Will It Be Five Consecutive Days?
If the Nasdaq
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positive today, it will be the first time this year it has closed positive five
days in a row. The tech-heavy index started off trading stronger, gapping
to the upside to rally to the high of the day at 1754.22. Profit-takers quickly
stepped in and pulled the Naz back to the 1725 level, which is the intraday low
so far.
As of this writing, the Nasdaq is hanging to a positive gain. The PHLX
Semiconductor Index, which helps fuel the Nasdaq’s fire, is trading negative,
this in spite of positive comments about the chip sector from analysts this
morning.
The Dow Jones Industrial Average
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followed a similar pattern as the Nasdaq. The Dow has established an
intraday support at 1026.00 and is trending up nicely off of that support level.
Some of the stronger sectors on the day are the
AMEX Securities Broker/Dealer Index
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Silver index
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and the S&P Bank Index
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Russia’s Prime Minister announced today that
Russia feels that crude oil has reached a stable price per barrel and that
Russia will take the cap off of its oil production. Russia is the second
largest oil producer behind the Saudis and is not an OPEC member. OPEC has asked
Russia to cut back on its production, and Russia complied. Russia’s Prime
Minister said that now the cutbacks will cease so that Russia’s economy may
benefit from the price of oil through increased oil production. July crude
oil
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AMEX Oil Index
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Phlx Oil
Service Index
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this important news. July crude is trading at below $27.00.
Mid-Atlantic Medical
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back from its high and is testing its 20-day moving average. MME has a
TradingMarkets.com RS3 rating of 91 and an up trending
ADX of 39. MME is one of the components to the
Morgan
Stanley Healthcare Payer Index
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the stronger sectors on the day.
Christopher and Banks
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back from its recent high. CHBS is holding a
3-month relative strength rank of 92 from TradingMarkets.com.
Cooper Cameron
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back from its high and is testing its 20-day moving average. CAM has a
TradingMarkets.com RS3 rating of 91 and an uptrending
ADX of 34.
Today being option expiration, there has
not been that much activity, and the range is small with light volume.
NYSE Adv/Dec 1485/1544. Nasdaq Adv/Dec 1617/1638.