Read Larry Connors' blog – Short Term Trading Strategies
Nasdaq leads the major indices to the downside finishing lower by over 1%. Crude oil futures close higher by 0.7% at $60.75.
Thursday's market action created new 10 day intraday highs as well as advancers beating decliners by 2-1 on both the S&P 500 Index and Nasdaq Composite (explanations below), which are bearish signals. It will be interesting to see if we get more bearish signals today and through next week (click here for more info).
Cemex (CX | Quote | Chart | News | PowerRating) Plans US$12.8 Bln Takeover Bid For Australia-based Rinker Group (RIN | Quote | Chart | News | PowerRating) (full story). CX shares fall 4.5%, while RIN shares jump 33%.
Red Hat (RHAT | Quote | Chart | News | PowerRating) Board OKs $325 Mln Buyback Of Stock, Debenture (full story). RHAT shares rise by over 5%.
Revenue Growth Lifts Coventry Health Care (CVH | Quote | Chart | News | PowerRating) Q3 Profit By 11%, Guides Q4, FY07 EPS Below Estimates (full story). CVH shares fall by 0.6%.
Chevron (CVX | Quote | Chart | News | PowerRating) Q3 Profit Surges 40%, EPS Tops Analysts' View. CVX shares close fractionally higher.
Inco (N | Quote | Chart | News | PowerRating) Says It Approves Plan To De-List From NYSE; Reveals Resignation Of Board Members (full story). N shares rise by 0.4%.
Pharmaceutical Segment Revenues Lift Cardinal Healthcare (CAH | Quote | Chart | News | PowerRating) Q1 EPS; Reiterates FY07 EPS Outlook (full story). CAH shares fall by over 1%.
Baker Hughes (BHI | Quote | Chart | News | PowerRating) Q3 Profit Surges; EPS From Cont. Ops. Tops Consensus By A Penny; Revenue Climbs 29%; Lifts FY06 Forecast (full story). BHI shares fall by over 5%.
For more stories as they happen, go to our Breaking News section.
|
Dow |
-73.40 |
12,090.26 |
|
NASDAQ |
-28.48 |
2,350.62 |
|
S&P 500 |
-11.74 | 1,377.34 |
|
NYSE |
NASDAQ | |
|
Volume |
2,380,918,000 |
2,191,137,000 |
|
Advances |
1147 |
1007 |
|
Declines |
2125 |
2005 |
|
Up Volume |
128 |
145 |
|
Down Volume |
1627 |
1368 |
|
New Hi's |
254 |
165 |
|
New Lo's |
18 |
35 |
|
Strongest Sectors |
Weakest Sectors |
|
Morgan Stanley Healthcare Providers Index (RXH) |
PHLX Oil Services Sector (OSX) |
| Morgan Stanley Healthcare Payors Index (HMO) | Amex Disk Drive Index (DDX) |
| GSTI Internet Index (GIN) | GSTI Semiconductor Index (GSM) |
Q3 GDP Price Index - Up 1.8%
Oct. U. Of Mich. Consumer Sentiment Index At 93.6
Darren Wong
darrenw@tradingmarkets.com
Use our most popular trading tool to find out how your stocks will move in the next 5 days.
10 Day High Alert- This is an alert that the market has hit a 10 day new high intra-day today. Historically this has meant that when the market is above its 200 day ma, little progress has been seen over the next 2-5 days (on average) as the market is either overbought or nearing overbought conditions. It's a good place to be taking profits. When the market is below its 200 day ma and the market hits a new 10 day high, it has been, on average, a good place to be looking to put on short positions.
Adv. Issues > Dec. Issues 3 Days In A Row- Too many stocks rising in one day or over multiple days usually precede a market that will be quiet or drop. Too many stocks declining in one day or over multiple days usually precede a market rally, especially when the market is above its 200 day ma.
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