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September 30, 2005
Random Rants
Some think that yesterday's gains stem from end of quarter window dressing. I am not sure who did the buying, but it is clear that someone is buying and that is all that counts.
The Dow is holding support yet again with a big bounce above 10500.
The Dow Utilities closed at yet another new high. The strong just get stronger.
The Nasdaq held support at 2100 with a big move on Thursday.
After five days of indecision, the S&P 500 made up its mind with a sharp move above 1220.
The Consumer Staples SPDR (XLP) led the way higher and the swing within the triangle is up again.
The Finance SPDR (XLF) held support at 29 with a long white candlestick and was the biggest gaining sector on Thursday.
The HealthCare SPDR (XLV) managed to firm on Thursday and hold key support at 31.
The iShares REIT ETF (IYR) formed a bullish engulfing at support.
The Semiconductor HOLDRS (SMH) formed a harami cross on Tue-Wed and a long white candlestick on Thursday. A break above 36.6 would be short-term bullish.
The Transports ETF (IYT) broke resistance with a surge on big volume.
The CRB Index is closing in on another new high.
EP surged on big volume.
JBHT formed a bullish engulfing and a move above 19.5 would confirm this bullish candlestick reversal.
PG closed at a new high and is leading the Consumer Staples SPDR (XLP) higher.
CD formed a bullish engulfing at support and advanced on high volume last week.
MDCC is getting a bounce off support.
Can LUV fly above resistance at 14.8?
CSCO and FFIV closed lower on Thursday and show relative weakness.
Posted by Arthur B. Hill at September 30, 2005 08:18 AM