Markets closed near the high and above the flat line after opening almost 100 points lower on the DJIA. The DJIA closed +18, NAZ +1 and SPX +.22 points. The RUT was the big winner on the day up .37%.
Strongest sectors included homies, airlines, defense, internets, retail and brokers while semis, biotechs, drugs and tech lagged.
NYSE internals +270;
NAZ internals +175;
OEX - 50 WINNERS- ATI AA GM LTD MCD AVP UTX GS KO GOOG; LOSERS- AXP DELL TWX ORCL NSC S INTC BMY AMGN MS XRX BNI;
NDX- 53 WINNERS- YHOO BEAS XMSR SNDK AKAM VMED CHRW FAST RIMM JOYG; LOSERS- ISRG MICC NVDA RYAAY DELL LVLT ESRX ORCL S INTC APOL;
Key stocks mainly higher led by GS BSC LM NYX RIMM GOOG BIDU AMZN AAPL TIF SHLD JWN LVS WYNN BLUD SGP BAC C KO XOM;
SPX DJIA NDX all hanging in above their 50 day SMA's after sinking below earlier this morning. Looks like they want to go higher in front of the big FED meeting on Tuesday and probably after also. Two day RSI numbers on major indexes near the high end of 90 on the SPX/DJIA/NDX and 72 on the lagging RUT. Resistance remains above at the 1490/1505 levels but I suspect we may exceed those numbers sometime next week. So bullish for now and looking to buy any bad news on a Fed disappointment and the RUT may be the place as it has lagged and may be ready to play some catch up. I stand by my "stocks are cheap" declaration as the SPX/DJIA trades near the 14/15 PE level with the 10 year bond rate at 4.46%.
Markets open lower but have come way off their lows in the opening hour. The NDX/NAZ is the strongest major market index with the RUT once again the weakest.
Strong sectors include metals, internets, airlines, homies, utils and defense while oil service, real estate, semis, banks and biotech lags.
NYSE internals 525 red;
NAZ internals 580 red;
OEX - 35 WINNERS- AA TYC ATI UTX DD CL GM MDT WY AVP SO EXC; LOSERS AXP MS NSC INTC MER COF DELL LEH AMGN HPQ EK;
NDX- 45 WINNERS- YHOO RIMM SNDK CHRW XMSR LBTYA SIRI EBAY AMLN EXPD JOYG; LOSERS- RYAAY NVDA LVLT INFY CTSH ESRX ALTR INTC DELL SHLD QCOM BIIB;
VIX up 3% and a bit above the 10 day SMA;
LVS/WYNN march on higher while brokerage stocks are generally red along with all the big banks. Drugs and bios generally red cept for CELG.
Tech stocks mixed with AAPL AMZN BIDU GOOG KLAC RIMM green and AMAT HPQ IBM INTC MSFT red.
Interesting how the markets have bounced back from the opening lows and are now near the unchanged level. Note the 50 day on the SPX at these levels. Hopefully it will act as support going forward and if we get the news every one is hoping for from Big Ben next week we could march up to the 1500 level.
Markets closed higher but off the best levels of the day as the DJIA was +133, NAZ +9 and SPX +12.
Strong sectors Brokers, retail, reits, trannies and banks with metals, silvers, biotechs, semis and small caps lagging.
NYSE internals- +565;
NAZ internals +85;
OEX 87 UP 13 DOWN;
NDX 65 UP 35 DOWN;
VIX was flat on the day and is trading at/near the 10 day SMA- no signals yet.
Key stocks in the green included BSC GS LEH MER MS CME TROW MTB MI MA JPM CFC C BAC BIDU GOOG MSFT RIMM GE LVS WYNN AMGN;
Red stocks included ICE MGM SGP MO SNDK JNPR APOL TEVA ADBE EXPE GENZ CSCO CELG;
The SPX closed near the 50 day SMA and slid about 6 points off the day's high water mark. The DJIA also closed at/near the 50 day SMA and about 45 points off the high of the day. The NDX compfortably above all the major moving averages and is the best performing major index of late but not today. My guess also is that if NDX pulls back it will be a nice buying opportunity as it is just about 60 points off the July highs.
