Here’s Why ‘5’ Years Are Important
Stocks were lower, with the Nasdaq just off a 3 1/2
year high and the SOX at its 200-day moving average.
Standard & Poor’s said that 1/2 the companies in the S&P 500 are
expected to raise their dividends in 2005. Among the likely candidates are: MMM,
ABT, CB, LOW, MCD and LLY.
The EIA reported that crude inventories fell by 800,000 barrels;
distillates fell by the same amount. Gasoline inventories rose 900,000.
Existing home sales for November rose a better-than-expected +2.7% to an
annual rate of 6.9 million units.
Seven insiders at Martha Stewart Living have sold 4 million shares
recently for $90 million; Martha herself sold about $8 million.
According to Peter Eliades in a CNBC interview, the fifth year of a decade is
usually up, and there has never been a down “5” year (a year ending with the
number 5) in the Dow. Also interesting is that in these “5” years, the Dow
usually makes its low in January.
Compare that with Investor’s Intelligence, which
reports that bulls are 62.9%–an 18-year high. Bears are 19.6%, the first time
since July the figure has been below 20. At the August lows, the AAII bearish
reading was 40%–now 27%.
bebe stores
(
BEBE |
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Chart |
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PowerRating) is splitting 3:2 after the close.
Strong sectors were:Â Oil Services
(
OSX.X |
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PowerRating) +1.39%,
Semis
(
SOX.X |
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PowerRating) +0.88%, Oil
(
XOI.X |
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Chart |
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PowerRating) +0.64%.
Weak sectors were: Brokers
(
XBD.X |
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PowerRating) -0.54%., Gold
(
XAU.X |
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News |
PowerRating)
-0.42%, Biotech
(
BTK.X |
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Chart |
News |
PowerRating) -0.28%.
Â
| Dow | -25.35 | 10,829.19 |
| S&P 500 | -0.09 | 1213.45 |
| Nasdaq | -0.19 | 2,177.00 |
The dollar was +0.24 at
80.92
Crude Oil was +1.98 at
43.64
Gold was -7.2 to 436.10
1.5 billion on the Nasdaq.
Market breadth was mixed.
| NYSE | Issues | |
| Advancing | 1896 | Up Vol 500 |
| Declining | 1420 | Down Vol 363 |
| Ratio | 1.33 | 1.37 |
| Nasdaq |
||
| Advancing | 1452 | Up Vol 809 |
| Declining | 1676 | Down Vol 655 |
| Ratio | 1.15 | 1.23 |
Stocks in the News
Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating) had a new childhood leukemia drug, Clolar,
approved.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) may see some weakness on a report that China doesn’t
plan on approving new airline purchases next year, attempting to slow growth in
the aviation sector.
Wet Seal
(
WTSLA |
Quote |
Chart |
News |
PowerRating) will close 150 (25%) underperforming stores and
lay off 2000 employees.
Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating) will be in focus as the Pentagon plans to
cut back the FA-22 fighter jet program.
Plato Learning
(
TUTR |
Quote |
Chart |
News |
PowerRating) announced a $2.15 million agreement with
the Salt Lake City School District.
Kongzhong
(
KONG |
Quote |
Chart |
News |
PowerRating) will invest $500,000 in eFriendsNet.
This Day in History
1862Â bowling ball invented
1867Â first telegraph ticker used by brokerage houseÂ
1972Â Life Magazine stopped weekly publication
Brice Wightman