| Weekend Report |
| May 1, 2005 |
Hi Everybody: The roller coaster continues although it wasn’t as bad as the previous week. But we were Up/Dn/Up/Dn/Up on the Naz. By just looking at indicators you’d think the Naz was way down for the week….The Naz A/D/U was 1307/2014/66 Hard to believe that the Composite only lost 10 points. The Naz New Highs/Lows was even worse last week at 96/486. On a more optimistic note the 10 day Vol. MA up line crossed upwards through the down line on the Naz. (and the NYSE) However, every time this has happened the Naz has quickly reversed this year. Naz vol. only averaged 1.82 bil. last week…but it picked up on Thursday and Friday. It was also a good sign that the Naz bounced off support at 1889 on Friday. The DJIA closed up for the week…But in April, which has historically been the best month of the year, the index had its largest monthly drop since January 2003. At this point there isn't much to get excited about for intermediate term traders, but everyday there seems to be an abundance of daytrading opportunities. After hours on Friday the volume was the highest of the week at 98 mil. A/D vol. was almost equal…But the A/D/U was 677/2844/1272. Corixa was + 37.2% on 102,000 shares. A/D/U for other indices were DJIA 17/13/0 DJ Comp. 33/32/0 NYSE 1856/1655/77 and the AMEX 501/560/70. The DJ Super Sectors were 4/6/0. The top DJ groups for the week: Forestry (A fellow forum member mentioned that Smokey The BEAR resides in this group), Waste and Disposal, Consumer Finance. The worst groups were Gold Mining, Steel and Nonferrous Metals. Not much to get excited about either way with these groups. Be sure to listen for the FOMC announcement on Tuesday at 2:15pm EDT. Let’s hope they keep the word “Measured” in their announcement. Just looking at the technical indicators I follow, it appears that the Naz could rise a little short term…But overall, I am neutral on the market direction again this week. I think the NYSE looks better at this point than the Naz. Short Interest hit another record high on April 15th…Check the Short Interest page over to the left. The stocks listed below are not recommendations. They are simply securities that meet particular criteria. If you find any of interest, you should do your own research. Cup w/ Handles DPZ CHD RRGB DWA Look at a weekly chart to see the pattern on these: SORC ADEX RATE Flat Bases/Low Volume BONT BLUD UPCS HAE TIMHY FLOW Also watch BGC 50 dma moves upward through 200 dma KYPH RSI(14) moves upward through 30 BBA MECA MERX WLM AVY EMA WSH NYT DJ PETC CTL BHE VCG RSI(14) moved upward through 50 AND an MACD crossover NYFXE SYMM ZRAN ITT WFMI PDX JP OCR DCOM MC GKIS ADVS BFAM HUM Generally bullish short term technicals Nothing to report here this week Extremely Oversold DECK VC RUS INFT OFG DRL RGF Friday's new highs, closed up on at least 2x ADV MCRS CNXS SZ DIOD RSG AHL EOP PGIC LIFE CTHR CHL FCN TRZ BBK KTII SRDX PRLS SGDE ARRS AWGI SOCB Sectors/Groups Rather than sit here and type all this, I’m just going to give you some sites so those who are interested can check them if they want to. Top Sectors on Friday Worst Sectors on Friday …If you have Dow Jones News you can see these every hour on the hour until the market closes. Top Groups on Friday Worst Groups on Friday …You can view these at http://tal.marketgauge.com/MGHome/PHSReportsIndex.asp Top Indices on Friday Worst Indices on Friday …You can view these at http://americanbulls.com/Indices.asp Top DJ Indices for the week Worst DJ Indices for the week …You can view these at http://cbs.marketwatch.com/tools/industry/default.asp?siteid=mktw&bcind_ind=bc_top&bcind_period=1wk You can change the timeframe if you wish. Site Watch Looking for Canslim type ideas? This site offers a great value: GabrielsMoneyPage.com Looking for the worst stocks… http://uglychart.com/ This guy seems sharp http://www.thekirkreport.com What is a Head and Shoulders pattern? http://www.chartpatterns.com/headandshoulders.htm Haven’t made those summer vacation