Fed Minutes Help Markets Rally Back To Close In The Green
Fed minutes, a weak consumer confidence report, and
crude trading below the $70 level create a mixed day on the markets; major
indices all fractionally higher. Crude oil futures close lower again down by
1.2% to $69.75.
Monday’s
market action continued to trigger a bearish VIX alert and CVR 2,6 sell signals on the NASDAQ
(explanations below). There was also a 10-day high alert triggered on the
SPX, which historically has been a bearish sign. It will be interesting to see if we get more
bearish signals today/this week on the SPX, as it has been
vacillating around the 1300 level for the past 9-days (click
here for more info).
href=”https://tradingmarkets.com.site/news/Stock%20Alert/”>
Stocks on the
Move
Boeing announces share buyback of up to $3
billion. BA shares finish the day lower by 1.25%.
Schering-Plough To Pay $435Mln To Settle
Federal Investigation (full
story). SGP shares rise by 2.55%.
Sanderson Farms Q3 Profit Dips On Lower Chicken
Prices, Higher Grain Costs; Net Sales Up (full
story). SAFM shares jump nearly 13%.
Prudential Equity Group To Pay $600Mln To
Resolve Mutual-fund Trading Dispute (full
story). PRU shares are trading fractionally lower this morning.
Steel Dynamics To Repurchase 5 Mln Shares;
Backs Q3 EPS Forecast (full
story). STLD shares trade up over 6%.
Restoration Hardware Swings To A Profit In Q2,
Revenue Up 24%; Boosts FY06 Sales And Margin Outlook (full
story). RSTO shares close up nearly 17%.
For more stories as they happen, go to our href=”https://tradingmarkets.com.site/news/Breaking%20News/”>Breaking
News section.
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Dow
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+19.21
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11,371.22
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NASDAQ
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+11.62
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2,172.32
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S&P 500
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+2.69
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1,304.47
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size=2>NYSE
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size=2>NASDAQ
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Volume
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2,057,049,000
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1,547,274,000
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Advances
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2182
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1888
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Declines
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1106
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1096
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Up Volume
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1226
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844
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Down Volume
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583
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378
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New Hi’s
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151
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86
width=”33%” height=17>
New Lo’s
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40
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46
Strongest
Sectors
Weakest
Sectors
Dealer Index (XBD)
Index (GSM)
href=”https://tradingmarkets.com.site/news/Economic%20News/”>
Economic
News
Fed’s Decision To Leave Rates Unchanged Was A Close Call (full
story).
Consumer Confidence Shows Significant Deterioration In August
(full
story).
Helvetica>
Darren Wong
darrenw@tradingmarkets.com
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Use our
most
popular trading tool to find out how your stocks will move in the next 5
days.
10 Day High Alert-This
is an alert that the market has hit a 10 day new high intra-day today.
Historically this has meant that when the market is above its 200-day simple ma,
little progress has been seen over the next 2-5 days (on average) as the market
is either overbought or nearing overbought conditions. It’s a good place to be
taking profits. When the market is below its 200 day ma and the market hits a
new 10 day high, it has been, on average, a good place to be looking to put on
short positions.
VIX Alert: This Alert triggers when the VIX is
5% above or below its 10-day SMA. 5% below usually precedes a quiet/down market.
5% above many times precedes a short-term rally.
CVR Signals: These are 14 signals using studies on the VIX. Multiple CVR
signals are the strongest (2 is good, 3 or more are better). And, a CVR 3 signal
is also usually a strong signal.
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