And so it begins, the new season of the NFL. I know, I know, this is a stock market blog but I do miss the fantasy league from the last few years. Hope you all got the teams you were hoping for. Good luck.
Ok, back to the stock market, which was struggling a bit today. The Dow poked its head above the 10,600 mark yesterday but today it couldn’t hold it. Yesterday could indeed be the high for the move as marked by the peak in the 5 day upside volume indicator. After this big run, there is some reason to believe that the move is over and we are about to head down in earnest.
The trouble is that the market seems to be in suspended animation. We have the occasional day like the other day, up 140 points but for the most part the market is treading water and it has been doing it for the past 20 months.
Tonight we heard from some of the tech companies, like INTC and TXN (Texas Instruments). Both companies had positive things to say but INTC was down after the announcement and TXN was up. AMD (Advanced Micro Devices) has been competing strongly against INTC for a while now and the last few days has seen its stock up nicely. After trading in a fairly tight range between 20 and 21 for the last month and a half, it has had a nice pop the last three days closing at just over 23.
Have a nice weekend and we’ll see you back here on Sunday evening, Monday morning to you.
Dow Industrials: 10,595.93 -37.57 (back into the 10,500’s, surprise surprise)
BGEIX: 12.03 (back over 12)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment