Your #1 Swing Trading Strategy & Stock Pick Site



FREE 30 Days Trial - MarketClub incl. Chart Portfolio - Smart Scans
draw trend
You Are Here: Home > Articles > Commentary > Market Commentary - July 29

Market Commentary - July 29
Jul 29, 2010

Picture

Larry Swing

add More articles
Font Size:
Text size
Text size
Text size

DJIA Industrial Average

 

July 28

 

Open: 10537.01

 

High: 10548.52

Low: 10463.22

 

Close: 10494.48

Change: -39.81 (0.38%)

RSI: 57

MACD (Delta): -4.23

Click here to enlarge | Open in another window

Strategy: The US stocks closed Wednesday with small losses after a dismall fall in the durable goods order data for June. Profit taking in the US markets is coming regularly at higher levels, at the Dow is trying to consolidate near 10500 points.

Commentary

Stocks closed lower Wednesday as the disappointing economic data on durable goods orders and weaker quarterly results from Boeing and others added to concerns about the pace of the economic recovery.

The Dow Jones industrial average lost 40 points, or 0.4% to close at 10494.48 points. The S&P 500 shed 8 points, or 0.7%. The Nasdaq composite also lost 24 points, or 1%..

The fall in durable goods orders and a slide in European markets kept concerns about the U.S. economy front and center.

Durable goods orders fell 1% in June after dropping 0.8% in May. The economists had anticipated the durable orders to rise 1%.

In addition, the Fed said in its latest beige-book report that economic conditions continued to improve in most of its 12 regional districts, but the advances were modest, with retail sales posting only small gains and housing and construction remaining weak. Bank lending, meanwhile, was still tight.

Cable operator Comcast gained 1.2% after it announced the first quarterly earnings following the acquisition of NBC Universal. earnings and revenue basis were above consensus.  

Sprint Nextel posted its first rise in subscribers in three years, but also posted a wider second-quarter loss as it lost more lucrative customers. Shares gained modestly in the session.

Dow component Boeing said its second-quarter profit fell from a year earlier, due to less airplane deliveries and defense revenue. The company's weaker quarterly revenue and earnings beat the average forecast of analysts, but the stock shed nearly 2%.

Among the Dow's other decliners, Pfizer gave back 27 cents, or 1.8%, to 15, Home Depot was off 50 cents, or 1.8%, to 28.08, and Alcoa declined 17 cents, or 1.5%, to 11.04.  

Las Vegas Sands gained 1.41, or 5.6%. The casino and resorts owner swung to a second-quarter profit, beating analysts' expectations due to a strong showing by its newly opened Singapore property.

The euro fell against the dollar, while the U.S. currency shed marginally versus the Japanese yen.

U.S. light crude oil for September delivery fell 19 cents to $76.80 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $2.80 to $1,163.90 per ounce.

 

The Day Ahead

Thursday

Jobless Claims Data

 


...thanks for the trust you've shown in me and my business.

by Larry Swing
larry@mrswing.com
May the swing be with you...

Rate this article

 
 
(click to rate) 


DOW
C:26.4700

Rate DOW

 

(click to rate)


Back to top


You Are Here:Home > Articles > Commentary > Market Commentary - July 29

BUY? SELL? HOLD?
Find out now.

Latest Articles