-- Tuesday, November 3 --
VOTING FOR CALM
In the wake of recent rallies, and with a lack of economic indicators, the Dow ends a lethargic day absolutely unchanged.
Bingo! How often does the Dow close precisely flat for the day? The last time was on December 2, 1996. Does this count as a non-vote in the ongoing bull-bear struggle on an election Tuesday? Most analysts count today as breathing space. The Dow enjoyed its largest one-month gain in twelve years during October, and yesterday kicked off November in the same spirit. with earnings season drawing to a close, institutional traders are taking time to asses the rally against the earnings, and see if current index levels are justified.
Internet stocks dragged the Nasdaq downward, led by high-volume gambles AOL, COMS, YHOO, XCIT, and SUNW.
The bond market responded to international events, remaining higher after Spain and Sweden cut lending interest rates.
TIDBITS: K-tel, the music retailer, continued its roller-coaster investor experience in a big way. Share price almost doubled today after Playboy.com, which enjoys about 60 million hits per month at its Web site, announced a partnership with K-tel to sell music through the Playboy site.
SECTOR WATCH: Energy and utility stocks, traditional safe havens when the rest of the market isn't spiking upward, poked slightly into positive territory today. Small-cap stocks failed to buck the flat market trend, but didn't lose ground either, ending with a very slight gain overall.
TECHNICAL ANALYSIS: What a difference a change in perspective makes. Looking at the Dow's daily chart reveals that the index has pierced its resistance level of 8,500. A glance at the weekly chart, however, indicates a different story, as the Dow appears to continue climbing out of a deep valley in pursuit of a resistance level of 9,000. which is true? Both. Every long-term trend is punctuated by short-term patterns. CHART: bradhill.com
LOOKING AHEAD:
Wednesday: As earnings season winds down, look for Cisco Systems (CSCO) to report quarterly numbers tomorrow.
Friday: Emplyment Report from the Bureau of Labor Statistics. 8:30 am EST. (http://biz.yahoo.com/c/terms/emp.html)
===================================================================
Closing Bell -- a daily market update.
See it to believe it! Read online or subscribe free.
bradhill.com
** Index closings; Advance-Decline; gainers & losers
** Essential information for those who have a life
** Links to essential news stories around the Web
** Concise text summary of the day, with a sense of humor
** Links to news sites and investment advice sites
** No graphics; no Java; no delays; nice design
** Built for beginners; informative for everyone
Thank you for reading, and good luck to everyone.
Brad Hill
bradhill.com |
