Weekly Stock Market Update, April 6, 2009
The Week Ahead: A jump in the unemployment rate to 8.5% was not enough to halt the current rally indicating the markets have discounted much of the bad news already. Reports to watch this week include consumer credit on Tuesday along with the minutes of the FOMC March meeting. Jobless claims which seem to be a leading indicator for the employment report are due out on Thursday along with import prices for March. Friday, the markets are closed for the Good Friday holiday.
Stocks to Watch: Shares of Novo Nordisk (NVO) declined sharply on word the FDA may delay the launch of its new diabetes drug Liraglutide and may be only the beginning of larger declines if the stock breaks a lateral trading range between 42 and 56. Zep Inc. (ZEP), a cleaning products company, received a downgrade from a major brokerage after the stock had nearly doubled since early March. Bristol-Myers Squibb (BMY) was downgraded as well in part on valuation and that odds of a takeover are fading.
Special Note: The countertrend rally begins its fifth week with the major indexes near term overbought on many technical measures including stochastics. Enough momentum has manifested itself since the low a month ago that any pullback from here may act as a pause to refresh. With one week left until first quarter earnings releases start, the markets may sense a little trepidation this week ahead of the extended holiday weekend ahead.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
Stocks to Watch: Shares of Novo Nordisk (NVO) declined sharply on word the FDA may delay the launch of its new diabetes drug Liraglutide and may be only the beginning of larger declines if the stock breaks a lateral trading range between 42 and 56. Zep Inc. (ZEP), a cleaning products company, received a downgrade from a major brokerage after the stock had nearly doubled since early March. Bristol-Myers Squibb (BMY) was downgraded as well in part on valuation and that odds of a takeover are fading.
Special Note: The countertrend rally begins its fifth week with the major indexes near term overbought on many technical measures including stochastics. Enough momentum has manifested itself since the low a month ago that any pullback from here may act as a pause to refresh. With one week left until first quarter earnings releases start, the markets may sense a little trepidation this week ahead of the extended holiday weekend ahead.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
posted by Daniel Pipitone at
5:41 AM
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