The Market Vu Morning Report for 11/6/2003
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>***On Oct.20 we started providing listeners "live" conference calls. This is playing off very well in after hours trading. Yesterday we played CSCO after the bell.
There is great opportunities pre and after market. Stay with the show to see how some of the VU TEAM plays these earnings.
>The VU Team has put together a swing list of high ranking stocks that are forming great patterns. These are the stocks we feel will lead us in the next leg up. Ask about them on the show.
>We have 1 pair trade working since last week.>>Short INTC& longTXN(1/2 share OF INTC/1 share OF TXN) which we are getting ready to close out. Listen to the show during the day.
>There are no Econ Reports during market hours.
>FCEL: On Wensday pre market news came out , "FuelCell Energy and Enbridge sign distribution agreement". We sold ¾ of our position that we were long from our intra day post on Monday when news hit Briefing.com. Thank you pikers.
Hopefully listeners followed the end of day CSCO play that some of the VU Team was talking about during the day.
BRCM has an analyst meeting and BEAS has a Conference today.
Earnings after the bell are:ATVI,ARXX,ASYT,CMLS,ENZN,NVDA,PIXR,VSAT,HLTH.
CSCO pre market activity has me worried as no ecn's are stepping up to the plate.
Gapping Up/Down : Pre-market movers of note include CSCO +5% (beats by $0.02, Piper Jaffray and RBC upgrades), ICAD +31% (receives FDA approval), DRRX +19% (positive clinical results), LIPD +18% (positive JAMA article), PDII +12% (raising guidance), ARXX +11% (beats by $0.01, guides higher), NTPA +9% (beats consensus), ESPR +6%, MAR +3% (Smith Barney upgrade)... On the downside, ULTE -18% (guides below consensus), LENS -12% (misses, guides lower), HYGS -6% (trims revenue guidance), NENG -6% (reaction to earnings), PSUN -5% (poor Oct comp sales).
>From the desk of www.CANSLIM.net
MORNING MARKET COMMENTARY - Thursday, November 6th, 2003
Only Slightly Better Economic Data Makes Markets Mixed
By James Taulman, Editor in Chief, and the staff of - www.CANSLIM.net News
Wednesday the Dow Jones Industrial Average lost 18.00 points or -0.18%, closing at 9,820.83 while the bellwether S&P 500 Index lost 1.44 points or -0.14% ending the session at 1,051.81. The New York Stock Exchange volume total decreased 1% from the prior session total to 1.36 billion shares as big board advancers led decliners at 1,638 to 1,588 and there were 276 new 52-week highs and 9 new lows. The Nasdaq Composite gained 1.41 points or +0.07%, closing at 1,959.37 and the Nasdaq exchange's volume total fell 5% to 2.03 billion shares. On Nasdaq advancers led decliners 1,593 to 1,562 with 312 new 52-week highs and 9 new lows.
SPMentor: www.spmentor.com
Nature's Force E-Letter Report
Nov 6th 2003
Good Day,
SPMentor: On the upside
Levels above the current price
1054.50, 1057.00, 1060.50, 1065.00, 1068.00-1069.25, 1075.50
On the downside
Levels below the current price
1051.75, 1048.75, 1043.25, 1038.75, 1031.75, 1027.50
SPMentor: Review from yesterday
SPMentor: also please post.
SPMentor: Nov 6th 2003
Good Day,
The Globex session took out the 1050.00 low point mentioned in yesterdays day session. The Globex session went into a one to one at 1047.75 with multiply Fibonacci relationships tying into that low. The market rallied off the one to one, the day session opened below the 1050.00 break point on the day session and went into a sell hook. There was no downside on that sell and the market was showing signs of breaking to the upside and a breakout buy was triggered back above the 1050.75 minor resistance.
It was profit taking into the highs minutes before the Economic reports were due. On the report the market pushed right into a one to one at the 1054.50 high. It was sells off the pattern after the 9:00 am CST report.
The market gave a few other sell opportunities along the way. A minor one to one correction at 1052.75 along with the break of 1050.75 and 1048.50 lows. The market continued down into the larger degree .382% retracement of 1043.75. That was off the last significant low of 1016.25 to the last significant high of 1060.50. There was also previous support at that level. At that time the day session range was 11.75 points, the .382% was at 1047.50 and the market traded within a range during the lunch time hours. The market tested the low of the day and came short at 1044.50 off the .382% of the day. That was a bullish sign added to the known .382% of the larger degree. The 50% retracement along with two one to ones tied together at the 1048.75 break point. It was a sell at that point but the market showed no signs of downside reaction of that level. That was another bullish sign. The key clincher that this was going higher before the breakout above 1049.00 was the minor one to one at 1046.50 which also was a 50% retracement of the last wave up of plus four point. From there the market rallied back to the 1054.50 highs of the day. Take a look at the 60 minute chart to see the clear support off the 1043.25 low. This market is now set to make a test at the .382%(1068.20) of the largest degree on the cash market once the MOB Point of 1054.50 has been broke.
FUTURES VOICE MORNING CALL
KwikPoints Morning Update for Thursday, November 6.
Economic Reports:
7:45 Rate Discussion
8:30 Productivity: forecast 8.5% (prior 6.8%) actual: 8.1%
8:30 Jobless Claims Forecast 380K (prior 386K) actual 348K
10:00 Greenspan speaks to the Security Industry Association
1:45 Fed Gov Bernanke Speaks
(all times EST)
Value Area: 1044.20 - 1050.60
Key MAs: 1049.40, 1043.90
Resistance:
Currently trading at a key area of 1050 and 8:47. Above this is 1054 - 1054.50 as a major area. Then 1056.50, 1058, and another major at 1060.50. Then 1066.20 and another major at 1068.90, then 1074.
Support:
Major support at 1047 then 1043.50, major at 1041.50-1042 and another major 1039. Below that, look for 1036.50 and 1032, and major at 1027.50
The key number this morning was unemployment coming in below expectations. As we have mentioned before, on the longer term horizon (daily chart), the fundamental economic data we are seeing is generally good (bullish). This quarter, the numbers seem to continue that trend. Bonds are down considerably this morning. Watch for indications of inflow into stocks today if that continues.
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