TradingMarkets Mid-Day Movers
Markets move lower as profit taking from recent rally
kicks in. Crude oil futures are trading fractionally lower at $63.75.
Wednesday‘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
surpassed its recent resistance levels near the 1315 area (click
here for more info).
href=”https://tradingmarkets.com.site/news/Stock%20Alert/”>
Stocks on the
Move
Bear Stearns Q3 Profit Climbs 16%, Tops
Estimate; Revenue Up 17% (full
story). BSC shares trade fractionally higher this morning.
GE To Sell Advanced Materials Unit To Apollo
Management For About $3.8 Bln (full
story). Separately, UBS downgraded GE shares to neutral from buy and
reduced its price target to $38 from $40. GE shares fall by nearly 1%.
Xilinx Lowers Q2 Revenue Outlook On Weak Sales
From Asia Pacific Region (full
story). XLNX shares rise by over 4.5%.
Western Digital Delays Annual Filing On Option
Grants Review (full
story). WDC shares trade lower by nearly 1%.
Iamgold To Buy Cambior For US$3 Bln (full
story). IAG shares drop by over 11%, while CBJ shares jump 15.5%.
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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-21.70
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11,521.62
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NASDAQ
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-0.27
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2,227.40
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S&P 500
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-2.45
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1,315.62
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size=2>NYSE
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size=2>NASDAQ
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Volume
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963,697,000
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830,293,000
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Advances
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1147
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1050
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Declines
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1897
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1698
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Up Volume
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287
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488
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Down Volume
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573
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283
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New Hi’s
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72
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58
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New Lo’s
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15
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25
Strongest
Sectors
Weakest
Sectors
Transport Index (TRANX)
(INX)
(GIN)
href=”https://tradingmarkets.com.site/news/Economic%20News/”>
Economic
News
Retail Sales See Some Additional Growth In August (full
story).
Import And Export Prices Continue To Increase (full
story).
Jobless Claims
Down 5,000 To 308,000
US Import Prices
Rise 0.8% In August
IMF Forecasts Steady Growth In World Economies,
Despite Worries Over Rising Oil Prices (full
story).
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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.