Nasdaq leads the indices to the downside giving up
1.3% on the day. Crude
oil futures close fractionally lower to $58.71.
Tuesday's
market action gave us 3 consecutive lower intraday lows in the S&P 500 Index
(explanations below). This is a bullish signal telling us that
sellers may be done in the short term. It will be interesting
to see if we get more bullish signals today and through the week (click
here for more info).
Stocks on the
Move
Marsh & McLennan Q3 (MMC | news | PowerRating | PR Charts ) Profit Rises On
Higher Revenues, Less Expenses (full
story). MMC shares rise by 3.25%.
CVS (CVS | news | PowerRating | PR Charts ) In Talks To Buy Caremark (CMX | news | PowerRating | PR Charts )
(full
story). CVS and CMX shares fall by 7% and 2%.
Patterson-Uti Energy (PTEN | news | PowerRating | PR Charts ) Q3 Profit
Jumps 75%, Revenues Up 44% (full
story). PTEN shares close lower by over 0.5%.
NVIDIA (NVDA | news | PowerRating | PR Charts ) Finds Accounting Errors;
Sees Up To $150 Mln In Charges; Stock Down (full
story). NVDA shares drop nearly 8%.
Beckman Coulter (BEC | news | PowerRating | PR Charts ) Q3 Profit Rises On
Gain; Reiterates FY06 Outlook (full
story). BEC shares rise by over 3%.
MasterCard (MA | news | PowerRating | PR Charts ) Q3 Profit Vaults On 14% Top
Line Growth, Fall In Expenses (full
story). MA shares jump by over 14%.
Ford (F | news | PowerRating | PR Charts ) October U.S. Sales Up 8.1% (full
story). F shares finish higher by nearly 3%.
For more stories as they happen, go to our Breaking
News section.
Market Snapshot
|
Dow |
-50.91 |
12,031.02 |
|
NASDAQ |
-32.36 |
2,334.35 |
|
S&P 500
|
-10.13 |
1,367.81 |
|
|
NYSE |
NASDAQ |
|
Volume |
2,816,678,000 |
2,000,110,000 |
|
Advances |
1138 |
806 |
|
Declines |
2117 |
2273 |
|
Up Volume |
560 |
310 |
|
Down Volume |
2016 |
1534 |
|
New Hi's |
237 |
108 |
|
New Lo's |
22 |
50 |
Strongest/Weakest Sectors
|
Strongest
Sectors |
Weakest
Sectors |
|
Amex Gold Bugs
Index (HUI) |
Nasdaq Other Finance Index (OFINX) |
| S&P Chemicals Index (CEX) |
Amex Disk Drive Index (DDX) |
| PHLX Utility Sector Index (UTY) |
Amex Securities Broker Dealer Index (XBD) |
Economic
News
Gasoline
Inventories Down 2.8 Mln. Barrels
Crude Inventories
Up 2 Mln. Barrels
Distillate Stocks Down 2.7 Mln.
Barrels
September Pending Home Sales Down 1.1%
Oct. ISM Index 51.2%; Sept.
Construction Spending Down 0.3%
Oct. ISM Prices Paid 47.0 Vs. 61.0
(Sept.)
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
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.