plans yet? http://roadsideamerica.com We now have over 500 Financial Site listings at FinancialLinksOnline.com  This 'N That ***North Korea launches missile today http://trimurl.com/16W ***Does the future belong to China? http://www.msnbc.msn.com/id/7693580/site/newsweek ***Eye On Stocks For Monday http://www.forbes.com/home/markets/2005/04/29/cx_pk_0429eyeonstocks.html ***Why GM's Plan Won't Work ...and the ugly road ahead http://trimurl.com/16Y ***30 Year Mortgage Rates down for the 4th week in a row to 5.78% ***Social Security: http://www.businessweek.com/bwdaily/dnflash/apr2005/nf20050429_8282_db045.htm http://factcheck.org/article323.html ***MADRID (Reuters) - Network computer maker Sun Microsystems Inc. plans larger acquisitions than those it has made in the past, Chief Executive Scott McNealy said in the Sunday edition of El Pais. California-based Sun Microsystems has more than $7.4 billion in cash and marketable securities, according to ratings agency Fitch. "We have made some small purchases and we are going to make some bigger ones which generate more revenue," McNealy, who is also the firm's chairman, told the Spanish newspaper. Last year Sun agreed to buy high-tech services company SevenSpace Inc for an undisclosed sum and technology start-up Kealia Inc. Asked if personal computer maker Dell was a possible target, McNealy said: "We have no interest in buying Dell. We are very different. "Dell is a distributor, its competitors are Wal-Mart, Amazon or eBay. We are not…our competitors are Intel, Microsoft and IBM." Sun, which makes servers that power corporate computer networks, said last month it had narrowed its fiscal third quarter loss to $9 million from $760 million a year earlier, but revenues slipped to $2.63 billion. The Nasdaq-listed company prospered during the dot-com boom of the late 1990s but then suffered when the bubble burst more than rivals such as IBM. After heavy investment in research and development it now expects packaged offerings of computer servers, storage gear, software and services to return it to sustained profitability. *** WTSLA…Yikes!!! No wonder they delayed EPS at least twice…Down 9% A/H http://trimurl.com/16X ***BEIJING, April 30(CRI/AP) -- China does not plan to revalue its currency, the yuan, during next week's Labor Day holiday, a central bank spokesman said Friday, quashing rumors that such a change was imminent. "As far as we know, there's no adjustment expected in the yuan exchange rate," Bai Li, spokesman for the People's Bank of China, told Dow Jones Newswires. A brief wave of speculation over a possible shift in currency policy roiled regional share and currency markets Friday. Such rumors have been circulating in the past week, despite official denials that major changes were pending. A key measure of expectations for the yuan's future value, discounts on dollar/yuan non-deliverable forwards, widened sharply to 4800/4200 from 4300/4150 Friday morning amid revived speculation over a possible revaluation. The NDF discount rate does not affect the yuan's actual value. Bai declined to comment on the movement, saying: "It's up to the market to explain any market activities." Authorities sometimes choose to announce policy changes during public holidays, and China's financial markets will be closed next week for the national holiday. China limits trading in the yuan and has kept its value in a narrow range near 8.28 yuan per dollar since 1994. The United States and other nations say the yuan is undervalued, giving China's exporters an unfair price advantage. Beijing says it will eventually let the yuan trade freely on world markets, but that doing so immediately would damage the country's frail banks and financial industries. ***Briefing’s Weekly Wrap http://reuters.com/financeBriefing.jhtml?type=storyStocks ***Popemobile For Sale on Ebay http://trimurl.com/16V ***Earnings Calendar: http://www.rightline.net/calendar/index.html Best To All, Doug (IIC) |
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