Pre-Holiday Trading – No Heroes Please

  • July 2, 2004
  • Kevin Haggerty

What Thursday’s Action Tells
You

The 34th trading day (familiar number to
some) of
the SPX
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) rally from 1076 – 1146, +6.5%, was an air pocket day
right from the opening bell. It was also after the last day of the June
report
card quarter, so there were not many Generals around holding up price levels
in
the major holdings. The extent of the knife going into the holiday weekend was
a
bit of a surprise, but there was a nice up move off the low end of the
recent
trading range for the
(
SPY |
Quote |
Chart |
News |
PowerRating) and
(
DIA |
Quote |
Chart |
News |
PowerRating) coming after the 1:45 p.m. ET
intraday lows.

The downside leadership was led by the semis,
with the
(
SMH |
Quote |
Chart |
News |
PowerRating) -3.8% (Intel chatter once again). The basics, with the
XLB
-2.0%, and the brokers (XBD) -1.3%. Both the semis and brokers have been
struggling at their 200-day EMAs, and as I said yesterday, that leadership
is
needed if there is to be a fifth leg up.

NYSE volume was 1.49 billion shares, with a
volume ratio of 21, with 1.16 billion down and 314 mm up. The 4 MA remains
neutral at 48 and has ranged from 58 – 47 over the past five trading days
which
highlights the choppiness. Breadth was -486, and the 4 MA is now +229. The
SPX
and Dow
(
$INDU |
Quote |
Chart |
News |
PowerRating) both closed down -1.0%, with the
(
QQQ |
Quote |
Chart |
News |
PowerRating) -1.9% and
the
Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) -1.6%.

 

 25.5pt’>Monday
6/28		 25.5pt’>Wednesday
6/30

style=’font-size:10.0pt;font-family:Arial;color:blue’>Index style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>  12.0pt’> 

style=’font-size:10.0pt;font-family:Arial;color:blue’>SPX style=’font-size:9.5pt;font-family:Arial’> 

 22’>  22’> 

style=’font-size:10.0pt;font-family:Arial;color:blue’>High style=’font-size:9.5pt;font-family:Arial’> 

 9.0pt’>1142.60 9.0pt’>1144.22

style=’font-size:10.0pt;font-family:Arial;color:blue’>Low style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>1131.62 12.0pt’>1133.62

style=’font-size:10.0pt;font-family:Arial;color:blue’>Close style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>1133.52 12.0pt’>1140.75

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-.08 12.0pt’>+0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>Range style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>11.0 12.0pt’>10.6

style=’font-size:10.0pt;font-family:Arial;color:blue’>% Range style=’font-size:10.0pt;font-family:Arial;color:black’>  style=’font-size:9.5pt;font-family:Arial’>

 12.0pt’>17 12.0pt’>67

style=’font-size:10.0pt;font-family:Arial;color:blue’>INDU style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>10358 12.0pt’>10435

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.1 12.0pt’>+0.2

style=’font-size:10.0pt;font-family:Arial;color:blue’>Nasdaq style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>2020 12.0pt’>2048

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.3 12.0pt’>+0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>QQQ style=’font-size:9.5pt;font-family:Arial’> 

 13.5pt’>37.02 13.5pt’>37.74

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.8 12.0pt’>+1.0

style=’font-size:10.0pt;font-family:Arial;color:blue’>NYSE style=’font-size:9.5pt;font-family:Arial’> 

 12.75pt’>  12.75pt’> 

style=’font-size:10.0pt;font-family:Arial;color:blue’>T. VOL style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>1.35 12.0pt’>1.46

style=’font-size:10.0pt;font-family:Arial;color:blue’>U. VOL style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>561 12.0pt’>1.01

style=’font-size:10.0pt;font-family:Arial;color:blue’>D. VOL style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>768 12.0pt’>395

style=’font-size:10.0pt;font-family:Arial;color:blue’>VR style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>42 12.0pt’>72

style=’font-size:10.0pt;font-family:Arial;color:blue’>4 MA style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>52 12.0pt’>54

style=’font-size:10.0pt;font-family:Arial;color:blue’>5 RSI style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>46 12.0pt’>63

style=’font-size:10.0pt;font-family:Arial;color:blue’>ADV style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>1496 12.0pt’>2429

style=’font-size:10.0pt;font-family:Arial;color:blue’>DEC style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>1778 12.0pt’>872

style=’font-size:10.0pt;font-family:Arial;color:blue’>A-D style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-282 12.0pt’>+1557

style=’font-size:10.0pt;font-family:Arial;color:blue’>4 MA style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>+357 12.0pt’>+430

style=’font-size:10.0pt;font-family:Arial;color:blue’>SECTORS style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>  12.0pt’> 

style=’font-size:10.0pt;font-family:Arial;color:blue’>SMH style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-1.0 12.0pt’>+0.8

style=’font-size:10.0pt;font-family:Arial;color:blue’>BKX style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>+0.1 12.0pt’>+0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>XBD style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.7 12.0pt’>+.03

style=’font-size:10.0pt;font-family:Arial;color:blue’>RTH style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.1 12.0pt’>+0.3

style=’font-size:10.0pt;font-family:Arial;color:blue’>CYC style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-1.0 12.0pt’>+0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>PPH style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.2 12.0pt’>-0.2

style=’font-size:10.0pt;font-family:Arial;color:blue’>OIH style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-1.9 12.0pt’>+1.7

style=’font-size:10.0pt;font-family:Arial;color:blue’>BBH style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-0.3 12.0pt’>+2.2

style=’font-size:10.0pt;font-family:Arial;color:blue’>TLT style=’font-size:9.5pt;font-family:Arial’> 

 12.0pt’>-1.0 12.0pt’>+1.0

.75pt’>XAU style=’font-size:9.5pt;font-family:Arial’> 

 .75pt’>-2.7 .75pt’>+2.0
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