SHREVEPORT, La., Sept. 30, 2004 (PRIMEZONE) -- Stock-Letter-Daily.Com (http://www.stock-letter-daily.com -- an affiliate site of StockPickReport, the web's only non-mainstream stock rating service), rates Citigroup Inc., Time Warner Inc., Amazon.com and Liberty Media Corporation CL A.
STOCKPICKREPORT RATINGS: Citigroup Inc. (NYSE:C) -- STRONG BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=C Time Warner Inc. (NYSE:TWX) -- SELL http://www.stock-letter-daily.com/rating.asp?format=single&ticker=TWX Amazon.com (Nasdaq:AMZN) -- SELL http://www.stock-letter-daily.com/rating.asp?format=single&ticker=AMZN Liberty Media Corporation CL A (NYSE:L) -- BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=L
STOCK COMMENTARY:"Technicals Firming Up"
Three major averages moved higher today (Wednesday, September 29, 2004). This move came after two weeks of flat-then-down. The significance of Wednesday's market action is that some technical indications are shaping up to provide the argument for...
...a move higher.
Yes, we said it. Hope you were sitting down.
The technicals (RSI, Stochastics, MACD) indicate that the Dow and S&P are ready for a pop upward, but the Nasdaq is a bit behind. In fact, today's Nasdaq move of 1.29% was the real shocker. The Nasdaq is the weakest of the three averages, we believe.
And, the price of oil is generally seen as the catalyst for today's action. We find that a very interesting notion. Think about it. The markets really moved up on such a slight move in oil (relatively speaking), that we wonder what would happen if oil really began to take a plunge? Could we be looking at "Nasdaq 3000"?
Well, back to reality. Seems to us that yes, there is probably some short-term pop in here. But, we are just not ready to call this the start of a sustained, quality move higher. For that, we want to see the technicals on all three major averages reach "oversold", and THEN begin the ascent higher again. If you want a "hard number", we'd like to see the S&P close over 1130 sometime in the next week or so. An S&P close over 1130 would signal to us that a trend since back in January had been broken. Now, if that were to occur, and if RSI, Stochastics, and MACD pointed higher, we'd be ready to "jump in".
But, for now, it was a NICE day in the markets. And, for that, we are thankful!
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Citigroup Inc. (NYSE:C) -- STRONG BUY http://www.stockpickreport.com/rating.php?sym=C Time Warner Inc. (NYSE:TWX) -- SELL http://www.stockpickreport.com/rating.php?sym=TWX Amazon.com (Nasdaq:AMZN) -- SELL http://www.stockpickreport.com/rating.php?sym=AMZN Liberty Media Corporation CL A (NYSE:L) -- BUY http://www.stockpickreport.com/rating.php?sym=L