SHREVEPORT, La., Nov. 18, 2004 (PRIMEZONE) -- Stock-Letter-Daily.Com (http://www.stock-letter-daily.com - an affiliate site of StockPickReport, the web's only non-mainstream stock rating service), rates Merck & Co Inc, Calpine, SBC Communications Inc, News Corporation Limited CL A.
STOCKPICKREPORT RATINGS:
Merck & Co Inc (NYSE:MRK) - BUY
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=MRK
Calpine (NYSE:CPN) - STRONG SELL
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=CPN
SBC Communications Inc (NYSE:SBC) - WEAK BUY
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=SBC
News Corporation Limited CL A (NYSE:NWS) - STRONG BUY
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=NWS
STOCK COMMENTARY:
Thursday, November 18, 2004
StockPickReport Commentary
MORE UNCHARTED TERRITORY
Last Friday we said, "You know we are bullish "long term" (12 months out) and always cautionary "short term" (a week to a month out). But the VERY short term (read: tomorrow) seems like a potential rocket ride."
Guess the ride wasn't over Friday, right? The market is at a nearly-three-year high, and on a "relative basis", it is VERY overbought right now. This fact, coupled with potential inflation and just a "need" for a short-term round of "profit taking" cause us to be more interested in conserving capital now than "taking chances."
By our estimation, the bottom of the uptrend channel for the S&P's price since 2003 is, currently, 1100. After Wednesday's close of 1181, the S&P is over 7% above that mark (1100). Seems to us that if the S&P pulls back below 1150 over the next day or two, the downside of the recent channel could be tested. The longer the S&P remains above 1150, though, the STRONGER the chance for a continued upsurge!
Please send any questions or comments to don@strikefriday.com. For More Commentary Go Here:
http://www.stock-letter-daily.com/index.htm
WHAT THESE RATINGS MEAN:
StockPickReport.Com ranks stocks with technical analysis. These ratings do not indicate a "long term" view. These ratings reflect an opinion for the short term. These ratings may change based on market conditions.
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If the links to our ratings above do not work, please use these:
Merck & Co Inc (NYSE:MRK) - BUY http://www.stockpickreport.com/rating.php?sym=MRK Calpine (NYSE:CPN) - STRONG SELL http://www.stockpickreport.com/rating.php?sym=CPN SBC Communications Inc (NYSE:SBC) - WEAK BUY http://www.stockpickreport.com/rating.php?sym=SBC News Corporation Limited CL A (NYSE:NWS) - STRONG BUY http://www.stockpickreport.com/rating.php?sym=NWS