The Week Ahead: Monday markets will react to the unemployment report from the holiday last Friday as it showed the largest net payroll increase since 2007. Another lagging economic report the ISM Non-Manufacturing Index will gauge the service sector on Monday while the pending home sales number arrives the same day. The Consumer Credit report is released Wednesday. Watch the jobless claims numbers on Thursday and the Wholesale Trade figures on Friday.
Stocks to Watch: Data storage device maker Xyratex Ltd. (XRTX) reached a 52 week high on better than expected earnings and outlook for the year as the stock is now up over 12 fold in 14 months. Netapp (NTAP), a competitor also moved up in sympathy. With auto sales strong in March auto parts companies like TRW Automotive (TRW), Tenneco (TEN), Borg Warner (BWA), and Arvinmeritor (ARM) continued there torrid pace of gains over the past year. Used car sales doubled at Carmax (KMX) with better than expected profits but margins fell as the stock climbed 4%.
Special Note: The current leg of advance in the major market indices will bump into resistance in the low 11,000’s for the Dow Industrials, 1,200 on the S&P 500, and 2,450 for the Nasdaq. Beyond that the pattern that began in March ’09 entails another small correction followed by another advance probably above the high made in the year 2000 at 11,750 on the DOW sometime this summer. If this were to occur, it potentially sets up the largest head and shoulders pattern in market history with all the repercussions that would follow.
Check out NobleTrading’s new earnings calendar, upgrades and downgrades, and analyst coverages.
Click Here To Open An Account
NobleTrading
Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading,
Online Futures Trading, Online Forex Trading
Worldwide Brokerage Service, Day Trading Brokerage
