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Market Daily Percent Change
| NDX | 1997.30 | -3.31 |
| DJI | 12898.38 | +66.20 |
| SPX | 1408.66 | +5.62 |
MARKET COMMENTARY: for THURSDAY, 15-May-2008
Commentary posted 14-May-2008 at 17:55 CT
Wednesday's Action:
Stocks came off session highs in late afternoon trading, however, all three major U.S. indices closed with gains today. Major overseas markets are posting mostly higher results for Wednesday. London's FTSE was up 0.07%, Frankfurt's DAX closed up 0.33%, and Paris' CAC finished up 1.13%. Japan's Nikkei was up 1.18%; Hong Kong's Hang Seng closed down 0.08%, and Sydney's All Ordinaries Index finished up 0.97%. Market breadth was positive with NYSE advancing issues over declining issues by 1.47, and up volume over down volume by 1.78; Nasdaq advancing issues over declining issues by 1.54, and up volume over down volume by 2.17. Leading sectors were Airlines, +2.56% and Disk Drives, +2.14%. Laggards were Oil Services, -2.17% and Gold, -1.80%. Nasdaq 100 futures closed -9.50 pts lower to settle at 1996.50, while the S&P's settled 3.10 pts higher at 1407.80.The Short Term Outlook; 1-5 Days:
Today's price action favors making lower lows tomorrow.
The Hourly Charts:
Our short-term indicators are pointing to lower prices tomorrow. We'll see.
Futures Market Focus:
Despite a smaller-than-expected rise in crude inventories, investors grabbed hold of the news that supplies rose for a fourth-straight week and refineries showed greater activity. June-dated crude slipped $1.58 Ð 1.3% - to close the trading session at $124.22 per barrel. Refinery utilization jumped to 86.6% last week, up from 85% a week earlier.
Thursday's Look-Ahead:
The 60-mn SPX chart below shows the StochRSI indicator in the BUY zone. For tomorrow, resistance for the S&P's comes in at 1414 and then 1420. Support lies at 1401 and then 1395.
Thursday's Reports:
Weekly jobless claims data is due tomorrow morning, along with the Empire State Manufacturing Survey for May (8:30 AM ET). The April Industrial Production Index is due just ahead of opening bell (9:15 AM ET). Also, the Philadelphia Fed Survey for May is due af 10:00 AM ET.Charts and data appearing in today's column are courtesy of:
StockCharts.com
FutureSource.com
SchaeffersResearch.com