NobleTrading Newsletter, October 19, 2009
The Week Ahead: Markets recoiled Friday after an unexpected drop in October consumer sentiment and a reported $1.4 trillion budget deficit. In addition, Bank of America's $1 billion loss and GE's reduced bottom line versus a year ago did not help. Watch the PPI report along with the housing starts number on Tuesday. Jobless claims are due on Thursday along with September's Leading Economic Indicators from the Conference Board. Existing home sales are released on Friday.
Stocks to Watch: Apple Computer (AAPL) will release its widely anticipated quarterly results on Monday. Other significant earnings reports include Boeing (BA), Ebay (EBAY), and Wells Fargo (WFC) all released on Wednesday. Cytec Industries (CYT), a specialty chemical producer, beat estimates for Q3 by .23 and increased full year guidance for '09 as the stock regained levels last reached in October '08. Cryptologic Limited (CRYP) which develops internet gaming software sank hard after forecasting a Q3 trading loss of $3.4 million.
Special Note: Stock indexes look to complete very near term peaks in momentum as prices approach and push into strong upside resistance between 10,100 and 10,400 on the Dow Industrials, 1100-1125 on the S&P 500, and 2200-2250 on the Nasdaq. The timeframe for these moves could be from now until mid November. Another technical warning comes from the 10-day CBOE total U.S. equity/index put call ratio which has dropped to .755 near levels reached at the 2007 top.
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: Apple Computer (AAPL) will release its widely anticipated quarterly results on Monday. Other significant earnings reports include Boeing (BA), Ebay (EBAY), and Wells Fargo (WFC) all released on Wednesday. Cytec Industries (CYT), a specialty chemical producer, beat estimates for Q3 by .23 and increased full year guidance for '09 as the stock regained levels last reached in October '08. Cryptologic Limited (CRYP) which develops internet gaming software sank hard after forecasting a Q3 trading loss of $3.4 million.
Special Note: Stock indexes look to complete very near term peaks in momentum as prices approach and push into strong upside resistance between 10,100 and 10,400 on the Dow Industrials, 1100-1125 on the S&P 500, and 2200-2250 on the Nasdaq. The timeframe for these moves could be from now until mid November. Another technical warning comes from the 10-day CBOE total U.S. equity/index put call ratio which has dropped to .755 near levels reached at the 2007 top.
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
7:07 AM
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