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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).
Urban Outfitters (URBN | Quote | Chart | News | PowerRating) Q3 Profit Drops; Adj. EPS Matches Street View; Sales Up 7%, Comps Drop 10% (full story). URBN shares jump over 13%
HealthSouth (HLS | Quote | Chart | News | PowerRating) Q3 Loss Widens On Expenses; Revenues Decline (full story). HLS shares fall by 4.5%.
Siemens (SI | Quote | Chart | News | PowerRating) Q4 Profit Soars, Sales Climb 8% On Strong Industrial Automation Performance (full story). SI shares rise by 2.5%.
U.S. Global Investors' (GROW | Quote | Chart | News | PowerRating) Q1 Profit Surges On Higher Revenues (full story). GROW shares jump by nearly 11%.
Biovail (BVF | Quote | Chart | News | PowerRating) 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 | Quote | Chart | News | PowerRating) Dips To Loss In Q3; Sales Up 6% (full story). GT shares soar by over 15%.
King Pharma (KG | Quote | Chart | News | PowerRating) Q3 Net Income Declines On Charges, Lower Revenues (full story). KG shares close higher by nearly 3%.
Cisco (CSCO | Quote | Chart | News | PowerRating) 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.
|
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 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) |
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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