Sunday, July 27, 2008

NASDAQ Technical Picture - Chop Fest

The Nasdaq was up 1.33% at 2311, that was quite a bit better than the S&P +0.42% and the DOW +0.19%. Coal was the leader along with wireless and internet software. The laggards included Auto -4.0%; Printing -3.2%, Apparel and Accessories -2.5%.Volume was down about 20% on the session following Thursday's plunge lower. With oil off some $24.00 from the record high July 11th, it should start to retrace some of that loss soon.

Next week look for key economic data with GDP on Thursday and Jobs data on Friday. Key earnings from V and MA on Wed, and Thursday respectively, will give a better idea how the consumer is holding up. Other companies reporting this week include: Monday: KFT, TSN, AMGN, UHS, Tuesday: COH, HERO, MSO, MHP, NOV, X, UA, VLO, BBOX, BWLD, DWA,... Wednesday: GRMN, HES, HUN, AKAM, CLF, DRIV, ESRX, FSLR, SBUX, DIS... Thursday: AET, MO, AZN, CVC, DSX, D, EK, EXPE, XOM, GT, MRO, KLAC, MPWR, MNST, SGMS... Friday: BYD, CI, FE, JAVA.

Events: Fed Gov. Mishkin scheduled to speak tomorrow.

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