................................................Technical Analysis Focused on Price Action Setups, Trade What You See, Follow Your Rules, Plan the Trade, Trade the Plan, Don't Force the Trade Concepts...Price Action Plus Momentum...©
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Tuesday, August 19, 2008
Financials Weak...Energy, Coal, Gold, Steel and Ag Stronger
11:45 ET DJIA -132...SPX -12...Nasdaq -23...RUT -10...SOX -5...Oil +$0.26
In early trading financials, consumer discretionary and industrial sectors continue to be weak while the energy, coal, steel, gold and Ag-related stocks are stronger. Weak financials and strong energy has over the past several weeks been a combination that has led to lower price action for the broad indices and that is the case this morning.
Watch whether price action stays above or breaks below support levels.
Tuesday's Early Action
Moving Up: POT, MA, CNX, MEE, BTU, MOS, X, AGU, ANR, AEM, CLF, GDX, CF, BIDU, SOHU, CLF, FSLR, AAPL, FMCN, LDK
Moving Down: DECK, IBM, MS, PCLN, ONXX, CELG, NIHD, AMLN, PNRA, LAMR, WRC, RIMM, COH, BRC, INFY, LCC, DRYS, GS, LEH, MER,V
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