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MORNING MARKET COMMENTARY

Stock Indexes
New Highs Increase Despite Mild Distributional Pressure

The major averages negatively reversed on Thursday after encountering resistance near their prior chart highs. Volume, an important indicator of institutional sponsorship, was higher than Wednesday's session which marked a distribution day for the NYSE and the Nasdaq exchange. Advancers and decliners were evenly matched on the NYSE and on the Nasdaq exchange, but the NYSE had a slightly positive bias while the Nasdaq had a slightly negative bias.  New 52-week highs outnumbered new 52-week lows on the NYSE and the Nasdaq exchange. 

U.S. stock futures were pointing to a weak open Friday after the government said economic growth slowed last quarter.

Futures for the Dow Jones Industrial Average ($INDU) were down by75 points at 10,334 and were 86 points below fair value. S&P 500 ($INX) futures were down by 9.6 points at 1,087 and were 11 points below fair value, while futures for the Nasdaq ($COMPX) were lower by 13 points and were 15 points below fair value.

Stocks struggled Thursday as mixed earnings reports offset a better-than-expected decline in initial weekly jobless claims.

The Department of Commerce estimated that gross domestic product -- a measure of goods made and services rendered in the U.S. -- expanded by an annual rate of 2.4% during the second quarter, compared to 2.5% in the first quarter. Economists had expected the economy to have grown 2.5%, according to Briefing.com.

Hong Kong's Hang Seng slipped 0.3%, and Japan's Nikkei fell 1.6%. The FTSE in London was losing 0.4%, while the DAX in Frankfurt was down by 0.5%. 

Chicago's Institute for Supply Management will release its purchasing managers index at 9:45 a.m. ET. Economists anticipate that the measure of manufacturing activity in the Chicago region fell to 56.3 from 59.1 in June.

The Thomson Reuters/University of Michigan will release an updated consumer sentiment report for July at 9:55 a.m. The index is projected to increase to 67.5 from an earlier reading of 66.5.

In earnings news, Merck (MRK) reported better-than-expected results for the second quarter. The drugmaker and Dow component said its profit was 86 cents a share, excluding certain items, beating the 83-cent estimate of analysts surveyed by Thomson Reuters.

Honda (HMC) said its fiscal first-quarter profit soared to 272.49 billion yen ($3.15 billion) from 7.56 billion yen a year earlier. The Japanese carmaker said it expects to earn 455 billion yen in the year ended in March, an increase from its earlier forecast of 340 billion yen.

Newell Rubbermaid (NWL) said second-quarter earnings jumped 23%. The company topped analysts' expectations for earnings of 44 cents a share with an adjusted profit of 51 cents a share.

Chevon (CVX), Weyerhaeuser (WY), Simon Property Group (SPG) and Aon (AON) are also scheduled to report today.

Crude oil for September delivery was down by 55 cents, at $77.81 a barrel.

The December gold contract was trading $2.40 higher at $1,173.60 an ounce.  

The dollar was trading higher against a basket of currencies, with the dollar index up by 0.3%.   

The benchmark 10-year Treasury was up by 13/32, diluting the yield to 2.941%.  
Several high profile technology stocks got smacked after Akamai Technologies Inc. (AKAM -12.90%), Nvidia (NVDA -9.87%), and Symantec Corp. (SYMC -11.18%) released weak Q2 results. Financial shares fared reasonably well for the most part after New York Attorney General Andrew Cuomo began a fraud probe into the life insurance industry and subpoenaed several well-known firms.

Elsewhere, the Labor Department said jobless claims fell last week and confidence improved about Europe's economy. Stocks turned tail after James Bullard, President of the Federal Reserve Bank of St. Louis, said the central bank should resume purchases of Treasury securities if the economy slows and deflation sets in. On Friday, the US government is slated to release Q2 GDP figures which will give investors the latest read on the economy.

