Markets gapped up Friday on MSFT earnings and CFC guidance. Technology and Finance together comprise 35% of the S&P, so with MSFT and CFC as positive catalysts, it had to move markets higher. However, there was no follow-thru on the NAZ. As we can see from the 15 minute time frame above, the NAZ spent the morning retracing back to support at the 38% Fibonacci retracement level of the previous day low to the ORH. Also, note that the volume on the QQQQ chart is dismal. What's more, the volume pattern in general for the Qs has been higher on the sell side in the past few weeks as momentum weakens. With the exception of the previous Friday's sell off, volatility on the SPX has been lower as it slowly crawls back towards a retest of former support (now resistance).
In a way, Countrywide stole Microsoft's thunder, but at the end of the day, it turned out that there was plenty of buying interest to go around. All 10 major economic sectors ended the session with a gain and seven - financial (+2.5%), technology (+2.4%), materials (+1.7%), utilities (+1.5%), energy (+1.1%), telecom (+1.1%) and consumer discretionary (+1.0%) - scored gains of 1.0% or more.
A big week ahead in terms of economics, with Fed policy on Wednesday and jobs data on Friday. The market has already priced in a 0.25 basis pt. rate cut, so it'll be interesting to see how things play out. Is the market getting ahead of itself or does the data really support another rate cut? Or does it even matter, if Big Ben has his mind set on pleasing the markets???
Stocks over $5 posting the largest percentage loss over the last five sessions include: WSFG -55%, EPAX -51.5%, TRID -49.1%, PALM -46.6%, RGR -37.2%, VDSI -33.3%, ORCC -33.1%, RVBD -32%, ALGN -31.5%, ADVNA -30.5%, ADVNB -30.2%, BBSI -26.7%, ACLI -26.4%, SCA -25.9%, HAFC -24.3%, PFB -23.9%, ABK -23.1%, ANAD -22.5%, HLYS -21.3%, ASTE -21.2%, CLAY -20.5%, FFIV -19.8%, BCSI -19.6%, SPAR -19.2%, VVTV -18.9%, ALTR -18.6%, UCTT -18.5%, GVA -18.4%, MINI -18.3%, ICTG -18.1%, BRCM -17.7%, BW -17.5%, SVVS -16.3%, EFII -16.0%, MGI -15.6%, FORM -15.6%, CALD -15.4%, CATS -15.3%, ZMH -14.7%, RDN -14.4%, SUPX -14.2%, MBI -14.2%, UIS -14.1%, PLT -14%, ARNA -13.9%, OREX -13.9%, HYTM -13.8%.
Stocks over $5 posting the largest percentage gain over the last five sessions include: TMTA +166.3%, DV +46.4%, DAIO +44.8%, MRCY +44%, RTSX +43.1%, SCON +34%, ASIA +31.5%, WWIN +31.5%, SCSC +31.2%, BZH +30.6%, VSL +30%, TRCR +29.4%, ZRAN +28.5%, CDS +28.2%, FLML +27.1%, RNOW 19.8%, ABAX +26.2%, CMCO +26.1%, CYD +25.6%, EJ +24.2%, ATRM +23.4%, MICC +23.2%, TSO +23.1%, ARCI +22.9%, MTH +22.7%, MEE +22.4%, ASCA +22.3%, MTL +22%, HMIN +21.9%, VGZ +21.7%, CPWR +21.4%, SOHU +21.4%, VPRT +21.3%, FDP +21.2%, GHDX +20.6%, AXYS +20.5%, ANO +20.5%, CEC +20.4%, GMO +20.2%, SLT +20.2%, WFR +20.1%, AVTR +20.1%, BOW +20%, HXL +20%, IBN +19.8%, EDU +19.6%, LUNA +19.6%, SPWR +19.6%, CSH +19.6%, IDP +19.3%, DXPE +19.1%, AMRI +19%, GHM +19%, USEG +18.8%, NUVA +18.7%, TQNT +18.4%, HDB +18.2%, RYL +18%, WDR +18%, GLDN +17.8%, MTE +17.8%, FMER +17.7%, WU +17.7%, VAR +17.4%, EPAY +17.4%, PSD +17.3%, STP +17.2%.
Companies of interest reporting this week: Monday - HUM,K, NWA, SCHN, VZ, ATHR, CO, FDG, PWAV, SOHU, UHS, VRTX. Tuesday - AL, BEAV, CRDN, FSRV, GT, HLT, MGM, PG, SIRI, TEVA, X, UA, CMG, DWA, IVGN, WYNN. Wednesday - ALU, GRMN, KFT,MA, NEM, SGR, WY, ABX, MET, SMSI, SUN. Thursday - CNQ, EK, ZEUS, BEBE, CROX, ERTS, ITRI, LDK, OTEX, SYNA. Friday - DUK, CI, CVX, LNT
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