| Search by tag or site | Login to my blog ? Start my own blog |
 |
Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Stocks Pull Back Ahead Of Jobs Report
Posted on 12/08/2006 00:00 AM | Link | Post Comment
The major averages opened higher but gave back their gains within the first hour of trade and spent the rest of Thursday's session edging lower. Volume was mixed, lower on the NYSE and higher on the Nasdaq. For the second straight day, breadth was negative as decliners led advancers by a 19-to-14 ratio on the NYSE and by a 19-to-12 ratio on the Nasdaq exchange.
The Gold & Silver Index ($XAU +0.83%) was a standout winner while most groups faced pressure today. The tech sector struggled as the Semiconductor ($SOX -1.69%), Internet ($DOT -1.43%), Software ($GSO -1.21%), and Biotechnology ($BTK -0.95%) indexes lost ground, meanwhile the Networking Index ($NWX -0.14%) basically held its ground. The Retail Index ($RLX -1.23%) fell, and it was a negative influence on the major averages along with financial stocks as the Broker/Dealer ($XBD -0.95%) and Bank ($BKX -0.27%) index both ended with losses. The energy group backpedaled as the Oil Services ($OSX -0.91%) and Integrated Oil ($XOI -0.32%) indexes fell. The Healthcare ($HMO -0.38%) group also ended with a modest loss.
FROM DR. BRETT:
Market Expectations:
Participation - About 84% of S&P 500 stocks are above their 50-day moving averages and 72% of S&P 600 small caps. NASDAQ 100 is at 70%. Clearly we're not seeing, at this juncture, major deterioration in upside participation. Indeed, 82% of all NYSE issues are above their 50-day MAs. Bear markets usually begin after we get price highs in the indices with reduced participation in the strength (i.e., waning % of stocks above their averages).
Market Summary:
The market traded higher in early action, only to reverse and trade lower through much of the day. We closed below the day's average price of ES 1425 (note the change to the March, 2007 contract). The Power Measure closed solidly negative on late selling. Selling dominated the large caps, with the Institutional Composite finishing at -222, and also led the broad market, with the Adjusted TICK at -490. Demand rose to 44; Supply rose only modestly to 84. New 20 day highs dipped to 1285; new 20 day lows rose modestly to 393. In all, we did not see as much downside momentum among stocks as it might have appeared from the price action. The drop has placed us in a neutral short-term trend, but that will turn bearish if we see day over day price lows and an expansion in the number of stocks making fresh 20-day lows.
The Gold & Silver Index ($XAU +0.83%) was a standout winner while most groups faced pressure today. The tech sector struggled as the Semiconductor ($SOX -1.69%), Internet ($DOT -1.43%), Software ($GSO -1.21%), and Biotechnology ($BTK -0.95%) indexes lost ground, meanwhile the Networking Index ($NWX -0.14%) basically held its ground. The Retail Index ($RLX -1.23%) fell, and it was a negative influence on the major averages along with financial stocks as the Broker/Dealer ($XBD -0.95%) and Bank ($BKX -0.27%) index both ended with losses. The energy group backpedaled as the Oil Services ($OSX -0.91%) and Integrated Oil ($XOI -0.32%) indexes fell. The Healthcare ($HMO -0.38%) group also ended with a modest loss.
FROM DR. BRETT:
Market Expectations:
Participation - About 84% of S&P 500 stocks are above their 50-day moving averages and 72% of S&P 600 small caps. NASDAQ 100 is at 70%. Clearly we're not seeing, at this juncture, major deterioration in upside participation. Indeed, 82% of all NYSE issues are above their 50-day MAs. Bear markets usually begin after we get price highs in the indices with reduced participation in the strength (i.e., waning % of stocks above their averages).
Market Summary:
The market traded higher in early action, only to reverse and trade lower through much of the day. We closed below the day's average price of ES 1425 (note the change to the March, 2007 contract). The Power Measure closed solidly negative on late selling. Selling dominated the large caps, with the Institutional Composite finishing at -222, and also led the broad market, with the Adjusted TICK at -490. Demand rose to 44; Supply rose only modestly to 84. New 20 day highs dipped to 1285; new 20 day lows rose modestly to 393. In all, we did not see as much downside momentum among stocks as it might have appeared from the price action. The drop has placed us in a neutral short-term trend, but that will turn bearish if we see day over day price lows and an expansion in the number of stocks making fresh 20-day lows.
- Are Financials Suddenly Cheap? Part Ii
- Are Financials Suddenly Cheap?
- Top 10 Sectors & Stocks By Relative Strength (weekly Update)
- Short-Term Sell Signals Given
- "Who Is Next?" By Dick Bove
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- Millionaire Now!
- The 7 Steps to Millionaire Now!
- Build Your Financial Plan
- RETIRE RICH: Survival Guide
- ASSET ALLOCATION MODEL
- THE BIG ROLLOVER IS HERE
- THE END OF THE GRAND SUPERCYCLE?
- Millionaire Now! by Larry Nusbaum
- The Boston Real Estate Blog
- Biiwii.com Notes
- Investor Alert
- In The Money
- Newmark's Door
Examples
Morpheus Trading - Thu Jul 17, 2008 01:15AM
NOTE: Please click on the charts below to enlarge them if th [read more]
NOTE: Please click on the charts below to enlarge them if th [read more]
Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
The Swing of Things - Thu Jul 17, 2008 09:36AM
I used to make a pretty good living sharing hard won [read more]
I used to make a pretty good living sharing hard won [read more]
<< My Home | TheMoneyBlogs Home