Two day RSI's on the major indexes as follows:
So most are at/near sell signals but it just bothers me a bit that most are above support at the 50 day SMA's and buyers may show at those levels. Bottom line, not anxsious to sell yet and if the markets do pullback I would be a buyer.
All of a sudden the markets are ripping higher led by the DJIA and the recently crushed brokerage group. DJIA +167, NAZ+17 and SPX +16.5.
Strongest groups include brokers, retail, reits, trannies, internets, large cap value and airlines while metals, biotechs and semis lag.
NAZ internals +620;
OEX- 90 GREEN - WINNERS GM MCD F LEH MS LTD NXY MER AA GS; LOSERS- EMC S CSC TXN MO CL TYC CCU INTC ORCL AEP;
NDX - 75 GREEN - WINNERS- SHLD LOW NIHD QCOM JOYG BBBY EBAY COST EXPD BRCM; LOSERS- LVLT JNPR APOL SNDK AMLN VRSN ADBE PTEN TEVA ATVI EXPE;
VIX - lower by 4%;
The SPX has put the 50 day SMA in the rear view mirror by about 7 points and it should act as support on the next down draft. The NAZ/NDX is lagging today as tech/semis are not keeping up with retail and financials.
Bad news for Cramer and his flock as LVLT, his number one spec stock for 2007 is down another 3% today and 20% on the year while NYX is down .7% today and 29% on the year, finally MO, flat on the day and up 2.7% on the year. I bring it up/out cause yesterday on CNBC Cramer mentioned how he doesn't like ETF's cause they include too many lousy stocks and he likes to think he is smart enough to avoid them. Of course all the major market indexes are higher on the year except for the RUT which is flat.
Markets are very mixed this morning with the DJIA +85, SPX +7 and the NAZ -2. DJIA strong on the heels of good news from GM MCD and MRK.
Strong sectors include oils, retail, large cap value, drugs, banks and brokers while biotech, small caps and semis pull back.
NYSE internals +600;
NAZ internals -300;
OEX- 85 WINNERS- GM MCD LEH MS F NXY TGT AA WB ATI GS; LOSERS- TXN EK INTC S EMC HPQ DIS CI CSCO CCU ORCL;
NDX -50 WINNERS- SIRI XMSR RIMM NIHD DISH MICC COST JOYG SPLS YHOO AMGN; LOSERS- APOL EXPE TLAB AMLN CELG JNPR SNDK VRSN LINTA GENZ;
Weakness in the NAZ/NDX and the NAZ internals giving me some pause here although it wouldn't shock me if they got pulled later in the day by the strength in the DJIA/SPX.
The SPX with its own issue of the down sloping 50 day SMA right here right now.
Key stocks that are strong include:
GS LEH BSC MS MER CME MTB MI JPM C COST SHLD TGT TIF AAPL BIDU IBM RIMM AMGN XOM CNQ FTO RIG SLB VLO;
Weak ones include LVS WYNN MGM CELG INTC HPQ AMZN MA LM ICE NYX;
Gaming stocks pulling back after showing great strength the last few days.
The boring range bound day comes to an end with the DJIA closing -16, NAZ -5 and SPX FLAT. The SPX did hit 1479.5 earlier before getting rejected at the pivot resistance and near the 50 day SMA. The best performing major market index was large cap value followed by the OEX and the NAZ with the RUT being the worst of the bunch.
Stong sectors included gaming, biotech, oils, drugs, utils and internets while airlines, semis, trannies and silvers lagged.