The major averages are still above their respective 2-month downward trendlines which is a healthy sign. However, the Nasdaq Composite, NYSE Composite, and the benchmark S&P 500 indexes collectively closed below their respective 200-day moving average (DMA) lines which is not ideal. In order for a new leg higher to begin, the major averages will have to ratchet above their longer term averages and close above their recent chart highs which currently serve as the next levels of resistance to watch.  The window remains open for for high-ranked stocks to be accumulated when they trigger fresh technical buy signals. Trade accordingly.








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· Whole Foods playing dirty pool against local competitor
· Senators Accused of Protecting Imports
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· California Dreaming
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· Economic pain to be ‘worst for 60 years’
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· March Will Be The Tipping Point Of The Recession
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· Next Blow To Banks: Credit Card Write-Offs (C)(BAC)
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· Cell Phones And Connections Faster Than Lightning
· The European Perspective On The Economy Can’t Look Worse
· Toyota Can Finally Take Over The US Car Market
· The Government Crackdown on Peer-to-Peer Lending
· Facebook Takes A Dive: Social Networks Never Had A Future
· As Google’s (GOOG) Growth Falters, Microsoft (MSFT) Has Chance To Regain Momentum
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· FriendFinder Still Pursuing IPO
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Profiles: Alphatrade, Inc. (APTD)
Friday, July 30 @ 19:19:54 MST by admin (21 reads)
Company Profiles
About AlphaTrade.com

AlphaTrade.com provides both real-time and delayed stock market quotes to subscribers via the Internet. As of December 31, 2009, the Company had five diversified revenue streams: real time stock quotes - E-Gate; financial information for Websites - E-Trax, and advertising, Web design and Web hosting services. The Company has three Websites all providing information and services that compliment all of its products, including www.alphatrade.com, www.zenobank.com and http://finance.alphatrade.com.

(Read More... | 1338 bytes more | comments? | Profiles | Score: 0)

Profiles: WebSafety Inc. (WBSI)
Sunday, July 25 @ 16:38:02 MST by admin (42 reads)
Company Profiles
ABOUT (WBSI)

WBSI is the leading provider of mobile and computer software solutions that help to keep your children safe. One of their products disables texting functions on their phone if they are
traveling more than 10 miles an hour.


(Read More... | 3036 bytes more | comments? | Profiles | Score: 0)

Profiles: Welwind Energy International Inc. (WWEI)
Wednesday, July 14 @ 18:38:37 MST by admin (56 reads)
Company Profiles
ABOUT WELWIND


Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations.


Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.



(Read More... | 4857 bytes more | comments? | Profiles | Score: 0)

Profiles: Minerco Resources Inc (MINE)
Wednesday, May 26 @ 07:06:02 MST by admin (101 reads)
Company ProfilesMinerco Resources Inc (MINE)



Minerco Resources, Inc. (OTCQB:MINE) is a progressive developer, producer and provider of clean, renewable energy solutions in Latin America



(Read More... | 2411 bytes more | comments? | Profiles | Score: 0)

Profiles: ProtoKinetix Inc. (PKTX)
Saturday, May 15 @ 15:15:13 MST by admin (214 reads)
Company ProfilesProtoKinetix Inc. (PKTX)


BUSINESS SUMMARY

ProtoKinetix (OTCBB:PKTX) is a biotech company focused on developing and licensing patented anti-aging glycopeptides (AAGP™) to the health care, biotechnology and skin care/cosmetic industries. Since 2005, ProtoKinetix has been engaged in groundbreaking scientific research. Several recent tests and trials on ProtoKinetix’ AAGP™ cryopreservation (freezing cells to -196°C) has shown promising results across multiple cell lines. AAGP™ molecules have demonstrated to enhance the health and extend the life of cells and seem to carry anti-inflammatory properties. ProtoKinetix is the first company to make a stable and non-toxic version.



(Read More... | 11899 bytes more | comments? | Profiles | Score: 0)

Profiles: Generex Biotechnology Corp. (GNBT)
Sunday, April 25 @ 19:34:10 MST by admin (175 reads)
Company ProfilesGenerex Biotechnology Corp. (GNBT) 



Generex is engaged in the research, development and commercialization of drug delivery systems and technologies. 


(Read More... | 1290 bytes more | comments? | Profiles | Score: 0)

  
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