Stock Market Rally Continues

• May 29, 2007
• Darren Wong

The major indices moved higher today after more M&A
activity was announced. The higher than expected consumer
confidence numbers also helped to lift stocks.

June crude futures fell 3.1% to $63.15 per barrel
on signs of adequate U.S. fuel supply. 
June gold futures, which usually trade in tandem with the Euro, rose 0.3% to $663.30 an ounce
as the Euro moved higher.

Around Europe, Germany’s DAX Index
rose 0.5% to finish at 7,781.04, France’s CAC 40 lost 0.25% to
6,056.39, and the FTSE 100 added 0.55% to 6,606.50.

Today’s

PowerRatings Heat Map looks slightly bearish to neutral and it will  be
interesting to see if we continue to see a pullback in the
markets.

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Gaps Down 5% or More,

2-Period RSI Below 2,

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Stocks in Motion

Royal Bank of Scotland Group Launches $95.5 Billion Bid for ABN Amro ( ABN | Quote | Chart | News | PowerRating). ABN shares fell 0.6%. Archstone-Smith ( ASN | Quote | Chart | News | PowerRating) To Be Acquired By Partnership Sponsored By Tishman Speyer And Lehman Brothers For About $22.2Bln, Including Assumption Of Debt (full story).  ASN shares jumped 11%.  URS ( URS | Quote | Chart | News | PowerRating) Signs Definitive Agreement To Acquire Washington Group ( WNG | Quote | Chart | News | PowerRating) For About $2.6 Bln.; URS Expects Transaction To Be Accretive To Cash EPS In 2008 (full story).  URS shares rose 5%, while WNG shares jumped 21%. Forest Oil ( FTO | Quote | Chart | News | PowerRating) Agrees To Sell Alaskan Assets To Pacific Energy For About US$464 Mln (full story). FTO shares added 0.26%. Pogo Producing ( PPP | Quote | Chart | News | PowerRating) To Sell Northrock Resources To Abu Dhabi National Energy For $2.0 Bln In Cash (full story).  PPP shares rose 2.4%. For more stories as they happen, go to our Breaking News section.

Market Snapshot

Dow +14.06 13,521.34 NASDAQ +14.87 2,572.06 S&P 500 +2.38 1,518.11   NYSE NASDAQ Volume 2,545,946,000 1,650,956,000 Advances 2054 1903 Declines 1186 1152 Up Volume 1240 1081 Down Volume 964 537 New Highs 162 141 New Lows 28 48

   

Strongest/Weakest Sectors

Strongest Sectors Weakest Sectors Amex Airline Index (XAL) CBOE Oil Index (OIX) CBOE Internet Index (INX) S&P Chemicals Index (CEX) Amex Networking Index (NWX) Deutsche Bank Energy Bank Sector Index (DXE)

Economic News

Consumer Confidence 108.0 vs 104.5 consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com