CURRENT COMMENTARY
After some back and forth action yesterday and three relatively quiet down days the market staged a nice rally today and took out the resistance levels and indicated the stock market direction uptrend is still intact. As a result, we are increasing both the support and resistance levels on the DJIA, S&P 500, and Nasdaq Composite (see below). Also encouraging was the fact the semiconductor index played catch up and outperformed the Nasdaq 4.0% versus 2.3%.
SUMMARY
DJIA: Up 1.9% to 10,860
S&P 500: Up 2.1% to 1,149
Nasdaq Composite: Up 2.3% to 2,381
BREADTH FOR NYSE
Advancing Issues: 2,540
Declining Issues: 540
Advance/Decline Ratio: 5 to 1
New Highs: 148
New Lows: 3
High/Low Ratio: 49 to 1
SUPPORT/RESISTANCE LEVELS
DJIA: 10,662/10,897
S&P 500: 1,125/1,156
Nasdaq Composite: 2,327/2,389
NOTABLE ACTIVITY IN DOW 30 STOCKS
Kraft Foods KFT up 2.2% on heavier volume
Caterpillar Inc CAT up 4.6% on heavier volume
ACTIVE STOCK PROFILES
Verizon Communications Inc. VZ profiled since $31.84 (overvalued)
www.btdstocks.com
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Posted In: Intraday Update
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