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FirstAlert: 12-5 P.M. Investrend / Bestcalls
(InvesTrend Via Acquire Media NewsEdge)
October 1, 2008 (Financial Wire) Conference calls scheduled at 12 to 5
p.m. on Investrend Broadcast via partner BestCalls include Atmos Energy
Corporation (NYSE: ATO), Patterson-UTI Energy Inc. (NASDAQ: PTEN),
Micron Technology Inc. (NYSE: MU), Standard Microsystems Corporat
(NASDAQ: SMSC).
Conference calls are often impacted by market trends, geopolitical
conditions, news coming from conferences and economic releases.
(By Dr. Joe Duarte) In the Land of Make Believe, aka the Stock Market,
Tuesday was a day to cover shorts and trade on the long side. More than
for any other reason, stocks went up because, they simply stopped going
down. And while that s no guarantee that a lasting rally will
materialize, it s not something to ignore altogether.
It s foolish to be anything but pragmatic here. As a trader, the goal
is not see whether the glass is half full or half empty, but to see if
there s any fluid left in it. And on Tuesday there was fluid at the
bottom and more by the end of the day.
There is likely to be lots of volatility ahead. Yet, the best-case
scenario would be one in which the S&P 500 bottom is in at Monday s
low, just below 1100.
There are some subtle technical findings that suggest that some kind of
low is in place, such as the fact that the MACD histogram s bottom on
Monday was higher than the bottom that it made in mid-September despite
Monday s S&P close being lower. This is a positive divergence and
suggests that Monday s 777-point drop in the Dow Jones Industrial
average was indeed the panic bottom that investors have been looking
for. The bottom in the MACD histogram is also evident in the RSI
oscillator.
Another sign that points to Monday as being a potentially important day
is the fact that volume was low. Contrary to the mainstream viewpoint
that the low volume during the selling means little, we look at it as a
potential sign of the sellers having been totally exhausted.
To be sure, there is plenty of overhead resistance, especially at 1260
and near 1335. And lots can happen in the next few weeks as the
election heats up. Yet, it s not very smart to ignore the fact that we
may have seen the bottom. As with any important washout, the really big
buying opportunity comes a few days after the initial bottom. That
means that by Friday, the day of the employment report, we should have
a much better idea as to whether the worst is actually over.
The Investrend Earnings Calendar features Actuant (NYSE: ATU), expected
at $0.54; Immucor (NASDAQ: BLUD), expected at $0.23; Micron Tech.
(NYSE: MU), expected at $-0.22; Mosaic Co. (NYSE: MOS), expected at
$2.93.
The Investrend Economics Calendar lists ISM Manufacturing Index for
September (10 a.m.), Construction Spending for August (10 a.m.), EIA
Petroleum Status Report (10:30 a.m.), Auto Sales for September.
The Investrend Events Calendar showcases EXC, CRAI, POM at Edison
Electric Institute Strategic Issues Conf; JPM at IBF (International
Business Forum) MidAmerica Healthcare Venture Forum; UNT, CXO, PTEN,
SUN, BBG, HERO at Merrill Lynch Global Energy Mid and Small Cap Conf.
