July 7, 2006 Stock Market Recap

The bulls can't be happy with Friday's trading as the market sold off on slightly higher volume and started to eat into the post-Fed rally. In fact, the Nasdaq is basically exactly where it was the minute the Fed statement was released. The Nasdaq 100 has given back all of its post-Fed gains and then some. The S&P and Dow are faring a little better but the people who bought into the Fed rally hype must be sweating right about now.

Here are charts of the indices as well as some of the better looking individual stock charts (all shorts) I found:

The Nasdaq has slipped back into the June trading range:

The Nasdaq-100 (NDX / QQQQ) continues to look like death. The June lows could be tested any minute now:

The S&P is back at its 200-day moving average:

The Dow is about to test its uptrend thanks largely to the heavily weighted 3M Company's (MMM) 9% drop on Friday.

The semiconductor sector is in a death spiral:

The Bank Index appears to be failing at resistance:

Here's Allegheny Technologies Inc. (ATI):

and another look at Caterpillar Inc. (CAT) which I posted a couple of weeks ago:

Can it be that NutriSystem Inc. (NTRI) is finally a sell? Sure looks like a nice setup... :

optionsXpress Holdings, Inc. (Nasdaq : OXPS) is failing at its June gap:

I see a lot of energy stocks tracing the same pattern as Schlumberger Ltd. (NYSE : SLB):

And another high flyer that's looking tired -- Zoltek (ZOLT):

Trend Table

I've downgraded the short-term trends on the Nasdaq and Russell 2000. The Nasdaq broke its 10-day moving average and the Russell is basically right on its 10-day.