NYSE internals -425;
NAZ internals -570;
OEX - 60 WINNERS- NXY CI LEH AMGN EK HAL BDK TGT COP COF TWX;
LOSERS- CBS HPQ ATI NSM TXN XRX CAT AA CSCO IBM WFC;
NDX- 38 WINNERS- XMSR SIRI WYNN AGMN RIMM INTU ERIC JNPR SYMC CTSH LBTYA; LOSERS- LRCX SNDK NVDA APOL UAUA VMED KLAC LVLT NTAP EXPD AMAT;
VIX unchanged and Down Volume slightly better than UP Volume;
Not much of a trading day as the markets hung in through a tight range. Of interest:
biotechs- AMGN CELG DNA GENZ GILD all higher- BIIB red;
gaming- WYNN +4.3% LVS +7.5%;
oils- $80 crude led to large gains in APA CNQ COP DVN FTO HAL HP NBR NXY PXD PWE SU TSO XEC XOM XTO- DO NFX RIG SLB VLO red;
tech - mixed with AAPL AMZN CTSH EBAY GOOG INFY RIMM higher and SMH AKAM AMAT BRCM CSCO HPQ IBM KLAC NVDA SNDK TXN YHOO all red;
ON THE RANGE
Markets continue to trade mixed and in a fairly tight range with the NDX/NAZ leading and the RUT/VALUE lagging.
Strong sectors include gaming, internets, oils, biotechs and drugs while airlines, trannies, semis and banks lag.
NYSE internals -375
NAZ internals- -490
OEX- 55 WINNERS- led by AMGN CI LEH EK BDK NXY HAL TGT MMM; LOSERS- S ATI CBS CAT TXN AA WFC XRX CSCO;
NDX- 45 WINNERS- led by XMSR SIRI AMGN WYNN CTSH RIMM ERIC INTU JNPR; LOSERS- LVLT LRCX VMED SNDK EXPD NTAP APOL UAUA S SPLS RYAAY;
The crummy performance of the RUT may be a good tell of things to come as the markets continue to trade range bound.
Support at the 200 day SMA on the SPX near the 1460 area and capped above by the 1480 50 day /50% retracement level. Also, checking the chart, the SPX now in a defined range between 1490 above and 1430 below. That has been the range for almost the last month.
Banks act poorly - led lower by C CFC JPM MI MTB WB WFC;
Brokers- mixed- BSC BX LEH NDAQ higher- BEN CME GS ICE NMX NYX TROW lower;
Healthcare- primarily green led by ABT COV DGX JNJ LLY NVS SGP SNY;
Oils- primarily green on the heels of record crude prices- APA CNQ COP DVN FTO HAL HP NBR NXY PXD PWE SU TSO XEC XTO - all higher by 1% or more;
Markets open mixed with the NAZ/NDX higher and the DJIA/SPX lower. Crude also hits all time high at/near $79 while gold hangs in near $715.
Strongest sectors include gaming, internets, oils, biotech, drugs and tech while metals, airlines, trannies and semis lag.
NYSE internals -300;
NAZ internals -165;
OEX- 40 GREEN - WINNERS BDK AMGN CL WMB HAL EMC NXY DELL COP TYC;
LOSERS- ATI CBS TXN MO AVP NSM CSC RTN ROK RF CSCO DOW;
NDX-45 GREEN- WINNERS- XMSR SIRI RIMM AMZN WYNN PCAR ISRG PCAR AAPL;
LOSERS- VMED LRCX SPLS LVLT VRSN SEPR RYAAY NTAP NIHD ESRX;
Not that confident on market direction today but I will go with trading range after the big trend day yesterday.
The 1480 level on the SPX still looks like solid overhead resistance as it is near the 50 day SMA and the 50% retracement area.
The NDX is in better technical shape as it sits above all the key moving averages.
The DJIA closed near the high after a sell off at 330 but coming back into the close. The DJIA +182 after a 175 prediction a little lower on the blog- lol. Note also - the RUT came on strong during the day after lagging in the morning to be the best performing major index of the day +1.6%.
Strong sectors included gaming, silvers, metals, internets, airlines, biotechs (AMGN), retail and real estate while semis, defense and oil service lagged.
NYSE internals +1500; NAZ internals +1175.
OEX- 97 GREEN WINNERS- AMGN GM LTD AVP WB MCD HD WFC T LEH; LOSERS-GS DIS AES CPB;
NDX- 88 GREEN WINNERS- WYNN JAVA AMGN ERIC SIRI RYAAY ERTS CELG EBAY CHRW CELG; LOSERS- XRAY LAMR LBTYA ISRG NIHD AAPL APOL VRSN TLAB VMED INFY;
VIX lower by 7% and trading near the 10 day SMA;
The SPX closed at 1471, about 13 points under the 50 day SMA and 11 over the 200 day SMA, so resistance above and support below.
