The stock market once again shook off weaker than expected economic data in anticipation of another Fed rate cut next week.
Wall Street Source::
U.S. Stocks Climb on Lower Commodities; GM, MBIA, Banks Advance U.S. stocks fell sharply Wednesday, weighed down by weak retail sales, ongoing worries about
http://www.wssource.com/free/markets.php?&tabkey=home&sidekey=free_mrktHOME |
The Nasdaq surged 30 to 1360, the S&P 500 gained 15 to 900, and the Dow rose 120 to 8517. Volume declined to 1.46 billion shares on the NYSE, but rose to 1.84 billion on the Nasdaq. Advancers led 23 to 9 on the NYSE, and 22 to 10 on the Nasdaq. Upside volume was 75% on the NYSE, and 86% on the Nasdaq.
After the close, a court ruling on the Microsoft antitrust case left most of the settlement with the Justice Department intact. Microsoft surged more than 3 points after hours on the news.
During the day, Overture fell 16% on a Salomon Smith Barney downgrade.
Intuit hit a new 52-week high on a positive mention in Business Week.
Altiris and Nextel also hit new 52-week highs.
Cisco, Qualcomm and Computer Sciences rose ahead of earnings reports next week.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
The negatives for this market remain the paucity of new highs (42 on the Nasdaq and 32 on the NYSE today) and the lack of expanding volume on up days for the NYSE. Those are not small quibbles, because they mean that investors remain unsure about paying higher prices for stocks. Otherwise, the picture remains generally positive. Sellers are nowhere to be found, and the equity put-call ratio has yet to have a single close below .50, showing that a healthy level of skepticism remains. One sentiment indicator to keep an eye on is the VIX, the options volatility indicator (first chart below). If the VIX breaks its August low before the stock indexes take out their August highs, it would create a bearish divergence in sentiment. The index is falling fast enough at this point to make that scenario possible. The Nasdaq (second chart) had a beauty of a breakout today. First support is now 1347, and 1330 is critical. First resistance is 1388, and 1427 is critical resistance. The Dow (third chart) and S&P (fourth chart) must now confirm the Nasdaq's new rally highs by taking out 8558 and 907, respectively. 8726-8762 and 911-924 are resistance above those levels, and critical support is now 8100 on the Dow and 860 on the S&P.
TheSpoof.com : The great stock climb controversy funny satire story::
Its an old Wall Street saying Stocks must climb a wall of worry in order to peak climb a wall of worry in order to peak at the high point of investor concern.
http://www.thespoof.com/news/spoof.cfm?headline=s8i4559HOME |
S&P mark bit of a surprise -- South Florida Sun-Sentinel.com::
a day for a milestone in Wall Street optimism, Wednesday would not have the old saying that stocks climb a wall of worry, David Blitzer, chairman of the
http://www.sun-sentinel.com/chi-070531barnhart-column,0,7541364,full.columnHOME |
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