Stocks Rally For Fourth Straight Session
Major indices finish fractionally higher. Crude oil
futures are trading fractionally higher at $63.97.
Monday’s
market action created 3 consecutive closes in the same direction as well as 3
straight higher intraday highs on the S&P and the Nasdaq
(explanations below), which are bearish signals. It will be interesting to see if we get more
bearish signals today/this week and if any trigger on the SPX, which has pulled
up to its recent resistance levels near the 1315 level (click
here for more info).
href=”https://tradingmarkets.com.site/news/Stock%20Alert/”>
Stocks on the
Move
Lehman Brothers Q3 Results Top Street Views On
Trading, Investment Management Despite Lower Investment Banking Growth (full
story). LEH shares rise 3%.
Microsoft Launches First Wireless Rechargeable
And Backlit Desktop (full
story). MSFT shares close fractionally higher.
American Science And Engineering Secures
Contract To Develop Next Generation Containerized Cargo Inspection System (full
story). ASEI shares jump over 6%.
Energy Conversion Devices Cuts Losses To $0.02
Per Share from $0.23 Last Year. ENER shares finish higher by nearly 13%.
OSI Systems Posts Q4 Profit Compared To Loss
Last Year; Guides Q1 & FY07 (full
story). OSIS shares fall by over 5%.
For more stories as they happen, go to our href=”https://tradingmarkets.com.site/news/Breaking%20News/”>Breaking
News section.
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Dow
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+45.15
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11,543.24
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NASDAQ
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+11.85
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2,227.67
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S&P 500
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+4.96
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1,318.07
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size=2>NYSE
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size=2>NASDAQ
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Volume
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2,594,486,000
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1,834,863,000
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Advances
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1604
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1241
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Declines
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738
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482
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Up Volume
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1604
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1241
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Down Volume
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738
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482
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New Hi’s
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182
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121
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New Lo’s
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27
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44
Strongest
Sectors
Weakest
Sectors
Index (GSM)
(XNG)
Dealer Index
(XBD)
href=”https://tradingmarkets.com.site/news/Economic%20News/”>
Economic
News
EIA – Crude
Inventories Down 2.9 Mln. Barrels, Gasoline Up 0.1 Mln. Barrels, Distillates
Build 4.7 Mln. Barrels
Helvetica>
Darren Wong
darrenw@tradingmarkets.com
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Use our
most
popular trading tool to find out how your stocks will move in the next 5
days.
3 Consecutive Closes Same
Direction– Three consecutive higher closes many times leads to a
short-term quiet market over the next few days when the market is above its 200
day ma. When it’s below, 3 consecutive higher closes has been an excellent time
to enter short positions.
The opposite is true for 3 consecutive lower
closes. When its occurred above the 200 day ma, it’s been a good time to be a
buyer. Below the 200 day, its been a good place to lock in short profits.
3
Higher Highs In A Row and 3 Lower Lows In A Row– The same tactics
applied to 3 consecutive closes in the same direction apply here. 3 higher highs
identifies a market that is overbought, especially when its below its 200 day
ma. 3 consecutive lower lows is an excellent time to be looking for long
positions when the market is above its 200 and to be locking in short positions
when its below its 200 day.