MARKET MOVERS-Market Technical Commentary
Wednesday, October 15, 2003
A R G U S R E S E A R C H C O M P A N Y • 6 1 B R O A D W A Y • N E W Y O R K, N. Y. 1 0 0 0 6
Market Technical Commentary
Encouraged by the markets ability to rebound after a slow
start Tuesday, we are going with the flow and maintaining
our bullish outlook for the near term. The favorable outlook
goes back to the Oct 3 rally triggered by the stronger-than expected September employment report. The response to
that jobs rally has been follow through. In the sessions that followed, the major averages not only held their gains, they extended them. Although there is worry that the markets have run too far ahead, the near-term bias continues to favor additional upside, and the longer-term bias remains bullish as well.
As far as the Nasdaq is concerned, traders should
continue favoring long positions on pullbacks to support. It
would likely take a violation of support at 1,878 before the
bullish near-term bias might be placed in question. In the
very near term, the index faces initial support at 1,925,
followed by a more significant floor ranging from 1,914 to
1,917. Conversely to the upside, after breaking through
initial resistance at 1,938 on Tuesday, additional overhead
becomes a factor in the area of 1,950.
Strengthening Sectors
Industrial, Financials
Weakening Sectors:
Consumer Staples, Utility, Healthcare
For more detailed sector analysis, consult the IPG.
Recent picks still attractive:
TDW, SEBL, HPQ, HON, UTX, AMZN, LOW, MHX,
GYI, FISV, DHR, MMM, ADI, FTB, PG, GSK, SPG,
KBH, SPH, HNZ, GIS, ADBE, CMCSA, ITW, MOT,
MHX, WMI, MSFT, KEYN, IBM, D, CIEN, NT, KEYS,
BSX, ORCL, WM, AA, JBL, WMT, KSE, COF, MRK
Recent picks no longer attractive:
EK, ED, WB, FNM, WAG, PFE
Trending Focus List Stocks:
BAC, PEP, SPH, FDRY, QCOM |
