Daily Commentary for Monday, January 29, 2007
Posted by Teresa
January 27, 2007 at 11:05 pm
Written By: Teresa Appleton Stock Forum ID: Teresa
Friday left us with a mixed day on lower volume. The Nasdaq Composite eked out a green day, while the Nas 100, S&P 500 and the Dow all closed slightly red. This marked the second consecutive down week on the Nas 100 and composite and the S&P 500. The Dow this is the first down week. Still not seeing this as anything but corrective action and a small pullback. Even with the down action, it was still left the market in range.
Well Friday gave us the drop into support and light volume as expected. Now into Monday earnings continue to come out and with the FOMC meeting hanging over us until Wednesday. We may start the week pretty quiet and hold this range. The NDX and SPX can still drop a little lower before we get much panic started. Which means some early weakness on Monday and then bounce. I am expecting very little from Monday and Tuesday so prepare for holding pattern action until after we hear from the Fed on Wednesday. This is the last few trading days of January, so any surprises into Wednesday could generate some settling of positions and see some bigger money come into the market.
Economic Data for the Week: Monday nothing due out, Tuesday 10:00 Consumer Confidence, Wednesday 8:30 Employment Cost Index, 08:30 GDP Adv., 09:45 Chicago PMI, 10:00 Construction Spending, 10:30 Crude Inventories, 14:15 FOMC Policy statement, Thursday 8:30 Personal Income, 08:30 Personal Spending, 08:30 Initial Claims, 10:00 ISM Index, 10:30 Natural Gas inventories, 12:00 Chain Store Sales, 17:00 Auto Sales, 17:00 Truck Sales, Friday 08:30Nonfarm Payrolls, 08:30 Unemployment Rate, 08:30 Hourly Earnings, 08:30 Average Workweek, 10:00 Factory Orders, 10:00 Mich Sentiment Rev.
Some earnings for the week: Monday pre market CMI, JBHT, PD, SGP, TSN, VZ and after the close GNSS, GOL, VLTR, ZMH. Tuesday pre market MMM, CME, CFC, JBLU, LXK, MRK, PCAR, PG, UPS, LCC, WYE and after the bell ADPT, AMLN, CTS, JNPR, LSS, RBAK, SNDK, SIRF, X. Wednesday pre market ACS, AGN, MO, BA, BOT, D, LLY, IR, LLL, NMX, OXPS, PTIE, SEPR, TWX, and after the bell CAI, DLLR, EOG, GILD, GOOG, MCHP, SWIR, SBUX, TUP, VRSN, WEBX, WU, WGL. Thursday pre market AGU, ASD, ADM, BSX, CELG, CLX, EOP, XOM, ITWO, IP, MHO, MRO, MNST, MYL, NUCO, HOT, UTEK, UA, VLO and after the bell AMZN, ANPI, ASYT, ATML, BKHM, CA, ERTS, ISRG, NBIX, ONNN, RACK, VRTX, WEBM, YRCW. Friday pre market AXL, ACI, CVX, ERIC, NYX, R, THQI, WEN. These are just some of the earnings on the week that maybe of interest, also keep in mind they can move without notice.
NDX (Nasdaq 100) closed –4.78 at 1772.97. Support: 1765.65, 1756.50, 1731.71. Resistance: 1790.71 50dma, 1803.29, 1817.63, 1830.78, 1835.09 and 1847.54. Daily chart below
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