Weekly Stock Trader Newsletter, May 18, 2009
The Week Ahead: Thousands of job losses will be threatened at General Motors under the expected announcement by June 1 of the company closing 1100 dealers. Many commercial real estate sites would hit the market with these closings. The NAHB Housing Market Index is released on Monday and April housing starts on Tuesday. The minutes from the Federal Reserve April meeting are due on Wednesday while the leading economic indicators and jobless claims figures come out on Thursday.
Stocks to Watch: American Dairy (ADY) reported a big leap in Q1 earnings as the company is receiving top dollars for premium milk counter products including baby formula and the stock hit an all time high. Wuxi Pharmatech (WX) surged on reported earnings much higher than had been estimated, but the stock could be at resistance in price on a near term basis. OSI Pharmaceutical (OSI) received mixed results in its Tarceva lung cancer drug trial but not to the extent analysts had hoped for.
Special Note: Although the worst week in the last 10 for the market, many believe stocks had gotten too far ahead in sectors such as financials, industrials, and discretionaries which lead the way with some excessive valuations. The Nasdaq is the only major index so far to eclipse its January 1 start. This bears watching as a possible leading indicator for the Dow Industrials and/or S&P 500 to possibly do the same after the current correction completes itself.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
Stocks to Watch: American Dairy (ADY) reported a big leap in Q1 earnings as the company is receiving top dollars for premium milk counter products including baby formula and the stock hit an all time high. Wuxi Pharmatech (WX) surged on reported earnings much higher than had been estimated, but the stock could be at resistance in price on a near term basis. OSI Pharmaceutical (OSI) received mixed results in its Tarceva lung cancer drug trial but not to the extent analysts had hoped for.
Special Note: Although the worst week in the last 10 for the market, many believe stocks had gotten too far ahead in sectors such as financials, industrials, and discretionaries which lead the way with some excessive valuations. The Nasdaq is the only major index so far to eclipse its January 1 start. This bears watching as a possible leading indicator for the Dow Industrials and/or S&P 500 to possibly do the same after the current correction completes itself.
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
6:52 AM
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