Wednesday, August 11, 2004
Issue Contents:
| 09:26 | Good Morning Tech dissapoints, in more ways than one. |
| 09:45 | The Day Ahead Bracing for the weekly petroleum report. |
| 10:07 | Nasdaq New Lows First target reached, will broader market follow through too? |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:15 | TrendVue Morning Trader Today's transcript. |
| 16:42 | Stock Scanner Results Wednesday August 11 data. |
Cisco Systems, National Semiconductor and Kulicke & Soffa provided Wall Street with additional reasons to feel gloomy and as a result, futures are under pressure. It may just be that an opportunity for price to retest recent lows comes about, which would bring into play the one-up-day wonder scenario we painted two days ago.
Today in my opinion is far more important than the price action immediately following a FOMC announcement. Traders, and their bosses, all over the world have had an opportunity to review the FOMC statement and parse its words and decide if or how the statement will affect their plans going forward. Attention will now be refocused on other issues, not the least of which is a disappointing forecast from Cisco.
I have my own hate on for technology this morning. A brand-spanking-new Western Digital (can I short them?) drive which powers my primary charting and stock scanning machine crashes every few minutes. Overnight I’ve been carefully trying to get the information needed off and get a new Windows or Tradestation instance up and running, but that process is still on-going. Hopefully we’ll be back “on the air” shortly here.
Heads up: 10:30 is the release of the latest petroleum inventory report, a weekly measure that we are sure will end up on other economic calendars soon...
US Market Calendar
*7:00 a.m. MBA Purchase Applications
*10:30 a.m. Weekly Petroleum Institute Inventories Report
*1:00 p.m. 5-Year Note Auction
*2:00 p.m. Treasury Budget
Canadian Market Calendar
*10-year bond auction
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
And we are back on the air with a temporary Tradestation instance up and running on another drive. All fingers crossed, knocking on wood, we should be able to produce market statistics and scans today.
On to matters at head, 30 minutes in advance of the potentially market-moving Petroleum Institute Inventory Report, Nasdaq futures have touched down and made marginal new lows.
COMPX weekly
Also of note for Nasdaq watchers is that index is near to hitting our long term T3 target, the down-channel off the weekly chart.
NQ, ES futures
S&P 500 futures broke through the messy rising wedge / bear flag—now is where we look to see if buyers will step in or not. If not, the NQ test of bottom will fail; and ES and YM(Dow futures) should “catch up”.
Looking across the tech sector, the one up day wonder scenario painted on Monday is playing out on cue, with SOX names being particularly hard hit. The only stocks up on the day from Monday’s review list are a few pharmaceutical stocks – MRK, PPH, PFE.
With all major indexes now having moved what is ordinarily a full day’s range, at 10:14 am ET we have to ask – what is next? More on that topic as the day unfolds.
Today's transcript.
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Today's transcript.
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Wednesday August 11 data.
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