Commentary for Tuesday September 11th:
The Kansas Fed Manufacturing Survey was released yesterday and it showed a nice improvement compared to July and even broke-out on the upside on a year to date chart. This supports the improvement we saw in last weeks National Association of Purchasing Managers index. The Richmond Manufacturing Survey for August is released today at 10:00 AM ET.
Consumer Credit during July continued to be very constrained. It appears the consumer is limiting any more borrowing, however debt remains high.
Kicking off warnings season, AAR Corp (AIR), Allied Waste (AW), Newport (NEWP), Valspar (VAL) and Vitesse Semiconductor (VTSS).
But a few re-affirmed guidance, Pfizer (PFE), PRI Automation (PRIA) and Xilinx (XLNX).
And...Northrop Grumman (NOC) even issued an upside pre-annoucement.
H.J. Heinz (HNZ), a newly added Journal stock, reports earnings before the open tomorrow.
Looking later in the week, we get earnings from Adobe (ADBE) and Oracle (ORCL) after the close on Thursday.
The market internals continued to weaken on Monday. But, the screened stock ratio saw the first strengthening it has seen in days, yet still negative at 17.0 to 3.3 favoring selling. However, the 7-day moving average of the screened stock ratio has not reversed. Market risk remains high, indicating another "lite" mode day.
The strongest groups on Monday had to be the Food and Beverages and the Personal and Household Products. Biotechs and Healthcare held up, oils were quiet.
Below is the watchlist for September 11, 2001. The alert price is approximately 20 cents above the previous days high, depending on the recent movements. This alerts us to the potential movement of the stock.
ABS
ADVP
AMG
BVF
MYL
RCGI
ROST
SFD
UNH
XCAR
This weeks newsletter can be read at: savvy-trader.com
We are still taking comments and suggestions...Thanks in advance.
Good Trading!!
Sam
savvy-trader.com |
