Weekly Stock Trader Newsletter, October 5, 2009
The Week Ahead: The unemployment rate creeps up to 9.8% with over 7 million jobs lost since December of 2007. The U-6 unemployment rate now tops 17%. The Fed's expected to keep rate hikes on hold for a while. Watch the consumer credit report on Wednesday, and the kick-off to earnings season for the third quarter with Alcoa (AA) reporting first. Chain store sales figures are released Thursday along with wholesale trade numbers and the weekly jobless claims. The week ends with the August trade balance report.
Stocks to Watch: PNC Financial Services (PNC) received a downgrade by a major brokerage on concerns that earnings estimates are too high. Like many volatile bank stocks this one has tripled its March low. Invesco (IVZ) is seen as the leading contender to acquire Morgan Stanley's Van Kampen Fund business. Amdocs Limited (DOX), a software company, received a downgrade by BoA/ Merrill Lynch because it sees little upside from current price levels. The Steifel Nicholas brokerage is upbeat on Nu Skin Enterprises' (NUS) anti-aging product.
Special Note: The support line drawn off the March and July lows has been breached on the S&P 500 and Nasdaq Composite indexes. The Dow Industrials is the only hold out of the three.. This doesn't preclude another rally to a higher high, but diminishes the bullish momentum in the markets achieved until now from the March low. The topping process is complete or nearly so with the potential of one more zigzag higher to the 10400 level on the DOW by January, but this is far from certain. The area surrounding 9000 is the next significant area of support.
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: PNC Financial Services (PNC) received a downgrade by a major brokerage on concerns that earnings estimates are too high. Like many volatile bank stocks this one has tripled its March low. Invesco (IVZ) is seen as the leading contender to acquire Morgan Stanley's Van Kampen Fund business. Amdocs Limited (DOX), a software company, received a downgrade by BoA/ Merrill Lynch because it sees little upside from current price levels. The Steifel Nicholas brokerage is upbeat on Nu Skin Enterprises' (NUS) anti-aging product.
Special Note: The support line drawn off the March and July lows has been breached on the S&P 500 and Nasdaq Composite indexes. The Dow Industrials is the only hold out of the three.. This doesn't preclude another rally to a higher high, but diminishes the bullish momentum in the markets achieved until now from the March low. The topping process is complete or nearly so with the potential of one more zigzag higher to the 10400 level on the DOW by January, but this is far from certain. The area surrounding 9000 is the next significant area of support.
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
6:55 AM
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