaker sectors on the day include Retail
(
$RLX.X |
Quote |
Chart |
News |
PowerRating). Retailers reported sluggish sales in July. During the month of
July, retailers take this time for clearing shelves and unloading slower-moving
summer merchandise. July experienced softer sales than usual because June was so
successful for many retailers and comparisons with last year were tough. In
addition to retail, consumer electronics, PCs, Semiconductors, Semi Equipment,
Autos, Home Builders and Media are lower today.
There have been rumors about the Fed cutting interest rates at the FOMC meeting next Tuesday.
Click Here to see the consensus.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) has formed a 1,2,3 bottom on the daily chart and is now clearly
above the 20-day moving average, which is now support (8356). Secondary support
is at the 8,000 level.
The Standard & Poors 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) has formed a similar pattern as the Dow 30. The S & P 500 is
trading above the 20-day moving average.
The Nasdaq Composite
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is
rallying from a short-term bottom and is close to hitting its 20-day moving
average at 1304.
Apria Healthcare Group
(
AHG |
Quote |
Chart |
News |
PowerRating) is
breaking out above the 24 resistance level and hitting a two-month high with
very strong volume. AHG has a
TradingMarkets.com RS3 rating of 95 and an up trending
ADX of 30.
The Biotech Holders ETF
(
BBH |
Quote |
Chart |
News |
PowerRating) is
challenging the top of a cup and handle on the daily chart. The ETF
currently holds a
3-month
relative strength rank of 83 from TradingMarkets.com.
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) is continuing
higher out of a pullback/first stage Bow Tie. DNA carries a
3-month
relative strength rank of 87 from TradingMarkets.com.
NASDAQ Breadth:
Adv: 1522 UpVol: 52587341
Dec: 1562 DnVol: 24268020
Net: -40 Net: +28319321
NYSE Breadth:
Adv: 1875 UpVol: 65380150
Dec: 1239 DnVol: 29958886
Net: +636 Net: +35421264