Daily market commentary for Thursday, February 22, 2007

Posted by Teresa
February 21, 2007 at 11:51 pm

Wednesday brought in a little inflation jittered filled market. Mixed close across the broader markets, Nasdaq 100 and Nasdaq composite closed green with the S&P 500 and Dow closing red. NYSE on heavier volume leaving a distribution day and the Nasdaq rising on light volume, leaving us to wonder where the participation was in tech.

Gold rallied today to close up $23.00 at $684.00. CPI inflation fears helped to ignite the gold rally today. Actually closing the highest weÃ¢â‚¬â„¢ve seen in about seven months. Oil up $1.22 to close at $60.07. WeÃ¢â‚¬â„¢ve had trouble holding $60.00 so that level should be closely watched tomorrow.

Going higher with the Nasdaq is nice to see, but isnÃ¢â‚¬â„¢t realistic on light volume. So we have to watch the SOX, which is still at resistance for help to get things moving, if this upside can continue. Very split market with strength in the Nas and Russell today, with the S&P 500 and Dow lagging behind all day. Leaving the Nas Composite at new highs for the year and Nas 100 just under. Data on Thursday for pre market is likely to help set the tone for the day along with Crude inventories. Some concern for closing over $60 is going to make the market nervous if we see more strength in the sector Thursday.

Economic Data for the week of February 19 Ã¢â‚¬â€œ23 Thursday 8:30 Initial Claims, 10:00 Help-Wanted Index, 10:30 Crude inventories due out, Friday 10:30 Natural Gas Report due out.

Some earnings due out for the week: Thursday pre market AGIX, BLDP, CMS, CDE, ESV, FSS, HMA, JCP, NEM, NBL, OMX, PTEN, QLTI, SRE, TOL, WMB and after the close BIO, CPHD, CHK, BOOM, HLTH, FLS, HRB, INTU, MWY, PSA, SBAC, LNUX. Friday pre market CCU, CTV, LOW, MCCC, GAS.

Compx (Nasdaq composite) closed +5.38 at 2518.42. Support: 2475.47, 2463.72, 2452.37 50dma, 2435.36, 2431.17, 2418.61. Resistance: 2533.38, 2540.48, and 2564.48. Daily chart below

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