Weekly Market Outlook |
By Dave Mecklenburg |
Published
09/5/2009
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Stocks
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Unrated
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Weekly Market Outlook
Strong downside volume this week has Wall Street concerned about a particularly poor September stock market. September has historically been one of the worst months of the year, but analysts note that the expected historical declines could already be priced into the market.
For the coming week, U.S. markets will be closed Monday for the Labor Day holiday. Healthcare stocks will be in the spotlight when trading resumes on Tuesday. President Barack Obama will address a joint session of Congress on Wednesday to push his healthcare reform. Some analysts are predicting huge gains in the market on Thursday, if Obama announces that he will abandon a public option for health insurance. If Obama is able to reenergize the Democrats' plan, insurance and other related stocks could sell off.
There are only a few economic reports due out next week. Reports on initial weekly jobless claims and preliminary September consumer sentiment are scheduled. Reports on the international trade balance and the Federal Reserve's Beige Book covering anecdotal evidence of economic conditions are also due out.
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6 Stocks to Watch
We have 6 stocks this week near daily resistance looking to break to new recent highs. The 6 stocks to watch are Altria Group, Inc. (MO), Campbell Soup Company (CPB), Express Scripts, Inc. (ESRX), SYSCO Corporation (SYY), Wyeth (WYE), and Zimmer Holdings, Inc. (ZMH).
Dave Mecklenburg is the Editor-in-Chief of TigerSharkTrading.com.
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