Dave Moenning�s Daily State of the Markets: 10/12
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Same Story, Different Day
The market continued to frustrate anyone even remotely bullish yesterday as the trend of stocks opening higher and then turning lower continued everywhere except the DJIA. The culprit for yesterday�s weakness was a combination of higher energy prices (crude finished up $1.73 to $63.53), the release of the FOMC minutes, and a bout of hesitancy in front of earnings from AMD and AAPL.
The FOMC minutes confirmed more rate hikes are on the way as the Fed felt a pause at this time would �send the wrong message� about the strength of the economy and their commitment to fighting inflation. Stocks ultimately headed lower in response to the release. The NASDAQ plunged through its 200 day ma and finished at a new low for the current move.
The mood this morning continues to be a little sour as overseas markets are covered in red ink, bond yields are heading higher, oil is creeping up, and stock futures point to a lower open. But with market oversold, the indices hovering near last week�s lows, and pessimism on the rise, logic dictates that a bounce ought to appear soon.
Stocks "In Play" This Morning:
INTC � Intel and semi sector downgraded at Prudential
AAPL � Earnings and iPod shipments missed expectations
FAST � Trading higher after earnings report
HDI � Positive earnings
COF � UBS concerned about delinquencies � reiterated neutral rating
IGT � Banc of America cautious based on checks of demand but keeps buy rating
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: INTC
To see Mr. Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
The market continued to frustrate anyone even remotely bullish yesterday as the trend of stocks opening higher and then turning lower continued everywhere except the DJIA. The culprit for yesterday�s weakness was a combination of higher energy prices (crude finished up $1.73 to $63.53), the release of the FOMC minutes, and a bout of hesitancy in front of earnings from AMD and AAPL.
The FOMC minutes confirmed more rate hikes are on the way as the Fed felt a pause at this time would �send the wrong message� about the strength of the economy and their commitment to fighting inflation. Stocks ultimately headed lower in response to the release. The NASDAQ plunged through its 200 day ma and finished at a new low for the current move.
The mood this morning continues to be a little sour as overseas markets are covered in red ink, bond yields are heading higher, oil is creeping up, and stock futures point to a lower open. But with market oversold, the indices hovering near last week�s lows, and pessimism on the rise, logic dictates that a bounce ought to appear soon.
Stocks "In Play" This Morning:
INTC � Intel and semi sector downgraded at Prudential
AAPL � Earnings and iPod shipments missed expectations
FAST � Trading higher after earnings report
HDI � Positive earnings
COF � UBS concerned about delinquencies � reiterated neutral rating
IGT � Banc of America cautious based on checks of demand but keeps buy rating
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: INTC
To see Mr. Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
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