Mid-Day Market Flash
Mid-day, the broader indices are drifting higher off their lows of the day.
So far, it is not a significant recovery as the Nasdaq, at this time, is still
down about 1.%. Stocks were weighed down by disappointing results from the
retailers in July. The Nasdaq was down 22.56 and the S&P was down 8.77.
Retail stocks that traders focused on included Walmart
(
WMT |
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Home Depot
(
HD |
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(
FD |
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down 1.67.
Some traders are staying on the sidelines or participating with light
positions ahead of the monthly employment report which is due to come out before
the Friday’s open.
On the upside, there is strength in energy stocks today.
Other gainers that are being helped by earnings news include EDS
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EDS |
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which hit a new 52-week high, up 2.32, CMX
(
CMX |
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(
TFSM |
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up .78,
(
BOOM |
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(
WMB |
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PowerRating) up 0.40.
Here are 2 charts mentioned in this article which have notable technical
setups:
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WMB is pulling back with in a strong 8-week trend. If this trend holds and
the stock does not break below support at 18.50, it could resume its uptrend.
Watch how the stock closes. If closes near the bottom of its intraday range,
more downside could follow. But if it close near it’s highs, then the pullback
may have run its course.
CMX gapped higher on earnings news and has not closed the gap. In fact, at
the time of this writing, it is still near its highs of the day. Some traders,
such as Gary Kaltbaum, believe that gap-ups like this on earnings news are
often the start of longer uptrends. You’ll want to watch for CMX to close near
the highs of its day and also follow the stock to see if there follows through
from there over the next few sessions.