The Investrend Money Index is an indicator of the depth of market
direction or indirection. While not always including the same stocks,
the NYSE/NASDAQ 50 Most Actives indicate the direction in which the
mass of money is flowing. Last session's trading showed 46 advancers
versus three decliners and one unchanged. Advancers were led by
Wachovia Cp (NYSE: WB) up 90.22%, Sovereign Bancorp (NYSE: SOV) up
69.53%, Cypress Semiconductr (NYSE: CY) up 68.39%, Amer Intl Group Inc
(NYSE: AIG) up 33.20%, Fifth Third Bncp (NASDAQ: FITB) up 30.63%, Natl
City Cp (NYSE: NCC) up 28.68%, Ford Motor Co (NYSE: F) up 24.70%, Bk Of
America Cp (NYSE: BAC) up 15.70%, Citigroup Inc (NYSE: C) up 15.55%, Ml
Co Cmn Stk (NYSE: MER) up 15.00%, Companhia Vale Ads (NYSE: RIO) up
14.67%, Jp Morgan Chase Co (NYSE: JPM) up 13.90%, Wells Fargo & Co New
(NYSE: WFC) up 12.87%, Sun Microsystems Inc (NASDAQ: JAVA) up 12.59%,
Ebay Inc (NASDAQ: EBAY) up 12.18%, Ishares Tr Ftse Indx (NYSE: FXI) up
10.75%, Research In Motion (NASDAQ: RIMM) up 10.64%, Gen Electric Co
(NYSE: GE) up 10.39%, Morgan Stanley (NYSE: MS) up 9.58%, Level 3 Comm
Inc (NASDAQ: LVLT) up 9.31%, Activision Blizzard (NASDAQ: ATVI) up
9.28%, Comcast Cp A (NASDAQ: CMCSA) up 8.99%, Intel Cp (NASDAQ: INTC)
up 8.45%, Broadcom Corp Cl A (NASDAQ: BRCM) up 8.38%, Oracle Corp
(NASDAQ: ORCL) up 8.20%, Apple Inc (NASDAQ: AAPL) up 7.98%, Marvell
Tech Group (NASDAQ: MRVL) up 7.76%, Qualcomm Inc (NASDAQ: QCOM) up
7.75%, E*Trade Finl Corp (NASDAQ: ETFC) up 7.69%, Dell Inc (NASDAQ:
DELL) up 6.94%, Amgen (NASDAQ: AMGN) up 6.79%, Microsoft Cp (NASDAQ:
MSFT) up 6.72%, Nvidia Corp (NASDAQ: NVDA) up 6.04%. Decliners followed
Reliant Energy Inc (NYSE: RRI) down 27.08%.
Vote in the Investrend Poll Question of the Day at Investrend
Information (http://www.investrendinformation.com).
Investrend Website of the Day:
http://www.postcards.org/postcards/cards/5750/
Quote of the Day: "When a piece gets difficult, make faces." Vladimir
Horowitz
Today is: World Vegetarian Day, Sukkot.
Happy Birthday: King Henry III, Richard Stockton, William Boeing, Louis
Untermeyer, Stanley Holloway, Walter Matthau, Vladimir Horowitz, James
Whitmore, Jimmy Carter, William Rehnquist, Tom Bosley, George Peppard,
Richard Harris, Julie Andrews, Stella Stevens, Rod Carew, Spider
Sabich, Stephen Collins, Randy Quaid, Mark McGwire, Christopher Titus.
Today in History: Alexander the Great defeated Darius III of Persia in
the Battle of Gaugamela in 331 BC. Edgar the Peaceable became king of
all England in 959. The first steamboat to sail the Mississippi River
arrived in New Orl ans, Louisiana, in 1811. German inventor and
industrialist Werner von Siemens founded in 1847 Siemens AG & Halske.
Austria issued the world's first postcards in 1869. John Philip Sousa
became leader of the United States Marine Corps Band in 1880. The first
electric lamp factory was opened by Thomas Edison in 1880. The U.S.
mint in Carson City, Nevada, closed in 1886. The Yosemite National Park
was established by the U.S. Congress in 1890. The George Washington
Bridge linking New Jersey and New York opened in 1931. The Pennsylvania
Turnpike, often considered the first superhighway in the United States,
opened to traffic in 1940. Japanese Shinkansen ("bullet trains") began
high-speed rail service from Tokyo to Osaka in 1964. In what was known
as the Thrilla in Manila, Muhammad Ali defeated Joe Frazier in a
boxing match in Manila, Philippines, in 1975. EPCOT Center opened in
1982 at Walt Disney World near Orlando, Florida, United States. Smoking
age raised from 16 to 18 in United Kingdom in 2007.
[FirstAlert was created by Gayle Essary, founder of Investrend
Communications, Inc., parent of Investrend Information
(http://www.investrendinformation.com). The opinions expressed in
FirstAlert do not necessarily reflect the opinions of Investrend.]
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Ltd (www.m2.com))
Copyright ? 2008 M2 Communications Ltd.
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