Eyes On The ECB
Gross Domestic Product numbers for Q2
were revised upward 0.2% better than expected, something positive going into the
trading day, however the weight overseas was much to heavy for the markets to
bare.
With Japan’s Nikkei closing below the
11,000 level for the first time since October 1984 on news that outstanding
balances on bad loans at major banks would remain at the current level into
2003. It sure took the oomph out of our Gross Domestic Product revision.
As we have said before, we will need
some support from our counterparts in the Far East and Europe. Europe is up next
with tomorrows European Central Banks meeting. No need for me to reiterate
anything on what we expect, but lets keep our eye on what the ECB does and what
they have to say….it could be one of the catalysts to get the recovery going.
Alliance Gaming
(
ALLY |
Quote |
Chart |
News |
PowerRating) is scaling
up the right side of a nine week base. The leisure gaming company has been
showing earnings growth of 700%, 179%, 171% and 850% on increasing sales.
Another stock which is exhibiting
similar characteristics is Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating).
Among the Exchange Traded Funds, the
WEBS-Netherlands Benchmark
(
EWN |
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News |
PowerRating) gained 1.8%.
Also gaining was the WEBS-France
Benchmark
(
EWQ |
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Chart |
News |
PowerRating) which closed higher 0.7%.
And the WEBS-Hong Kong Benchmark
(
EWH |
Quote |
Chart |
News |
PowerRating)
tacked on 0.6%
Losing ground in the session was the
Internet Infrastructure HOLDRs
(
IIH |
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Chart |
News |
PowerRating) as it lost 7.2%.
The Internet HOLDRs
(
HHH |
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Chart |
News |
PowerRating) fell
4.8%.
And the iShares Internet Trusts
(
IYV |
Quote |
Chart |
News |
PowerRating)
slid 4.7%.
Remember that all securities are
risky. In any trade, you should always reduce your risk by adjusting position
size and placing open protective stops where you will sell your long or
cover your short in case the market turns against you. For an introduction to
combining price stops with position sizing, see Loren’s lesson, Risky
Business.
Greg