The NDX at 1989 is well above all its key moving averages while the NAZ COMPQ is right at its 50 day SMA.
Two day RSI readings as follows:
Other stuff of interest:
GS ICE FLAT
MEDIA stocks crummy with DJ DIS DTV LBTYA red;
XLE/OIH flipped to green and closed up about 1% each;
RIG SLB VLO TSO HOC HP FTO DO SU all red;
BUY SELL OR HOLD
Markets are off their highs but are still acting well into the noon hour. The DJIA +106, NAZ +19 and SPX +9.
Strong sectors include gaming, biotechs, internets, tech and retail while oils, homies and defense lags.
NYSE internals have weakened but are still strong at +900 and the NAZ at +600.
OEX - 80 WINNERS- MCD GM LEH AVP LTD EXC S BAX EMC- LOSERS- BDK WMB COP DIS UTX TYC AES AA IP DELL EK SLB;
NDX - 75 WINNERS- ERIC CTXS ERTS JAVA WYNN ATVI XMSR EBAY CELG CHRW NVDA ADSK; LOSERS- XRAY LMAR LBTYA ISRG FLEX APOL NIHD DISCA;
VIX down 4%- still overbought;
GS seems to have hit its head at the 38.2% FIB number- 186 and is now only up about 40 cents after higher by $3+ earlier;
Crude up near all time highs as oil stocks lag- hmmm- funny how oil goes up just about anytime there is an oil related announcement-;
My guess is with tech and internals acting so well we probably get another ramp in the afternoon and we may get a +175 day on the DJIA.
Lots of talk about whether stocks or cheap. I remember way back to October 2002 when the SPX traded down to 790 and lots of folks were shorting all the indexes (it worked will for a few years). So at SPX 1460 - whats the deal?
According to today's WSJ, the DJIA is trading at a trailing PE of 15.74 and a trailing PE of 15. The SPX at 16.93 and a forward PE of 15.25.
The latest edition of Value Line gives the DJIA a forward PE of 14.9 and a reminder blurb that on October 9, 2002, the DJIA bottom, the forward PE was 15.2.
The S and P newsletter "Outlook" puts a 2007 earnings PE on the SPX at 15.62 and and 15.14 on the DJIA.
Bottom line, the markets are hardly expensive and when you compare equities to the 10 year
Bond at 4.33% its tough to make an argument that stocks are expensive. Of course this all assumes that earnings won't tank and I think that is a good bet as the indexes are well diversified among many industries and have lots of foreign sales/profits.
The see saw continues as the markets open higher on the heels of big up moves on the CAC/FTSE and other European bourses. The DJIA +97, NAZ+22 SPX +10.
Strong sectors include brokers, banks, biotechs, internets and retail while oil service, oils and utilities lag.
NYSE internals very BULLISH at +1400 and NAZ at +1100;
OEX-84 GREEN led by MCD LEH GM COF WFC WB RF T EMC TGT; LOSERS-COP SLB IP WMB TWX ABT ETR CPB DIS ATI NSM;
NDX-83 GREEN led by SEPR ERIC CTXS ERTS EBAY CELG XMSR QCOM JAVA ATVI; LOSERS- LBTYA XRAY LAMR ISRG EXPE TLAB FLEX AAPL LINTA WFMI;
VIX only lower by 2% and still in overbought territory- 7% above the 10 day SMA;
UP Volume 3x Down Volume;
MA WB WFC - all about 2% higher;
LEH CME TROW NVS SGP- all about 2% higher;
AAPL - slightly red;
Two day RSI numbers in the middle of the range -
Pretty easy to see from those numbers what is leading and what is lagging;
Major market indexes closed mixed as the DJIA closed +14, SPX -2 and NAZ -7. Market internals told a different story as the NYSE had about 800 net losers and the NAZ about 890 net red.
Strong sectors included semis, defense, utilities, brokers and large cap growth while small caps, homies, internets, real estate, retail and oils lagged.
