Trader Talk
- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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Reporter
Whither stocks? We are overbought, but that doesn't mean the markets will drop. Traders have been worried that the market rally is showing signs of aging; for example, the percentage of stocks below their 10-day moving average is faltering.
Lowry, a respected technical analysis service, in a note to clients this morning, looked at the evidence and concluded: "the rally from the March low has yet to fully run its course."
They base this on several observations, but particularly on the improving volume in the last several weeks.
Online travel stocks have been flying, but...it doesn't necessarily mean travel is improving.
Priceline [PCLN
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] up 17 percent to its highest level since 2000 (!). Priceline reported earnings and revenues above expectations, and also guided higher.
Priceline is primarily a seller of discounted hotel rooms, and here their most important metric (hotel room nights) showed a notable increase of 44 percent.
One other factor helping: better international sales, about 56 percent of bookings.
But we are not seeing huge increases in bookings at hotels. True, Expedia [EXPE
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] also beat earnings by a wide margin, and they too saw room night growth of 26 percent (they are at a 52-week high as well). But they are also frequently selling rooms at a discount.
The bottom line: these companies (and others like Orbitz [OWW
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]) are benefiting from an increase in online travel shopping, which is reflecting the value tint of the American consumer. Business travel remains depressed.
Program Alert: Priceline CEO Jeff Boyd on The Call at 11:30 PM ET this morning.
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POPULAR TRADER TALK POSTS
- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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