Midday Market Check - The Amex Gold Bugs Index Leads While the Regional Bank HOLDRS Lags

Tags: HUI
17 May 1:15am
Posted by SchaeffersResearch
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We head into the second half of the session with some relatively sluggish broad market action on the screen. The S&P 500 (SPX) was hit with some mid-morning selling but has since bounced back to flat. The Regional Bank HOLDRS (RKH) and S&P Retail Index (RLX) are the weakest areas while commodity corner leads. As the daily chart below shows, the Amex Gold Bugs Index (HUI) is trying to push above the near-term resistance zone I have been noting.


Chart Courtesy of Thomson Financial


Chart Courtesy of Thomson Financial

Here are a few of the analyst upgrades and downgrades that I forgot to note this morning...my apologies...

    Upgrades
    • Anadarko Petro (APC)
    • Arbitron (ARB)
    • Fiserv (FISV)
    Downgrades
    • Concur Tech (CNQR)
    • Exar (EXAR)
    • Nucor (NUE)
    • Reynolds American (RAI)
    • SanDisk (SNDK)
    • Urban Outfitters (URBN)


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Schaeffer’s Investment Research, founded by Bernie Schaeffer in 1981, is a research-driven provider of investment research and recommendations featuring a unique, time-tested analysis of investor expectations. Schaeffer's contrarian approach, called Expectational Analysis®, focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription publication and it's website, www.SchaeffersResearch.com, is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's.

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