Weekly Stock Trader Newsletter, June 15, 2009
The Week Ahead: The Nasdaq Composite's rise for 13 out of 14 weeks leads all major indexes from the March low. Gas prices have risen 45 straight days as the summer driving season unfolds. Tuesday the Producer Price Index, housing starts, and the industrial production numbers are released. Wednesday brings the Consumer Price Index along with the oil and gas inventory report while the jobless claims figures arrive on Thursday.
Stocks to Watch: Cabot Corp. (CBT), according to J.P. Morgan, expects to cut its annual dividend as poor market conditions persist. Volcan Materials (VMC) priced an 11.5 million share offering after cutting its quarterly dividend by .24 the day before as the stock lifted from a recent low. Alaska Air Group (ALK) announced a $50 million share buyback plan as the stock has been under performing relative to the market. Savient Pharmaceuticals (SVNT) rose over 50% on an FDA report that their gout treatment appeared effective in two recent studies.
Special Note: The Dow Industrials joined the Nasdaq Composite and S&P 500 by closing in positive territory for the year. The next step to watch for is whether the DOW can penetrate to new highs for the year above the 9088 high from January. If not a possible inter-market bearish divergence would be setting the market up for a significant reversal. Already lagging badly are the Dow Transports and Dow Utilities as both these indexes are still well off there 2009 highs.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
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NobleTrading Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading
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Stocks to Watch: Cabot Corp. (CBT), according to J.P. Morgan, expects to cut its annual dividend as poor market conditions persist. Volcan Materials (VMC) priced an 11.5 million share offering after cutting its quarterly dividend by .24 the day before as the stock lifted from a recent low. Alaska Air Group (ALK) announced a $50 million share buyback plan as the stock has been under performing relative to the market. Savient Pharmaceuticals (SVNT) rose over 50% on an FDA report that their gout treatment appeared effective in two recent studies.
Special Note: The Dow Industrials joined the Nasdaq Composite and S&P 500 by closing in positive territory for the year. The next step to watch for is whether the DOW can penetrate to new highs for the year above the 9088 high from January. If not a possible inter-market bearish divergence would be setting the market up for a significant reversal. Already lagging badly are the Dow Transports and Dow Utilities as both these indexes are still well off there 2009 highs.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading
Online Futures Trading, Online Forex Trading
Worldwide Brokerage Service, Day Trading Brokerage
posted by Daniel Pipitone at
5:50 AM
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