Technical action by S&P 500 stocks was bearish yesterday. Four S&P 500 stocks broke resistance and nine broke support.
S&P 500 stocks breaking resistance
Stock Symbol Previous New
Trend Trend
Cisco CSCO Down Up
Citrix CTXS Up Up
Paychex PAYX Down Up
Yum Brands YUM Down Up
S&P 500 stocks breaking support
Stock Symbol Previous New
Trend Trend
Cardinal Health CAH Neutral Down
Genuine Parts GPC Up Down
Kimberly Clark KMB Neutral Down
New York Times NYT Up Neutral
Ratheon RTN Up Neutral
SLM Holdings SLM Up Down
Whirlpool WHR Up Neutral
Wyeth WYE Up Neutral
Yahoo YHOO Neutral Down
Technical action by TSX stocks was slightly bullish. Four TSX stocks broke resistance and two stocks broke support.
TSX stocks breaking resistance
Stock Symbol Previous New News
Trend Trend
Alcan AL Up Up Negotiating with Rio Tinto
First Chicago FCP Down Up
Linamar LNR Up Up
SinoForest TRE Up Up
TSX stocks breaking support
Stock Symbol Previous New
Trend Trend
Compton Petroleum CMT Neutral Down
Kingsway KFS Down Down
Interesting Chart
Cracks in the trend toward purchases of major companies by private capital interests have surfaced. JC Flowers, Bank of American and JP Morgan announced yesterday that pending legislation by Congress could jeopardize efforts to take Sallie Mae private through a Leveraged Buy Out (LBO). Response by the market was immediate.
Chart courtesy of StockCharts.com
The Biotech sector received a boost of confidence after the close yesterday. The largest biotech company by market cap, Genentech reported higher than expected second quarter revenues and earnings. In addition, the company offered positive guidance and several analysts raised estimates and price targets. The Biotech sector is just about to enter into a period of seasonal strength from the end of July to the end of December. However, short term momentum data (MACD) already indicates that seasonal influences have arrived earlier than usual this year. Brooke Thackray noted in his book that the sector has a seasonal “sweet spot” between June 23rd and September 13th. That call has proven to be remarkably accurate to date. The Biotech ETF most influenced by strength in Genentech is Biotech HOLDRS.
Chart courtesy of StockCharts.com
Chart courtesy of StockCharts.com
Disclosure: Mr. Vialoux does not own securities mentioned in this report.
Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
July 12,2007
Did you like this article?
Submitted By 
's
