OPTIONSMART MORNING UPDATE: Plunged on profit-taking
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September 25th, 2009 at 6:05 am
OPTIONSMART MORNING UPDATE: Plunged on profit-taking
1. OUTLOOK: The market exptended losses as we predicted in our most recent update.Disappointing existing home sales and a sharp rebound in the dollar pushed the market in its second straight loss. A slide in oil and gold shares on the back of a stronger dollar dragged on commodity stocks. HPQ expects the IT industry to return to growth in 2010 and believe that HP will outpace the market. The company plans to improve margins. Stifel Nicolaus raised their Google target to $590. Piper Jaffray raised their Apple target to $235. QQQQ's implied volatility inched higher as traders started to hedge their portfolios. Friday brings government reports on new home sales and durable goods orders, as well as the University of Michigan's September consumer sentiment index. U.S.Futures point to a neutral open. In any case, the market needs some time to gain momentum fo the next upswing.
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