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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).
Cisco (CSCO | Quote | Chart | News | PowerRating) Q1 Earnings Surge, Top Estimates (full story). CSCO shares jump by over 7%.
Priceline.com (PCLN | Quote | Chart | News | PowerRating) 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 | Quote | Chart | News | PowerRating) 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 | Quote | Chart | News | PowerRating) 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 | Quote | Chart | News | PowerRating) Q3 Profit Falls On Higher Expenses; Reaffirms FY06 Outlook (full story). VIA shares fall by 2.5%.
Northrop Grumman (NOC | Quote | Chart | News | PowerRating) 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.
|
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 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) |
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.
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