Anyone who read my weekend update was not surprised by today's market. All of those dojis and stars were screaming reversal. Today's lower volume is likely due to the fact that the selling did not take hold until after 2:00 EST. Is this mere profit taking or the start of a deeper corrective phase? I don't know, but the rounded top on the 60 minute chart implies that we have an over supply at this level. In the short-term I am targeting the area 2500 - 2480.Economic calendar: ISM index at 10:00.
Companies moving in after hours trading in reaction to earnings: Trading Up: SPAN +9.5%; SVR +9.3%; CHE +8.6%; MTW +6.3%; WMGI +5.5%; AMCS +5.1%; GMRK +3.8%; DPL +3.0%; DVSA +2.4%; FMC +2.0%; FEIC +1.8%; BRKR +1.7%; TXRH +1.7%; XPRT +1.7%; FFIC +1.6%; MEDI +1.5%; BTFG +1.4%; DW +1.2%; YDNT +1.0%... Trading Down: ROCM -10.5%; IVAC -10.2%; VMC -7.9%; RCII -6.6%; RIMG -3.4%; GNW -2.2%; SMSC -2.1%; VRTX -1.4%; AUDC -1.3%; CVA -1.2%; EXAC -1.1%; CTX -1.0%...
Companies moving in reaction to news: Trading Up: EDS +3.3% (Coca-Cola FEMSA extends relationship with EDS); VASC +2.7% (announces initial sales of Thrombi-Pad 3x3 Hemostat to King Pharmaceuticals); TRY +1.9% (provides update on corporate restructuring); SKX +1.9% (wins major victory in Asics lawsuit)... Trading Down: CC -8.0% (revises FY07 results and lowers FY08 outlook); AHM -4.2% (announces public offering comprised of 4,000,000 shares of its common stock); UAUA -1.0% (United Airlines signs five-year beverage agreement with Coca-Cola).
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