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Failure at Resistance

 August 01, 2008 12:19 PM
 


The session started on a sour note after disappointing GDP figures and initial claims. The gap was quickly filled on lower oil and several upbeat earnings form some widely held names. The NASDAQ outperformed the broader markets, but late in the session, everyone headed for the exits and prices swooned into the close. Profit taking ahead of tomorrow's jobs data, I guess.

Oil retreated following yesterday's bounce, commodities, followed oil lower. Strength in biotechs and airlines.

Tomorrow's economic data includes Construction spending and ISM index at 10:00, as well as key jobs data at 8:30.

BIIB disclosed . BIIB's partner is ELN and both charts look about the same.

Stocks set to gap lower on AH earnings include: BOOM, HNSN, TOMO. Gapping up: THOR, SWIM.

[Related -Biogen Idec Inc (BIIB): Top Reasons To Own Biogen Idec]


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