Markets have opened higher as drugs, gaming, emerging markets, large cap growth and biotechs lead the way. Lagging are homies, telecom, airlines, reits, internets and retail.
Key stocks- higher led by VMW MGM NVDA LVS BG NYX WYNN DECK INTC ICE and DECK- laggards- GRMN MTW AMZN TIF BIDU MCD ISRG MA CAT UA MA and BAC;
Market internals are flat on the NYSE/NAZ;
NDX- 70 WINNERS;
OEX- 65 WINNERS;
IBD 100-60 WINNERS;
IBD 20- 13 of 20 higher;
WINNERS- APOL QCOM NVDA NTAP MICC VRSN DD EMC NYX CCU DELL HPQ CPLA WFR CHL GTI HDB NOV GILD CF MBT;
LOSERS- GRMN BHPX TISI IRIS FCSX CNH CYBS NGS EDU ATI ROK WY S T CBS EX LVLT VMED LAMR SHLD AMZN JOYG AMZN;
VIX - lower by 2.5% and trading about 10% above the 10 SMA;
Up volume less than Down volume- not so bullish;
TRIN 1.15- not so bullish;
CFC lower on the heels of news that the delinquency rate has risen to almost 7%. The stock is not reacting well yet again as it loses hat size status and probably drops to drill bit levels.
The major big cap indexes are acting far better than the average stock this morning and not real sure how that will play out for the rest of the day- (who drags who higher or lower).
Technically, the next areas to watch on the SPX is 1,370 on the way down (August 16 lows) and 1,420 level higher (76.4 FIB).
The NDX is bouncing from the 76.4 FIB and the area above to watch is 1972 and below is 1,806, the August 16 lows).
MGM jumping this morning on news of a
tender from Dubai World for more shares. I am not tendering mine.
