Dow and S&P close lower by over 0.5%, while the Nasdaq
loses 0.4%.
Crude oil futures rise by 2.2% to $61.16.
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
Urban Outfitters (URBN | news | PowerRating | PR Charts ) Q3 Profit Drops;
Adj. EPS Matches Street View; Sales Up 7%, Comps Drop 10% (full
story). URBN shares jump over 13%
HealthSouth (HLS | news | PowerRating | PR Charts ) Q3 Loss Widens On
Expenses; Revenues Decline (full
story). HLS shares fall by 4.5%.
Siemens (SI | news | PowerRating | PR Charts ) Q4 Profit Soars, Sales Climb 8%
On Strong Industrial Automation Performance (full
story). SI shares rise by 2.5%.
U.S. Global Investors' (GROW | news | PowerRating | PR Charts ) Q1 Profit
Surges On Higher Revenues (full
story). GROW shares jump by nearly 11%.
Biovail (BVF | news | PowerRating | PR Charts ) Slips To Q3 Loss On
Write-downs; Revenues Up 12%; Lifts FY06 Earnings Forecast Above Consensus (full
story). BVF shares rise by 1.3%.
Goodyear (GT | news | PowerRating | PR Charts ) Dips To Loss In Q3; Sales Up
6% (full
story). GT shares soar by over 15%.
King Pharma (KG | news | PowerRating | PR Charts ) Q3 Net Income Declines On
Charges, Lower Revenues (full
story). KG shares close higher by nearly 3%.
Cisco (CSCO | news | PowerRating | PR Charts ) Q1 Earnings Surge, Top
Estimates (full
story). CSCO shares close higher by 6.5%.
For more stories as they happen, go to our Breaking
News section.
Market Snapshot
|
Dow |
-73.24 |
12,103.30 |
|
NASDAQ |
-8.93 |
2,376.01 |
|
S&P 500
|
-7.39 |
1,378.33 |
|
|
NYSE |
NASDAQ |
|
Volume |
2,996,244,000 |
2,342,881,000 |
|
Advances |
1305 |
989 |
|
Declines |
1905 |
2035 |
|
Up Volume |
997 |
1015 |
|
Down Volume |
1681 |
1193 |
|
New Hi's |
215 |
138 |
|
New Lo's |
22 |
56 |
Strongest/Weakest Sectors
|
Strongest
Sectors |
Weakest
Sectors |
|
Nasdaq
Telecommunication 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) |
S&P Healthcare Index (HCX) |
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.
