Will Traders Get What They Want Tomorrow?
The squeaky wheel gets the grease, but in
the case of traders calling out for an interest rate cut, they may not get one.
Tomorrow the Federal Reserve will meet to discuss a possible rate cut, something
a number of prominent Wall Street strategists began calling for last week.
However, the central bank has hinted that it has no immediate plans to cut
rates. In addition, Fed Chief Alan Greenspan has said repeatedly that he won’t
determine monetary policy by what the stock market’s doing, this according to
the Wall Street Journal.
Many sectors are trading lower at the mid point
of trading,
driving the indices lower. Airlines
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$XAL.X |
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Semiconductors
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the losers thus far.
While, Networking, Oil Services
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Pharmaceutical
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trade.
Weight Watchers
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out from a base on an expansion of its daily range. WTW is carrying a
3-month
relative strength rank of 93 from TradingMarkets.com
Telefonos de Mexico
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failing out of a counter trend rally on the daily chart. TMX is holding a
3-month
relative strength rank of 73 from TradingMarkets.com.
Doral
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PowerRating) is breaking out
above its resistance line (40) with unusually high volume. Doral is pulling back
from the high. A possible trigger could be if Doral pulls back to the 40 support
line.
Icos Corp
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is breaking out of a cup-and-handle with increasing volume. Icos has a
TradingMarkets.com RS3 rating of 98 and an up trending
ADX of 32. Icos looks to be pulling back from the high. A possible
trigger will be if ICOS tests the 24.50 support.
Guidant
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is forming a cup and handle pattern on the daily chart. GDT has a
TradingMarkets.com RS3 rating of 96 and an up trending
ADX of 32.
There is no economic data today.
NASDAQ Breadth
Adv: 1245 UpVol: 184470600
Dec: 1870 DnVol: 332206000
Net: -625 Net: -147735400
NYSE Breadth
Adv: 1165 UpVol: 15533977
Dec: 1928 DnVol: 40105150
Net: -763 Net: -24571173