FirstAlert: 10-11:30 A.M. Investrend / Bestcalls
Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
Investors Toe-dipping (By Dr. Joe Duarte) -- The Nasdaq Composite (COMPQ) moved above its 50-day moving average, but the S&P 500 (SPX) is not far behind and the U.S. Oil Fund (NYSE: USO) looks to be gathering steam. One sector laggard was housing, as the nearly 5% rise in the Homebuilders ETF (NYSE: XHB) left the less than enticing chart pattern in the ETF less than enticing. In comparison the Semiconductors HOLDRS Trust (NYSE: SMH), has a more appealing looking chart, with more momentum evident in the action of the chip stocks. To be sure, a bounce in housing activity and the notion that the Obama budget, in its current form, will likely have a hard time passing Congress are two factors that are helping. But investors should consider the fact that it seems as if oil has reached a bottom and that some economically sensitive stocks, such as the technology sector, are showing signs of life. It's also hard to argue with the improvement in the market's technical action as a catalyst toward the more positive tone, on its own merits. Indeed, the current advance is starting to broaden out, with semiconductor, biotech, and energy stocks all starting to show signs of accumulation, as value-oriented mutual funds look to be back in the market, at least shopping around. Perhaps what is most interesting, at this time, is the fact that the market has managed to rally in fairly convincing fashion for five out of the last six days, making this a nifty little trading streak, the likes of which haven't been seen in some time. Even more bullish is the fact that the market isn't even talking about the two-day meeting of the Federal Reserve, which is ongoing at this time. What's ahead? Well for one thing there are lots of resistance levels nearby, such as the 800 area on the S&P 500. If the market can find its footing as it nears 800, in a similar fashion to what it did when it reached the 750 area, we could see another up leg in this rally. More important is the fact that if true momentum is rekindled, we could see a significant rally develop over the next several weeks to months. It's still a tough call, but one that is more plausible as each good trading day develops.
The Investrend Earnings Calendar features Actuant (NYSE: ATU), expected at $0.14; Cintas (NASDAQ: CTAS), expected at $0.48; Darden Restaurants (NYSE: DRI), expected at $0.68; Herman Miller (NASDAQ: MLHR), expected at $0.24.
The Investrend Economics Calendar lists Consumer Price Index (CPI) for February (8:30 a.m.), Current Account Balance for Q4 (8:30 a.m.), EIA Petroleum Status Report (10:30 a.m.), FOMC Meeting - Policy Announcement (2:15 p.m.).
The Investrend Events Calendar showcases ACTU, WCC, CKP, CBG at B. Riley & Company Las Vegas Investor Conference; AIZ to Host Investor Day; BJRI at JPMorgan Gaming, Lodging, Restaurant & Leisure Conference; CQB at Jefferies & Co. Global Clean Technology Conference; CRI Analyst Meeting; GCI Media and Entertainment Analysts of New York Presentation; HRS Analyst Meeting; INTC Software Strategy, Products & Services Briefing; KMT Analyst Meeting; NEM Analyst Day; PFE, AMGN, NVS, AET at Cowen and Company Healthcare Conference; PSEG Analyst Conference for the Financial Community; SGEN, CSCX, CBMX, ZGEN at Washington Biotechnology & Biomedical Association Invest Northwest Conference; SIAL Annual Business Review; TRA at West Coast Road Show.
The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed 47 advancers versus three decliners. Advancers were led by Financial Bull 3x (NYSE: FAS) up 15.28%, Ultra Financials Pro (NYSE: UYG) up 11.84%, On Semiconductor Corporation (NASDAQ: ONNN) up 9.25%, Jp Morgan Chase Co (NYSE: JPM) up 8.88%, Hartford Fin Svc (NYSE: HIG) up 8.85%, Powershares Db Crude (NYSE: DXO) up 8.84%, Ford Motor Co (NYSE: F) up 8.57%, Citigroup Inc (NYSE: C) up 7.73%, Wells Fargo & Co New (NYSE: WFC) up 7.01%, Fifth Third Bancorp (NASDAQ: FITB) up 6.56%, Amazon.Com, Inc. (NASDAQ: AMZN) up 6.52%, Research In Motion Limited (NASDAQ: RIMM) up 6.36%, Broadcom Corporation (NASDAQ: BRCM) up 6.06%, Ultra S&P500 Proshrs (NYSE: SSO) up 6.00%. Decliners followed Financial Bear 3x (NYSE: FAZ) down 16.52%, Alcoa Inc (NYSE: AA) down 8.66%, Pt Ultrshrt Sp500 Ps (NYSE: SDS) down 6.07%.
Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).
Investrend Website of the Day: http://wrongway.org/cube/solve.html
Quote of the Day: "A healthy adult male bore consumes each year one and a half times his own weight in other people's patience." John Updike
Today is: National Biodiesel Day.
Happy Birthday: Jacques de Billy, Simon Bradstreet, John C. Calhoun, Grover Cleveland, Neville Chamberlain, Edgar Cayce, Edward Everett Horton, Ernest Gallo, Andy Granatelli, Peter Graves, George Plimpton, John Updike, Charley Pride, Wilson Pickett, Vanessa L. Williams, Queen Latifah.
Today in History: The British Parliament repealed the Stamp Act in 1766, but the damage was already done. American Express was founded in 1850 by Henry Wells and William Fargo. The Congress of the Confederate States of America adjourned for the last time in 1865. Hawaii signed in 1874 a treaty with the United States granting exclusive trading rights. Former Governor General Lord Stanley pledged in 1893 to donate a silver challenge cup, later named after him, as an award for the best ice hockey team in Canada. The human-powered aircraft, Pedaliante, flew 1 kilometre (0.62 miles) outside Milan in 1937. Cosmonaut Aleksei Leonov, leaving his spacecraft Voskhod 2 for 12 minutes in 1965, became the first person to walk in space.
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