Who’s Winning So Far In The Naz…
The
market has been choppy in the first part of the morning. The indexes
came under selling pressure as U.S. Attorney General John Ashcroft held a press
conference announcing the arrest last month at Chicago airport of a U.S. citizen
who planned to explode a radiological dirty bomb. After an initial sell-off,
the market regained some ground. The fear that gripped traders was that
terrorists are planning such an attack, but it’s also reassuring that the plot
was discovered.
With the exception of the announcement, the
markets have been fairly quiet. No companies are reporting today, and there have
been few major analyst up/downgrades. The Dow Jones Industrial Average
(
$INDU |
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PowerRating)
has been all over the place, but is now stronger and trading positive.
The Nasdaq Composite
(
$COMPQ |
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PowerRating) has
been battling back and forth between the positive and negative zones. So far the
positive side has won out.
Some of the sectors that are moving the markets
higher are retail, telecom equipment, drugs, casinos, rail, paper, biotech,
storage, semiconductors, semi equipment and food stocks. Among the weaker
groups dragging on the markets include networkers, media, gold, oil services,
and integrated oil.
The June dollar
(
DXM2 |
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PowerRating) remains weak
once again today. It is important for all traders to understand how the
dollar affects the U.S. economy. Today Tony Crescenzi has provided some very
astute insight on this topic.
Click here to read Mr. Crescenzi’s article.
Unitedhealth Group
(
UNH |
Quote |
Chart |
News |
PowerRating) is hitting another all-time high today. Last Friday, UNH broke
above its 92.00 resistance level with very strong volume to make a new high. UNH
has a
TradingMarkets.com RS3 rating of 95
with an uptrending
ADX 31.
Noven
Pharmaceuticals
(
NOVN |
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PowerRating) has pulled back from its high. Noven is now
trending higher, making a
six–month
high. NOVN has a
TradingMarkets.com RS3 rating of 92 with an uptrending
ADX 31.
New Century Financial Corp
(
NCEN |
Quote |
Chart |
News |
PowerRating) has
broken out of an ascending triangle with increasing volume. NCEN has a
TradingMarkets.com RS3 rating of 98.
Some of the gold stocks are starting to turn
positive on the day. These include Newmont Mining
(
NEM |
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PowerRating) and Anglogold
(
AU |
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PowerRating). Also watch Barrick gold
(
ABX |
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Chart |
News |
PowerRating), which may not be far
behind.
HCC Insurance
(
HCC |
Quote |
Chart |
News |
PowerRating) retouches the 20-day
moving average. Swingers may want to keep an eye on HCC. After a
strong move down, HCC has been consolidating in somewhat of a pennant
formation near the lows. Ideally, we would like to see HCC consolidate for
another few days and then break lower. A break below the lower trend line could
offer some further downside potential for nimble swingers.
NYSE Breadth: 2002-06-10 12:51:50
Adv: 1733 Dec: 1334 Net: +399
UpVol: 38978830 DnVol: 22985055 Net: +15993775
Nasdaq Breadth: 2002-06-10 12:51:50
Adv: 1727 Dec: 1513 Net: +214
UpVol: 370472016 DnVol: 329712900 Net: +40759116