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Monday, June 18, 2007

Indices Regain Ground

Last week, we saw the major indices rose steadily in the last 3 sessions, regaining ground after the sell off on interest rates hike concern. S&P 500 and Nasdaq were both supported by 50 MA. Of the 3 indices, Nasdaq has already shot past its previous high before the sell off; S&P 500 and DOW are still a little shy of overcoming those highs. The previous high now act as resistance and tt is critical for them to clear the previous high for the uptrend to continue.

Tue: Building Permits, Housing Starts
Notable earnings: BBY

Notable earnings: CC, CMC, FDX, MS

Thurs: Leading Indicators, Phil Fed
Notable Earnings: JBL, COGN

Notable Earnings: APOL


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