Indices drift modestly lower with relative strength in the NASDAQ

Discussion in 'Trading' started by TradeTheNews, Jan 8, 2007.

  1. TradeTheNews

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    US Markets Mid-Morning Recap
    by TradeTheNews Staff

    - Decliners handsomely outpace advancers on the Dow with only a handful on names green. IBM is up 1.5% after a pre-market downgrade while WMT is off 0.5% after being cut to Neutral at Goldman Sachs.

    - Marinemax, HZO has lost 12% after cutting guidance. BC –4% MNC –1% PII –0.4% ACAT –0.3% SCHN has given back 7% of its stock price after reporting earnings before the open. Stocks came under some pressure when reports of a natural gas leak in NYC started circulating early in the session. Mayor Bloomberg in a statement noted the city is still searching for the source of the smell, but gas levels are not elevated and there appears to be no danger related to the odder. The NASDAQ has been outperforming both the Dow and the S&P as technology has been holding up well after UBS made positive comments on the group. The SOX Index is at session highs up close to 1% despite cautious comments on the semis from Susquehanna before the open.

    - Crude futures traded up as much as a dollar in electronic trade, but since the open of pit trading the Feb contract has slipped back into negative territory, trading around the $56 mark. Natural Gas futures are up more than 4% at $6.44. Treasury and currency markets are fairly quiet with little economic data to trade on until the end of the week. 10-year –5/32 at 4.664% Gold futures have traded up as much as $4 but have since drifted back towards the unchanged level with the Feb contract still below $610.