Intermediate-Term Traders Report
I bet Greek people are deeply regretting to host
the Olympic. They expected the streets of Athens would be flooded with foreign tourists.
But, where are they? I hear there are still tons of unsold tickets. Just turn on
the TV. You will be amazed to see countless numbers of empty seats.
Needless to say, the local merchants must be extremely disappointed. They are
stuck with the Olympic goods nobody wants to buy. I’m sure traders know how
that feels like. We spend hours studying charts and select promising stocks, but
still lose money. The market is a cruel place. It humiliates us. It teaches us
to be humble.
Now, let’s review the market. As you can see, Diamonds Trust (DIA) held
its support level, but Nasdaq-100 Index Tracking Stock (QQQ) closed right
at its resistance level. Both issues finished near the week’s high on decreasing
volume. It is not, needless to say, encouraging actions for the market.
Notable stocks of the week:
Newmont Mining (NEM): The stock broke out of a triangle on heavier than
normal volume. It is obvious some investors are looking for a shelter in the
gold sector.
Exxon Mobil (XOM): It looks like XOM found its support level at the
20-week SMA. Notice, RSI is also beginning to improve.
Fluor Corp (FLR): The issue is bouncing off its 20-week SMA, and looks
poised to resume its uptrend.
Economic Calendar:
| Date | Time (ET) | Release | For | Consensus |
| Aug. 24 | 10:00 | Existing Home Sales | July | 6.8M |
| Aug. 25 | 08:30 | Durable Orders | July | +1.0% |
| Aug. 25 | 10:00 | New Home Sales | July | 1292K |
| Aug. 27 | 08:30 | GDP | Q2 | +2.8% |
| Aug. 27 | 09:45 | Michigan Sentiment | August | 94.0 |
Best performing
industries of the week: Consumer Electronics +14.97%, Precious metals
+9.67%, Nonferrous Metals +8.47%
Worst performing industries of the week:
Cosmetics -1.23%, Soft Drinks -0.58%
Good night and see you next week.