Weekly Stock Market Letter, May 12, 2008
The Week Ahead: The price of oil reached new highs daily for five straight days, and the lower trade deficit in March reflect a slowdown in the economy with consumers cutting back. Reports to watch are Tuesday's retail sales, import prices, and business inventories. Wednesday brings the Consumer Price Index while Thursday the industrial production and jobless claims numbers are released. The University of Michigan's Consumer Confidence numbers as well as housing starts are announced Friday.
Stocks to Watch: Shares of Bristol-Meyers (BMY) fell sharply after news of European competition for the generic version of its drug Plavix, but support in the low 20's could be at hand. Medicis Pharmaceutical (MRX) had earnings that more than doubled and received a strong upgrade by S & P as the stock moved up from a price base. A turnaround in the 4th quarter earnings for Activision (ATVI) saw revenue rise by 93% thanks to its Guitar video game sales as the stock lifted to new highs.
Special Note: Financial stocks were the biggest drag on the markets in the past week with some technology stocks disappointing as well. Support for most major indexes appears to be surrounding their respective 50 day moving averages since the lows recorded in both January and March. In contrast, resistance would be just north of the 200 day moving averages. Both moving averages are merging which could be indicating a sharp price move developing in either direction weeks from now.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
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NobleTrading Direct Access Trading
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web: http://www.nobletrading.com
Stocks to Watch: Shares of Bristol-Meyers (BMY) fell sharply after news of European competition for the generic version of its drug Plavix, but support in the low 20's could be at hand. Medicis Pharmaceutical (MRX) had earnings that more than doubled and received a strong upgrade by S & P as the stock moved up from a price base. A turnaround in the 4th quarter earnings for Activision (ATVI) saw revenue rise by 93% thanks to its Guitar video game sales as the stock lifted to new highs.
Special Note: Financial stocks were the biggest drag on the markets in the past week with some technology stocks disappointing as well. Support for most major indexes appears to be surrounding their respective 50 day moving averages since the lows recorded in both January and March. In contrast, resistance would be just north of the 200 day moving averages. Both moving averages are merging which could be indicating a sharp price move developing in either direction weeks from now.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
posted by NobleTrading at
7:24 AM
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