U.S. Stock Market At Key Upper Resistance Levels – OTCPicks.com Market Report
Prosper, Texas July 23, 2009- The major U.S. indexes are all trading at or near their highs for the year. The Dow Jones is sitting just under 9000 with the S&P 500 above 950 and the NASDAQ above 1900, levels not seen since the collapse of the financial markets in October of 2008.
With about one third of earnings from companies that make up the S&P index already in, investors are seeing much better than expected results from about seventy percent of the companies. The problem is that these companies are only beating estimates from bottom line results and not the top line growth that traders were hoping for, signaling that the consumer and business as usual activities haven’t come back. Cost cutting and lay offs are driving the earnings and that is not good for the economy if it is to snap back anytime soon.
The equities market is at a critical point with significant earnings reports still to come. Money managers remain under invested and cautious traders aren’t willing to hold positions very long. The market will be looking for top line growth from further earnings reports if it is to continue this furious rally which has seen a forty percent rise since the lows in March. A close over 965 on the S&P could signal a further technical rise in stocks to the 1020 level, or a sell off if it can’t hold 950.
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Stocks we’re watching for Thursday, July 23, 2009 include:
Superlattice Power Inc. (OTCBB: SLAT) a Green Energy Technology solutions company
SLAT recently announced that it Successfully Implemented a Battery Thermal Management System Designed to Protect Battery Pack From Over and Subzero Temperature
Access Pharmaceuticals (OTC: ACCP) an emerging biopharmaceutical company that develops products for the treatment and supportive care of cancer patients
AACP News: MuGard Data From UK Study Shows Prevention of Oral Mucositis in Head and Neck Cancer Patients. Prevention of Oral Mucositis Expands ACCP’s market potential to multiple billions of dollars
Dussault Apparel Inc. (OTCBB: DUSS) a specialty apparel manufacturer and marketer
DUSS this week announced that Dussault Apparel Inc. Signed Agreement With Canadian Distributor EHM Holdings, a leading Canadian apparel distributor which will dramatically expand the company’s global market
AlphaRx, Inc. (OTCBB: ALRX) is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs
ALRX today issued Positive Preclinical Data on Zysolin(NYSE:TM) Inhalable Nanoparticles at Controlled Release Society Annual Meeting
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Disclosure: OTCPicks.com has been compensated five thousand dollars by a third party (Blue Wave Advisors) for SLAT advertising and promotional services. OTCPicks.com has been compensated three thousand five hundred dollars by a third party for ACCP advertising and promotional services. OTCPicks.com has been compensated two seven thousand five hundred dollars by a third party (Blue Wave Advisors) for ALRX advertising and promotional services. OTCPicks.com has been compensated five thousand dollars by a third party (Blue Wave Advisors) for DUSS advertising and promotional services.
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