TODAY'S OPEN: UP

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

TODAY'S OPEN: UP

Posted on 06/17/2008 10:47:04 | Link | Post Comment

Nasdaq Outpaces Big Cap Indices on Monday
PICTURED BELOW: The NYSE Composite Index has tallied three straight gains on progressively lighter volume. The major averages ended mixed after the latest round of economic data was released. Monday marked Day 3 of a new rally attempt, which means that the window is now open for a proper follow-through day to emerge. Volume, a critical indicator of institutional demand, was reported lighter than the prior session total on both exchanges. Ideally, asssuming the major indices produce follow-through gains, volume would show a noticeable increase over recent totals.

"S&P 500 futures rose 5.8 points to 1,365.80 and Nasdaq 100 futures rose 7 points to 1,997.25. Dow industrial futures rose 43 points after multiple newspaper reports that investors have priced in rate rises too aggressively, with results from Goldman Sachs also in the spotlight as investors wait to see if the brokerage that has historically topped analyst earnings estimates can do so this quarter as well."

PRE-MARKET:

Gapping on Earnings - GS (sympathy LEH, MER, UBS, C); CSIQ, (sympathy solars SOL, JASO etc.)

Gapping down - INFN, CDNS

The tech sector and financial stocks had a positive influence on the market averages on Monday. The Broker/Dealer Index ($XBD +2.27%) rallied back to its 50-day moving average line. It held above its 2008 chart lows during the latest pullback. The Bank ($BKX +1.44%) indexes posted solid gains. The Nasdaq Composite outpaced its big cap brethren as the Semiconductor ($SOX +1.51%), Networking ($NWX +0.88%), and Biotechnology ($BTK +0.78%) indexes rose. The Retail Index ($RLX +0.34%) posted a small gain while the Internet Index ($DOT +0.01%) ended flat and the Healthcare ($HMO -0.51%) group slumped to a small loss. Commodity related groups advanced as the Gold & Silver ($XAU +1.72%), Oil Services ($OSX +0.79%) and Integrated Oil ($XOI +0.40%) indexes finished with gains.

LINKS:

From 24/7 WallSt.:
Media Digest 6/17/2008 Reuters, WSJ, NYTimes, FT, Barron's
Top 10 Pre-Market Analyst Calls
Asia Markets 6/17/2008 (CN)(SNP)

7 Stocks You Need to Know for Tuesday
Tuesday's list includes: Adobe and Best Buy.

Wall Street Breakfast in Seeking Alpha by SA Editors on June 17th.
What you need to know in early trading today.

CANSLIM Star Trader: An Interview with Gil Morales from TradingMarkets.com

The Trend Trader for Tuesday June 17th from BarChart.com

Stocks in focus on Tuesday from MarketWatch

Stocks Rise, but Big Money Isn't Buying In Gary Kaltbaum

10 Best and 10 Worst Performing Industries

July silver was slightly lower overnight due to profit taking as it consolidates some of Monday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near- term. Closes above last Monday's high crossing at 17.670 are needed to confirm that a short-term low has been posted. If July resumes last week's decline, May's low crossing at 16.055 is the next downside target. First resistance is Monday's high crossing at 17.470. Second resistance is last Monday's high crossing at 17.670. First support is last Thursday's low crossing at 16.250. Second support is May's low crossing at 16.055.

Are the Saudis trying to bring down the price of oil? What should we make of the Saudi’s call for the heads of state of oil consuming and producing countries -- meaning all countries -- to meet to discuss oil? To answer this question, oil guru, Jim Kingsdale has written a long, detailed, intelligent piece. His conclusion: Stay away from the oil market for now. Stick with the shipping and oil services and drilling companies rather than the E & P’s (exploration and production companies). You must read his important piece at Energy Investment Strategies.

Solutions to Achieving Outperformance in a Low Return World