Why Lack of Volume May Be Positive
The markets remain mixed with more than
half of the trading day finished. Volume has been
extremely thin on this Yom Kippur holiday. Currently, the volume is running 26%
below the level traded this time last Friday. The volume on the Nasdaq is
running 20% below Friday at this time.
The following sectors are trading positive today.
Aerospace, which is being fueled by General Dynamics
(
GD |
Quote |
Chart |
News |
PowerRating),
Northrop Grumman
(
NOC |
Quote |
Chart |
News |
PowerRating), Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) and Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating). Also Medical Supplies, Tobacco, Oil Service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating)
and Auto Manufacturers. The weaker sectors so far are: Networking,
Semiconductors
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), Hardware
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), Utility
(
$UTY.X |
Quote |
Chart |
News |
PowerRating) and Telecom
(
$XTC.X |
Quote |
Chart |
News |
PowerRating).
The Standard & Poor’s 500 Index
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
has pulled up from the worst sessions of the day. Initial resistance is at 885 with secondary resistance at 890 . Support is at
879 with
secondary support at 873.
Harman International
(
HAR |
Quote |
Chart |
News |
PowerRating) is
moving higher out of a pullback to the 20-day moving average. HAR is holding
a
3-month
relative strength rank of 85 along with an uptrending ADX of 32 from
TradingMarkets.com.
International Game
Technology
(
IGT |
Quote |
Chart |
News |
PowerRating) is rallying from a pull back from the high. IGT
is moving higher from the 20-day moving average with increasing volume. IGT has
a
TradingMarkets.com RS3 rating of 92 and an up trending
ADX of 24.
Biosite [BSTE|BSTE] is beginning to
pull back after a thrust higher. The stock is holding a
3-month
relative strength rank of 98 from TradingMarkets.com.
Teva Pharmaceuticals
(
TEVA |
Quote |
Chart |
News |
PowerRating) is
hitting a 90-day high while breaking out from an inverted head-and-shoulders
pattern with increasing volume. TEVA has a
TradingMarkets.com RS3 rating of 89.
Christopher &
Banks
(
CBK |
Quote |
Chart |
News |
PowerRating) is breaking above the 36.00 resistance level with
increasing volume. CBK has overhead resistance at 38.00.
Nasdaq Breadth
Adv: 1021 UpVol: 105142722
Dec: 1999 DnVol: 457642000
Net: -978 Net: -352499278
NYSE Breadth
Adv: 1216 UpVol: 17051340
Dec: 1836 DnVol: 37198284
Net: -620 Net: -20146944