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Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
(By Dr. Joe Duarte) In the Land of Make Believe, aka the Stock Market, Tuesday was a day to cover shorts and trade on the long side. More than for any other reason, stocks went up because, they simply stopped going down. And while that's no guarantee that a lasting rally will materialize, it's not something to ignore altogether.
It's foolish to be anything but pragmatic here. As a trader, the goal is not see whether the glass is half full or half empty, but to see if there's any fluid left in it. And on Tuesday there was fluid at the bottom and more by the end of the day.
There is likely to be lots of volatility ahead. Yet, the best-case scenario would be one in which the S&P 500 bottom is in at Monday's low, just below 1100.
There are some subtle technical findings that suggest that some kind of low is in place, such as the fact that the MACD histogram's bottom on Monday was higher than the bottom that it made in mid-September despite Monday's S&P close being lower. This is a positive divergence and suggests that Monday's 777-point drop in the Dow Jones Industrial average was indeed the panic bottom that investors have been looking for. The bottom in the MACD histogram is also evident in the RSI oscillator.
Another sign that points to Monday as being a potentially important day is the fact that volume was low. Contrary to the mainstream viewpoint that the low volume during the selling means little, we look at it as a potential sign of the sellers having been totally exhausted.
To be sure, there is plenty of overhead resistance, especially at 1260 and near 1335. And lots can happen in the next few weeks as the election heats up. Yet, it's not very smart to ignore the fact that we may have seen the bottom. As with any important washout, the really big buying opportunity comes a few days after the initial bottom. That means that by Friday, the day of the employment report, we should have a much better idea as to whether the worst is actually over.
The Investrend Earnings Calendar features Actuant (NYSE: ATU), expected at $0.54; Immucor (NASDAQ: BLUD), expected at $0.23; Micron Tech. (NYSE: MU), expected at $-0.22; Mosaic Co. (NYSE: MOS), expected at $2.93.
The Investrend Economics Calendar lists ISM Manufacturing Index for September (10 a.m.), Construction Spending for August (10 a.m.), EIA Petroleum Status Report (10:30 a.m.), Auto Sales for September.
The Investrend Events Calendar showcases EXC, CRAI, POM at Edison Electric Institute Strategic Issues Conf; JPM at IBF (International Business Forum) MidAmerica Healthcare Venture Forum; UNT, CXO, PTEN, SUN, BBG, HERO at Merrill Lynch Global Energy Mid and Small Cap Conf.
The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed 46 advancers versus three decliners and one unchanged. Advancers were led by Wachovia Cp (NYSE: WB) up 90.22%, Sovereign Bancorp (NYSE: SOV) up 69.53%, Cypress Semiconductr (NYSE: CY) up 68.39%, Amer Intl Group Inc (NYSE: AIG) up 33.20%, Fifth Third Bncp (NASDAQ: FITB) up 30.63%, Natl City Cp (NYSE: NCC) up 28.68%, Ford Motor Co (NYSE: F) up 24.70%, Bk Of America Cp (NYSE: BAC) up 15.70%, Citigroup Inc (NYSE: C) up 15.55%, Ml Co Cmn Stk (NYSE: MER) up 15.00%, Companhia Vale Ads (NYSE: RIO) up 14.67%, Jp Morgan Chase Co (NYSE: JPM) up 13.90%, Wells Fargo & Co New (NYSE: WFC) up 12.87%, Sun Microsystems Inc (NASDAQ: JAVA) up 12.59%, Ebay Inc (NASDAQ: EBAY) up 12.18%, Ishares Tr Ftse Indx (NYSE: FXI) up 10.75%, Research In Motion (NASDAQ: RIMM) up 10.64%, Gen Electric Co (NYSE: GE) up 10.39%, Morgan Stanley (NYSE: MS) up 9.58%, Level 3 Comm Inc (NASDAQ: LVLT) up 9.31%, Activision Blizzard (NASDAQ: ATVI) up 9.28%, Comcast Cp A (NASDAQ: CMCSA) up 8.99%, Intel Cp (NASDAQ: INTC) up 8.45%, Broadcom Corp Cl A (NASDAQ: BRCM) up 8.38%, Oracle Corp (NASDAQ: ORCL) up 8.20%, Apple Inc (NASDAQ: AAPL) up 7.98%, Marvell Tech Group (NASDAQ: MRVL) up 7.76%, Qualcomm Inc (NASDAQ: QCOM) up 7.75%, E*Trade Finl Corp (NASDAQ: ETFC) up 7.69%, Dell Inc (NASDAQ: DELL) up 6.94%, Amgen (NASDAQ: AMGN) up 6.79%, Microsoft Cp (NASDAQ: MSFT) up 6.72%, Nvidia Corp (NASDAQ: NVDA) up 6.04%. Decliners followed Reliant Energy Inc (NYSE: RRI) down 27.08%.
Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).
Investrend Website of the Day: http://www.postcards.org/postcards/cards/5750/
Quote of the Day: "When a piece gets difficult, make faces." Vladimir Horowitz
Today is: World Vegetarian Day, Sukkot.
Happy Birthday: King Henry III, Richard Stockton, William Boeing, Louis Untermeyer, Stanley Holloway, Walter Matthau, Vladimir Horowitz, James Whitmore, Jimmy Carter, William Rehnquist, Tom Bosley, George Peppard, Richard Harris, Julie Andrews, Stella Stevens, Rod Carew, Spider Sabich, Stephen Collins, Randy Quaid, Mark McGwire, Christopher Titus.
Today in History: Alexander the Great defeated Darius III of Persia in the Battle of Gaugamela in 331 BC. Edgar the Peaceable became king of all England in 959. The first steamboat to sail the Mississippi River arrived in New Orleans, Louisiana, in 1811. German inventor and industrialist Werner von Siemens founded in 1847 Siemens AG & Halske. Austria issued the world's first postcards in 1869. John Philip Sousa became leader of the United States Marine Corps Band in 1880. The first electric lamp factory was opened by Thomas Edison in 1880. The U.S. mint in Carson City, Nevada, closed in 1886. The Yosemite National Park was established by the U.S. Congress in 1890. The George Washington Bridge linking New Jersey and New York opened in 1931. The Pennsylvania Turnpike, often considered the first superhighway in the United States, opened to traffic in 1940. Japanese Shinkansen ("bullet trains") began high-speed rail service from Tokyo to Osaka in 1964. In what was known as the "Thrilla in Manila," Muhammad Ali defeated Joe Frazier in a boxing match in Manila, Philippines, in 1975. EPCOT Center opened in 1982 at Walt Disney World near Orlando, Florida, United States. Smoking age raised from 16 to 18 in United Kingdom in 2007.
[FirstAlert" was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlert" do not necessarily reflect the opinions of Investrend.]
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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