Blue chips pull back while Nasdaq gains on Cisco
earnings.
Crude oil futures rise by nearly 2% to $60.95.
Wednesday's
market action created 3 consecutive closes in the same direction and 3
consecutive intraday higher highs on both the SPX and NDX
(explanations below). These are both bearish signals and mark
a coming pullback. It will be interesting to see if we get more
bearish signals this week (click
here for more info).
Stocks on the
Move
Cisco (CSCO | news | PowerRating | PR Charts ) Q1 Earnings Surge, Top
Estimates (full
story). CSCO shares jump by over 7%.
Priceline.com (PCLN | news | PowerRating | PR Charts ) Q3 Net Profit Drops
72%, Beat Estimates, Ex-items; Boosts Q4, FY07 Earnings Forecast (full
story). PCLN shares rise by over 2%.
J. C. Penney (JCP | news | PowerRating | PR Charts ) Q3 Profit Climbs, EPS
Tops Consensus On Revenue Up Side, Higher Comp; Lifts Q4 View (full
story). JCP shares rise by over 2%.
TXU (TXU | news | PowerRating | PR Charts ) Q3 Profit Up 77%, Operating EPS
Tops Consensus; Reiterates 2007 Operating EPS Forecast (full
story). TXU shares are trading higher by nearly 1%.
Viacom (VIA | news | PowerRating | PR Charts ) Q3 Profit Falls On Higher
Expenses; Reaffirms FY06 Outlook (full
story). VIA shares fall by 2.5%.
Northrop Grumman (NOC | news | PowerRating | PR Charts ) Lifts FY06 EPS
Target, Backs FY07 Outlook (full
story). NOC shares trade fractionally higher.
For more stories as they happen, go to our Breaking
News section.
Market Snapshot
|
Dow |
-30.89 |
12,145.65 |
|
NASDAQ |
+10.43 |
2,395.37 |
|
S&P 500
|
-0.28 |
1,385.44 |
|
|
NYSE |
NASDAQ |
|
Volume |
1,183,334,000 |
1,089,904,000 |
|
Advances |
1597 |
1262 |
|
Declines |
1433 |
1568 |
|
Up Volume |
607 |
710 |
|
Down Volume |
449 |
282 |
|
New Hi's |
168 |
122 |
|
New Lo's |
15 |
33 |
Strongest/Weakest Sectors
|
Strongest
Sectors |
Weakest
Sectors |
|
Nasdaq Transportation
Index (IXTC) |
Morgan Stanley Health Care Payors
(HMO) |
| Amex Gold Bugs Index Index (HUI) |
Amex Pharmaceutical Index (DRG) |
| PHLX Gold and Silver Sector Index (XAU) |
Amex Airline Index (XAL) |
Economic
News
EIA - Natural Gas
Stocks Down 7 BCF
U. Of Mich.
Consumer Sentiment 92.3 (Prelim. - Nov.) Vs. 93.6 (Oct.)
Sept. Trade Deficit - $64.3 Bln.; Import Prices
Down 2%
Jobless Claims Fall More Than Expected (full
story).
Darren Wong
darrenw@tradingmarkets.com
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.
