Nothing Going On Down Here…
If
a stock trades and nobody hears it, did it make or lose money? So far today
there is painfully little action on the trading floors, as investors and traders
liked the surprisingly strong economic data but found little to push them into
action.
The durable-goods numbers and existing-home sales were good news that has been
hard to come by, but outside the homebuilder and home-repair sectors we found
little real action worth noting. Home Depot
(
HD |
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PowerRating) was enjoying a nice day and the energy complex is likewise putting up
some good numbers. From Chevron
(
CHV |
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PowerRating)
to Exxon-Mobil
(
XOM |
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PowerRating), oil companies are
rallying.
The
biggest surprise (outside the lack of trading volume) was the action at Verizon
Communications
(
VZ |
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PowerRating), which topped street estimates and is trading
up over 4%. Fellow AT&T spinoff and Dow 30 component, SBC
Communications
(
SBC |
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PowerRating) is also trading up on reasonable
volume.
Even
the normally dependable Nasdaq 100
(
QQQ |
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News |
PowerRating)
has suffered one of its lowest volume days in months, so we really have nothing
more to comment on. Our trading models are driven by oversold and overbought
imbalances; we’ve seen nothing that fits either of those criteria on this
incredibly dull trading session.