Saturday, April 26, 2008
Strong Support Bounce in Leading Stocks Amidst Mixed Market
DJIA + 42.91, +0.33%
SP500 + 9.02, +0.65%
NASDAQ Comp. - 5.99, -0.25%
Russell 2000 + 4.81, +0.67%
The DJIA finishes Friday with its highest close since January 3, 2008 and continues to hold above support. The S&P and Nasdaq are holding right at resistance. The Russell 2000 sits several points below resistance.
The markets are in a very narrow trading range over the past six trading days. The market seems to waiting for indications from the Fed’s FOMC meeting which takes place next week on Tuesday and Wednesday, April 29 and 30. Look for the policy statement on Wednesday and 2:15 ET.
The narrow trading range did not keep several of our leader stocks from significant support bounces on Friday.
The non-farm payrolls and unemployment reports will be out before the open on Friday. Estimates are for loss of 80,000 jobs and a 5.2% unemployment rate for the month of April.
Friday’s Action
BIDU +$21.69, DECK +$25.31 both on positive earnings announcements
We alerted you to the support bounce Friday morning occurring in POT, MOS, MON and AGU. Each stock continued moving several dollars higher by Friday’s close. POT was +13.18, MOS +8.12, MON +6.56 and AGU +4.35
Support Bounce
POT, MOS, MON, AGU, CF, CLF, MTL, FSLR, MEE, PCLN, AMZN, SCHN, FWLT
Breakout
MER
Moving Higher
GS, IPI, ESRX
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
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3 comments:
Dave:
I know you are a busy man - I appreciate you taking the time to post on weekend.
I appreciate all you do.
Robert
CANI
Dave,
I jumped on real quick to read your blog and now I am so happy that I did.
I liked reading this "recap" of the past week. This was trendously helpful to me because as a brand new trader...there is so much news and information going on that you can almost go in to an information overload - DAILY! As a new trader, I am finding it more and more necessary everyday on filtering what comes in and learning where to focus my attention..i.e. shutting off the TV and listening to some favorite sources - i have discovered....is RULE #1 !!!
I do hope you continue with this blog. You've been a tremendous help in my learning curve and I know Robert CANI : ) feels the same!!
Bye for now!! Denise S.
Robert, thank you again for your input.
Denise, you accurately state what I have been telling people for a long time...Focus on your rules and forget all the talking heads...Glad to see you are discovering that truth!
DJ
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