Columbus Day - Stock Market At A Glance

Posted by admin

October 13, 2009

Indexes hit new highs for the year on below average volume. Volume has been declining on all the major indices for the last 4 seesions which should be of concern as we trend higher and higher. This spell technical divergance in the pattern which can be bearish for the market.

Index	Close	Change	Trend
Dow	9885.80	20.86	SIDEWAYS
S&P 500	1076.19	4.70	SIDEWAYS
Nasdaq	2139.14	-0.14	SIDEWAYS

Couple of stocks to keep on your radar: PMFG Inc (PMFG) and Chart Industries (GTLS), both from oil services sector. As oil rebounds here, these are the stocks to keep on you watchlist. PMFG already broke out on huge volume, so it needs to pullback some of form some kind of tigtening pattern. GTLS is forming a nice base here. Watch for it to break out near 23.20 on volume.

Today’s one of the big winner was Rino International (RINO), which gained 1.70 to close at 25.30. The stock was featured on Stock Market At A Glance on last Monday. RINO is way past is buy point from 17.65. But its a name to keep on your watchlist if the market trends lower to see how it behaves.