Real GDP announced
at 3.3% vs a consensus of: +2.7% annual rate
and the GDP price index at1.2% vs. a consensus of: +1.1% annual rate. The weekly Jobless
Claims were also released at 425K vs. a consensus
of: 427K. An initial bullish reaction to these numbers in the futures.
As
trading winds down for the holiday weekend overseas markets are mixed this
morning: Nikkei 225+0.12%, Hang Seng-2.29%, Shanghai Composite+0.34%, DAX-0.18%, and the FTSE 100+0.44%.
As of this writing and shortly after the GDP and Jobless
Claims the futures are pointing: Dow +35, S&P +5, Naz +5.5, Oil +$1.40, and Gold +$12.00.
PrudentTrader.com
ETF RANGE PROJECTIONS for
August 28
Tkr
Name
Prev
Close
Proj
High
Proj
Low
DIA
DIAMONDS
115
115.88
114.13
DUG
UltraShort Oil & Gas
33.5
33.94
33.07
EEM
Emerging Markets I
40.25
40.61
39.89
EFA
MSCI EAFEETF
62.95
63.21
62.7
EWZ
Brazil ETF
73.59
74.41
72.76
FXI
FTSE/Xinhua China 25ETF
43.43
43.85
43.01
GLD
SPDR Gold
81.36
81.89
80.84
IWM
Russell 2000ETF
73.03
73.73
72.33
IYR
Dow Jones US Real Estate
62.09
62.6
61.59
MDY
SPDRsMidcap
147.7
148.81
146.59
OIH
Oil Service ETF
190.29
192.01
188.58
QID
UltraShort QQQ ETF
41.3
42.02
40.58
QLD
Ultra QQQ ETF
77.09
78.42
75.76
QQQQ
Nasdaq 100 Trust
46.73
47.13
46.33
SDS
UltraShort S&P500 ETF
65.44
66.25
64.64
SKF
UltraShort Financials ETF
126.4
129.51
123.29
SPY
SPDRs S&P 500 ETF
128.63
129.4
127.87
USO
United
States Oil Fund
95.66
96.76
94.56
XLB
SPDRs Select Sector Materials
39.46
39.75
39.16
XLE
SPDRs Select Sector Energy
76.34
76.87
75.81
XLF
SPDRs Select Sector Financial
20.56
20.84
20.27
Rules: If the open
is above the Projected High or below the Projected Low then price is likely
to break out that day in the direction of the gap.If the breakout is to the upside the
Projected High becomes the Projected Low for the day and vice versa for a
downside break.
Have A Great Day!
Searching for Leadership
Written by Bill Zimmer
Wednesday, 27 August 2008
One of
the keys to any sustained market
advance is leadership.Most often
leadership emerges in the early stages of a new bull market or even a
sustainable intermediate term advance. Today let’s see if we can find any?We’ll use the major averages as well as a
list of sector Exchange Traded Funds (ETF) and there performance since the May
high and the July low.Can you spot
emerging leadership?
PrudentTrader.com
Percent
Change
Tkr
Full
name
5/15
-> 7/15
7/15
-> 8/26
5/15
-> 8/26
DJ-30
Dow Jones Industrials
-15.86
4.11
-11.75
SP-500
Standard & Poors 500
-14.84
4.66
-10.18
NYSE
NYSE Composite Index
-15.05
1.3
-13.75
COMPQX
Nasdaq Composite Index
-11.94
6.6
-5.34
NDX--X
Nasdaq 100 Index
-10.82
4.89
-5.93
Of the 5
major indices above, the weakest going into the July low was the Dow and the
NYSE composite; each down over 15% from the May peak. On the bounce from the
July low the strongest is the Nasdaq composite however showing notable weakness
is the broad based NYSE.
Of the 26
sector based ETFs shown only two have advanced during both time frames.Add two more if you consider a combination of
both time frames for a total of 4 or 15%.All four are representative of two sectors; Healthcare and Drugs,
normally considered defensive.Is that
the leadership needed to launch as sustained advance?
Last Updated ( Wednesday, 27 August 2008 )
ETF Range Projections for August 27
Written by Bill Zimmer
Wednesday, 27 August 2008
This
mornings economic data: New orders for durable goods +1.3% versus a consensus of: +0.1% and
ex-transportation +0.7% versus a consensus of:
-0.3%. Also
this morning at 8:30 AM: Atlanta Federal Reserve Bank President Dennis Lockhart
will speak about U.S.
inflation, at Georgia State Univ, in Atlanta.
With hurricane Gustav expected to move in to the Gulf of
Mexico this weekend the EIA petroleum inventory report at 10:30
may hold less of a weight than it has in recent weeks.
Overseas
markets are mixed with: Nikkei 225-0.20%, Hang
Seng+1.94%, Shanghai
Composite-0.34%, DAX-0.90%, and FTSE 100+0.18%.
Shortly after the durable goods report the futures
predict: Dow +17, S&P+2.5, Naz +3, Oil +$1.90, and Gold +$9.30.
