Daily market commentary for Thursday, January 25, 2007
Written By: Teresa Appleton Stock Forum ID: Teresa
Wednesday’s bulls took control early on and never let go leaving us to close at the highs. However the rise was not supported by volume on the NYSE, but the Nasdaq was up on nice volume. Which leaves the Nasdaq with an accumulation day and the NYSE up on light volume. Stock index futures confirmed the Nasdaq’s volume and were also slightly higher, while the other three key indexes were lower although green at the close. Tech was seeing the buying is what this tells us.
Crude fell quickly and hard off the bearish inventory data, but ended the day on a big rebound up 33 cents to close at $55.37. Gold also started the day rough around the edged but rallied late to close up $2.30 at $648.20.
With the Dow at a new all time high, S&P 500 and Nasdaq both up large, the day marked a nice run. The banks finally moved out of the two week range and brokers ended the day just under all time highs. Into Thursday economic data picks up and earnings still continue to roll out. A nice gap up could look to exhaust the market and give us a pullback. The after hours news was enough to push us up early unless the pre market data takes the wind out of the sails. But I can’t see any reason for that right now. So we look for early strength and for a breath to pull us in and get out of overbought territory.
Economic data for the week of January 22 –27: Thursday 08:30 Jobless Claims, 10:00 Existing Home Sales, 10:00 Help Wanted Index, 10:30 Natural Gas Inventories, Friday 08:30 Durable Orders, 10:00 New Home Sales.
Some earnings for the week of January 22 – 27: Thursday pre market AGR, ALK, ACV, ABI, T, BAX, BZH, BJS, CCMP, CAH, CRA, CY, DOW, DJ, F, FTD, IMCL, LM, LMT, LYO, MESA, MEH, NOK, BTU, PII, DGX, STJ, SPWR, TSM, UNP, ZOLL and after the bell AMGN, BEBE, CA, CSH, CPWR, ELX, FRNT, LSCC, LAVA, MSCC, MSFT, PMCS, SANM, SYK, SYNA, VSEA, WDC, ZL. Friday pre market CAT, CDWC, CCUR, FO, HAL, HON, IDXX, TROW and after the bell CHRT, EEP, NTY.
SPX (S&P 500) closed +12.14 at 1440.13. Support: 1432.45, 1427.85, 1424.57, 1420.40. Resistance: 1445, 1449.02, 1451.70. Daily chart below
