Option Investor
Market Updates

Still Red

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The Dow continues to head lower, dragging most everything down with it. Even Semiconductors have dropped into negative territory. Stocks that were once up are now down.

Qualcomm Daily Chart

Qualcomm (QCOM) was up $1.79 at one point today, but is now down $0.66. That keeps Qualcomm's eight-day slide alive. During that time that stock has dropped over $18.00. The stock is trying to cling to support at $48, but since it's a Premier Investor short play, I'm hoping it doesn't. But enough about stocks that are going down, are there any that are going up?

Clorox Daily Chart

Clorox (CLX), a premier investor long play, is up 1.11% today. The stock broke out of an ascending triangle, and is now trying to retrace 50% of a precipitous two-month decline that ended 2000. The stock is off its high today, but volume has been picking up the past few days.

Pepsi Daily Chart

Pepsi (PEP), another PI long play, is also higher today. It's only up 50 cents, but not too bad in the face of today's carnage. Pepsi has been able to hold above recent lows around $46.79, but hasn't been able to break through resistance at $48. Volume is drying, as it should when a stock consolidates, but the will need to improve to push Pepsi out of this range. A rising 50-day moving average might also help to push Pepsi higher.

Jeffrey Canavan
Premier Investor

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