Subscribe via email:
Daily commentary for Tuesday, February 27, 2007
Posted by Teresa
February 27, 2007 at 12:23 am
Monday brought in more sellers and the volume was heavier today leaving distribution days on the Nasdaq and NYSE. We started the day with a gap up that just couldn’t hold. The market tried to hold off the sellers but eventually Friday’s lows were revisited.
Crude rallied today to close up 25 cents at $61.39 on the day. We did see as high as $61.75 at one point in the day. Iran is giving us a little tension and creating some volatility. Gold also rallied today up $3.10 to close at $689.80.
For Tuesday we need to keep an eye on the economic data along with volume. If we start seeing acceleration to the downside it will be important to see if there is real selling or light volume. Light volume of course is a pullback, heavier will mean we are seeing more profit taking. Monday’s higher volume (over Fridays) is one sign, but one day does not break the camels back. So stay tuned there to see more on that.
I’m writing thoughts rather late tonight, so after seeing a bit more futures action than usual I see some weakness across the board into tomorrow’s data. Probably will be a small overnight range until the 8:30 data, but it is weaker at this time. Will that tilt the bias into tomorrow, not really! The buying off the lows Monday was not weak by any means, but it wasn’t the punch we’ve seen in the past on dips either. So that leads me to think the bears are not far and another day of pulling back would not shock me. So keep that in mind as we see the day unfold.
Economic data for the Week of February 26-March 2, 2007 Tuesday 08:3 Durable Orders, 10:00 Consumer Confidence, 10:00 Existing Home Sales, 10:00 Richmond Fed Index, Wednesday 08:30 GDP Prel., 08:30 Chain Deflator-Prel, 08:55 Fed Bank Pres. Geithner speaks, 09:45 Chicago PMI, 10:00 Chairman Bernanke speaks, 10:00 New Home Sales, 10:30 Crude Inventories, Thursday 08:30 Personal Income, 08:30 Personal Spending, 08:30 Initial Claims, 10:00 Construction Spending, 10:00 ISM Index, 12:00 Treasury Secretary Paulson speaks, 17:00 Auto Sales, 17:00 Truck Sales, Friday 07:00 Fed Bank President Poole speaks, 10:00 Mich Sentiment Rev., 11:00 Fed Chairman Bernanke speaks.
Some earnings for the week: Tuesday pre market AZO, BBI, DYN, EP, FD, FTO, HANS, OSG, SIRI, TGT, THC, TUES, TXU, WCI and after the close ADBL, ADSK, DWA, WYNN. Wednesday pre market AES, BRL, DLTR, JOYG, KG, LIZ, MSO, S, SUNH, VSE, VPHM, OATS and after the close LTD, NABI, PETM, SMSI, TYL, UHS. Thursday pre market CKP, DISH, PDE, SPLS, THE, and after the close AIG, CMOS, DELL, GPS, ISLE, KSS, LF, NOVL, OVTI, PSUN, PAY. Friday nothing of interest.
NDX (Nasdaq 100) closed –9.18 at 1830.59. Support: 1829.79, 1824.67, 1821.97, 1817.39, 1808.11, 1790.78, 1784.49 (fills gap). Resistance: 1851.47, 1870.45. Daily chart below
Leave a Comment to "Daily commentary for Tuesday, February 27, 2007" »