OEX- 45 WINNERS- GS CL LEH AXP MCD SLB JPM MS JPM AIG GE UTX BAX; LOSERS- TYC EK ATI AA DELL LTD BDK IP NXY WMB WB ROK NSC;
NDX- 50- WINNERS- AAPL ATVI RIMM JNPR XRAY BRCM CTXS DISCA SNDK CHRW;
LOSERS-MICC CTSH QCOM MNST AKAM LVLT EXPE JOYG SHLD NIHD SEPR TLAB;
VIX higher by about 5% and still in over bought territory;
Two day RSI's on major indexes in low 20 area.
33 New highs on the NYSE/NAZ and 108 New lows on NYSE and 113 on the NAZ.
Most sectors with mixed results as retail has a lot of red led lower by COH CWTR GES HD KSS PVH SHLD UA;
Oils- primarily red - XLE OIH CAM COP CVX DO HOC TSO VLO XOM all red - APA HP PXD SLB XTO all green;
Tech mixed - AAPL AMAT BRCM CSCO HPQ IBM KLAC MSFT NVDA RIMM SNDK green while INTC AKAM AMZN CTSH EBAY GOOD INFY MOT TXN YHOO all red- Note the flip on INTC after raising revenue guidance this morning;
Markets having a hard time on upside progress as stocks were again sold into the close. Tough to be short as no one knows when the Fed will make the announcement lowering rates. I am long but not big and waiting for the next ramp to unload more inventory. GS was a pleasant surprise again as it closed up about 5 points.
Markets are well off both their highs and lows but internals continue to be crummy and a rally seems like a long shot but maybe a shot worth taking as the markets seem a tad over sold.
Strong sectors include semis, utils and defense while homies, small caps, oils, trannies and retail lag.
Market internals - weak with NYSE at 1350 net losers and NAZ at 1220 net losers;
OEX- 30 WINNERS- MCD CL GS PEP INTC AMGN CCU AXP NSM RTN;
LOSERS- TYC AA EK DELL NXY WMB LTD BDK BHI IP XOM ATI;
NDX - 35 WINNERS- AAPL ATVI XRAY BRCM CTXS CELG RIMM VMED ADBE DISCA;LOSERS- MICC CTSH LVLT JOYG EXPE DELL TLAB XMSR SHLD AKAM QCOM YHOO;
DJIA -13 WINNERS- MCD INTC AXP BA IBM MSFT UTX AIG MRK T HPQ;
LOSERS- AA XOM MMM HD PFE C GM VZ CAT DD DIS;
Down volume almost 4x Up volume.
Two day RSI on major indexes in buy territory-
Markets are higher this morning on the heels of oversold conditions, nice guidance from INTC, and a buyer of a large stake in BSC. Of course stocks are well off their highs as I type.
Strong sectors include metals, drugs, utilities, defense and semis while internets, homies, oils, brokers and banks lag.
Market internals have flipped to red after being in the green at the open; red 200 on both the NYSE and NAZ.
OEX- 45 GREEN led by MCD T CL BAX AMGN ABT RTN EXC INTC; LOSERS- DELL TYC AA WB BHI EP NXY CPB XRX EMC TGT;
NDX - 50 GREEN- led by APOL AAPL AMLN ADSK RIMM ADBE CELG XRAY AMGN CTAS;
LOSERS- MICC YHOO SHLD TLAB CTSH MNST JNPR EXPE AMZN QCOM;
Volatility indexes up almost 5% and the VIX about 12% above the 10 day SMA.
The early market bounce is disappearing quickly as the NAZ has flipped to down 5 after being higher by over 20 near the open. SMH has also flipped to flat as now AMZN GOOG HPQ AKAM CTSH EBAY INFY YHOO have all flipped to red.
Banks are ugly with C CFC DFS MA MI MTB STT USB WB WFC JPM all red; brokers more mixed with GS BSC CME NDAQ LEH green while ICE LM MER MS NMX NYX all red;
Biotech strong led by AMGN CELG GENZ GILD;
Healthcare green led by PPH ABT COV DGX JNJ LLY MRK SGP SNY WLP;
Oils red- with the exception of XTO (nice mention in barrons);
Retail ugly red with large losses in COH DECK GES PVH SHLD TGT UA;
Guessing - I suspect a rally in the afternoon - just a gut feeling.