Weekly Market Review Letter, 15 December 2008
The Week Ahead: Markets open this week with two important expectations. One is a resolution to the bailout of the major auto companies by a Bush White House plan. Two, the lowering again of the Fed Funds interest rate by the Federal Reserve by Tuesday after the initial meeting on Monday. Tuesday also brings the Consumer Price Index and the housing starts number. With oil having rebounded 14% an important OPEC meeting will be held on Wednesday. The jobless claims report and leading economic indicators arrive on Thursday.
Stocks to Watch: Shares of Exelixis, Inc. (EXEL) rose substantially when Bristol-Myers Squibb agreed to pay $195 million upfront for development rights and licensing of two cancer drugs. Waters Corp. (WAT) cut there Q4 earnings target and was then downgraded as the stock reached a five year low on this news. Several noteworthy Wall Street downgrades recently include Chicago Bridge and Iron (CBI), Perkinelmer Inc. (PKI) which supplies medical instruments, and Varian Inc. (VARI).
Special Note: Currently the S&P 500 and the Nasdaq Composite are below there respective 20 year moving averages while the Dow Industrials at 8629 is still above this average which is approximately 7705. This is telling with only 11 1/2 trading days left in 2008 and may be a clue for what may turn out to be a year end sell off putting the three major indexes in sinc to the downside. It would also be the worst year for the DOW since 1931 and the worst year ever for the Nasdaq AND S&P 500.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click here to open an account.
NobleTrading Direct Access Trading
web: http://www.nobletrading.com
Stocks to Watch: Shares of Exelixis, Inc. (EXEL) rose substantially when Bristol-Myers Squibb agreed to pay $195 million upfront for development rights and licensing of two cancer drugs. Waters Corp. (WAT) cut there Q4 earnings target and was then downgraded as the stock reached a five year low on this news. Several noteworthy Wall Street downgrades recently include Chicago Bridge and Iron (CBI), Perkinelmer Inc. (PKI) which supplies medical instruments, and Varian Inc. (VARI).
Special Note: Currently the S&P 500 and the Nasdaq Composite are below there respective 20 year moving averages while the Dow Industrials at 8629 is still above this average which is approximately 7705. This is telling with only 11 1/2 trading days left in 2008 and may be a clue for what may turn out to be a year end sell off putting the three major indexes in sinc to the downside. It would also be the worst year for the DOW since 1931 and the worst year ever for the Nasdaq AND S&P 500.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311web: http://www.nobletrading.com
posted by NobleTrading at
9:26 AM
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