Market Had A Strong Finish
Jason CimplAugust 31, 2010
The market moved sideways today, but it finished above the morning lows. Volume was higher than yesterday, but low compared to normal days. Advancers edged out the declining issues, but not by much. Technology led the majors in declines. Oil collapsed, and it should fall further.
Today was filled with data. The Case Shiller index lifted the market from the bearish open. Home prices increased 1% last month and 4.5% from a year ago. Chicago PMI was in line with expectations at 57, which is below last month's 62. The last piece of information was consumer confidence which beat expectations. The forecast was for 50, down from 51 last month, but August showed a 53.5 figure. The market rallied on the news, but lost all the gains by the end of the day. We expect more lows this week. Tomorrow starts off a series of employment announcements.
The Chart of the Day
Rex Energy (Nasdaq: REXX)(CHART)
was up 10% today.
The stock accomplished two feats today: first, shares took back the $10.70
level of support that it lost in May. Second, shares broke out of a five
month descending channel. Volume has been high the past few days, and shares
should move to target the $14 resistance. Another move above that level takes
this stock to test $21.
Watch List
The TradeMaster Daily Stock Alerts' watch list was lower
today, much like the market.
Leading the way were big gains from Spreadtrum Communications (Nasdaq: SPRD)
up 14%.
