FirstAlert: 5-8:30 A.M. Investrend / Bestcalls
Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
Bearish Indicators Abound (By Frank Kollar) The S&P 500 Index (SPX) has broken below its January lows this week and did so with a huge gap down day on Tuesday, February 17. Thursday was a bearish outside continuation day typically followed by lower lows. Where will those lower lows be? The bear market closing lows for the SPX, reached on November 20, were at 752.44. This is only 3.5% below Thursday's close, which in this volatile climate, is only a single bad day's trading. This is the test of the bear market lows predicted by several market technicians, including us. If 752.44 holds we could see a huge rally from near current levels. If 752.44 is surpassed to the downside with a decisive close below, the next support level is all the way down at SPX 697.00 a share. This would also mark a technically bearish break of major support that would forecast considerably lower lows, in several waves down. The Nasdaq 100 Index (NDX) remains above its January lows, so this is one ray of sunshine in an otherwise bearish scenario.
The Investrend Earnings Calendar features Brady Corp. (NYSE: BRC), expected at $0.35; JCPenney (NYSE: JCP), expected at $0.92; LifePoint Hospitals (NASDAQ: LPNT), expected at $0.64; Standard Register (NYSE: SR), expected at $0.09.
The Investrend Economics Calendar lists U. of Mich. Consumer Sentiment Index for Feb. (9:55 a.m.), Early close for bond market ahead of holiday weekend.
The Investrend Events Calendar showcases BEAV Investor Meeting; CL, KO, SYY, CHD at Consumer Analyst Group of New York Conference.
The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed ten advancers versus 37 decliners and three unchanged. Advancers were led by Whole Foods Market, Inc. (NASDAQ: WFMI) up 37.24%, Sprint Nxtel Cp (NYSE: S) up 19.93%, Powershares Db Crude (NYSE: DXO) up 14.86%, U.S. Oil Fund Etf (NYSE: USO) up 6.21%. Decliners followed Biomarin Pharmaceutical Inc. (NASDAQ: BMRN) down 31.94%, Hartford Fin Svc (NYSE: HIG) down 24.51%, Huntington Bancshares Incorpora (NASDAQ: HBAN) down 21.37%, Fifth Third Bancorp (NASDAQ: FITB) down 17.69%, Bk Of America Cp (NYSE: BAC) down 14.00%, Citigroup Inc (NYSE: C) down 13.75%, Financial Bull 3x (NYSE: FAS) down 13.73%, Ultra Financials Pro (NYSE: UYG) down 8.98%, Amer Express Inc (NYSE: AXP) down 8.72%, Wells Fargo & Co New (NYSE: WFC) down 7.97%, Hewlett Packard Co (NYSE: HPQ) down 7.89%, Nvidia Corporation (NASDAQ: NVDA) down 7.71%, Dell Inc. (NASDAQ: DELL) down 6.13%.
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Quote of the Day: "The true way to soften one's troubles is to solace those of others." Francoise d'Aubigne de Maintenon
Today is: World Day for Social Justice.
Happy Birthday: Henry James Pye, John 'Mad Jack' Fuller, Ansel Adams, Sidney Poitier, Bobby Unser, Roger Penske, Buffy Sainte-Marie, Charles Barkley, Cindy Crawford, Kurt Cobain.
Today in History: Edward VI of England was crowned King of England at Westminster Abbey in 1547. The Postal Service Act, establishing the United States Post Office Department, was signed in 1792 by President George Washington. The legislature of Hawaii Territory convened for the first time in 1901. The film The African Queen opened in 1952 at the Capitol Theatre in New York City. While aboard Friendship 7, John Glenn orbited the earth three times in 1962, the first human to do so. Ranger 8 crashed into the moon in 1965 after a successful mission of photographing possible landing sites for the Apollo program astronauts.
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