Daily Commentary for Friday, January 26th, 2007
Written By: Teresa Appleton Stock Forum ID: Teresa
Thursday took back what Wednesday gave us plus some! Higher volume on the NYSE leaving a distribution day and the Nasdaq slightly lower leaving a low volume fall. VERY slightly lower keep in mind. Red across the board and keeping us right in range. Up a day and down a day!
Crude closed down $1.14 to close at $54.23 after three up days a little pullback today came in. Gold down a buck to close at $646.20 on the day. Nat gas inventories showed a draw down but overall inventories are still high so the contract saw another sell off today.
The Nas 100 and Nas Composite both back through the 50dma, we are playing checkers. One white (up day) and one red (down) day with this market. But still staying in range and getting no where. As earnings continue to churn out and guidance is upbeat for the most part. But the market is not able to respond because we’ve pulled out all the stops to get up this high. So corrective action keeps trying to pull us in and then we see buyers buying the slightest of dips. But no continuation in either direction thus far.
Friday a few Dow components report pre market and a little economic data will roll out. The market still has a little downside in it until we hit some support. Then I would expect bounce and congestion for the afternoon. No real reason to get in a hurry to close the week out kind of action. Big economic data is due next week which will give us plenty of volatility. So closing Friday out quietly will not surprise me and to see very choppy light volume will also not be a real surprise.
Economic data for the week of January 22 –27: Friday 08:30 Durable Orders, 10:00 New Home Sales.
Some earnings for the week of January 22 – 27: Friday pre market CAT, CDWC, CCUR, FO, HAL, HON, IDXX, TROW and after the bell CHRT, EEP, NTY.
Compx (Nasdaq composite) closed -32.04 at 2434.24. Support: 2432.27, 2419.11, 2394.66. Resistance: 2439.87 50dma, 2445.82, 2455.25, 2461.96, 2470.51 and 2490.52. Daily chart below
SPX (S&P 500) closed –16.23 at 1423.90. Support: 1422.83, 1418, 1412.73 50dma. Resistance: 1429.14, 1436.33, 1440.69, 1445. Daily chart below
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