Stock Market Trading Newsletter, August 31, 2009
The Week Ahead: Consumer spending picked up but will they continue buying after cash for clunkers and home buying credits end? Watch auto sales on Tuesday along with construction spending and the ISM Manufacturing Index. On Wednesday factory orders are released. The ISM Non-Manufacturing Survey comes out on Thursday to gauge the service sector. The much anticipated August employment report arrives Friday ahead of the long Labor Day Weekend.
Stocks to Watch: Shares of Williams Sonoma (WSM) reached an eleven month high after a Goldman Sachs upgrade due to cost cutting that will lead to much improved margins. Kansas City Southern (KSU) hit ten month highs after a Morgan Keegan note that the company is poised for a better second half. Netezza Corp. (NZ), a data storage firm, beat Q2 earnings estimates despite being only half of last years level. Finally, Trubion Pharmaceuticals (TRBN) signed a pact with Facet Biotech (FACT) to develop a leukemia drug.
Special Note: Has the market reached another major peak? One very important time tested technical indicator that traders use is flashing such a signal now. NYSE TRIN is the advance/decline ratio divided by the up/down volume. Smoothed over a 21-day moving average it shows a level of .880 just lower than what was reached in October 2007 at .881 when the Dow Industrials reached an all time closing high.
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
Stocks to Watch: Shares of Williams Sonoma (WSM) reached an eleven month high after a Goldman Sachs upgrade due to cost cutting that will lead to much improved margins. Kansas City Southern (KSU) hit ten month highs after a Morgan Keegan note that the company is poised for a better second half. Netezza Corp. (NZ), a data storage firm, beat Q2 earnings estimates despite being only half of last years level. Finally, Trubion Pharmaceuticals (TRBN) signed a pact with Facet Biotech (FACT) to develop a leukemia drug.
Special Note: Has the market reached another major peak? One very important time tested technical indicator that traders use is flashing such a signal now. NYSE TRIN is the advance/decline ratio divided by the up/down volume. Smoothed over a 21-day moving average it shows a level of .880 just lower than what was reached in October 2007 at .881 when the Dow Industrials reached an all time closing high.
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
7:13 AM
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