Intermediate-Term Traders Report

  • September 3, 2004
  • Tsutae Kamada

It’s Friday, and we are
officially starting a 4-day weekend. What is your plan? Whatever you
do, just enjoy your weekend. It sounds like I’m ending my column here. Well,
let’s review the market.

Diamonds Trust (DIA) finished the week right at the upper boundary of a
declining channel. Can the stock break out, or is it going to descend as
expected? Nasdaq-100 Index Tracking Stock (QQQ) has closed at the
resistance level, and it looks ready to resume the downtrend.

Notable stocks of the week:

Freddie Mac (FRE): The issue is exhibiting a persistent uptrend, and it
has closed at a new 52-week high. Notice, volume has been decreasing. Watch out
for a reversal.

PACCAR Inc (PCAR): The stock formed an inside bar following a breakout to
a new high. Look for a test of the prior high. 

Economic Calendar:

Date Time (ET) Release For Consensus
Sep 08 14:00 Fed’s Beige Book    
Sep 08 15:00 Consumer Credit Jul $7.5B
Sep 09 08:30 Export Prices (ex-ag.) Aug n/a
Sep 09 08:30 Import Prices (ex-oil) Aug n/a
Sep 09 08:30 Initial Claims 09/04 n/a
Sep 09 10:00 Wholesale Inventories Jul +0.6%
Sep 10 08:30 Trade Balance Jul -$51.6B
Sep 10 08:30 PPI Aug +0.2%
Sep 10 08:30 Core PPI Aug +0.1%

Best performing industries of the
week: Tires +5.02%, Coal +4.86%, Consumer Electronics +4.85%, Steel
+4.82%

Worst performing industries of the week:
Airlines -2.63%, Toys -1.41%, Broadcasting -1.35%, Retailers -0.87%

Good night and see you next week.

T.Kamada

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