BuySellStop.com Wall Street Wrap – Dow Jones up 274 and back above 10,000 and a Semiconductor Company to keep your eye on. Also, where to Place your bet if you think LeBron is going to be a Knick.> <link rel="shortcut icon" href="images/favbss7.ico"/> <meta name="google-site-verification" content="JhH6p77DGde-E1nAnPrC-c2Z4ndZKrHX8hXV1ja34bk" /> <meta name="description" content="BuySellStop.com Wall Street Wrap – Dow Jones up 274 and back above 10,000 and a Semiconductor Company to keep your eye on. 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margin-right:4px;margin-top:4px;"> <img src="images/rob comp mik resized.jpg" width="240" height="180" alt="Rob Perrego" /> <div id="rob-mini-bio-text" style="padding:1ex; font-family:Arial, Helvetica, sans-serif; font-size:small"> <h3 style="margin-top:0px">Who is Robert Perrego?</h3> <p> When WorldCo's Wall Street traders needed to know how to read a stock chart, they went to Robert Perrego. </p> <p> Robert Perrego was a Managing Director and a Proprietary Equity Trader at WorldCo LLC for five years. Using Technical Analysis and Chart Reading techniques, Robert profitably traded over 100 million shares of stock worth billions of dollars for his personal account. </p> <p> Robert delivered weekly lectures on Technical Analysis for WorldCo's other traders. The tapes of these lectures became required viewing for all new traders at the firm. These videos inspired the creation of the educational package now being sold at <a href="http://www.stocktradingcards.com">StockTradingCards.com</a>. </p> <p align="center"><a href="http://www.stocktradingcards.com/my_bio.html">Robert's Full Bio</a></p> <div align="center"><a href="http://twitter.com/BuySellStop" target="_blank"><img src="http://twitter-badges.s3.amazonaws.com/follow_me-a.png" alt="Follow BuySellStop on Twitter" border="0"/></a> </div> </div> </div> <p></p></td> <td style="width:100%"><div class="article" style="background:white; padding:1em;"> <p align="center" class="articletitle">Wall Street Wrap – Dow Jones up 274 and back above 10,000 and a Semiconductor Company to keep your eye on. Also, where to Place your bet if you think LeBron is going to be a Knick.</p> <p><br /> <span class="regulartext">After a 10 day drop from the 10,400 level the market regained its footing today fueled by news out of State Street Corp. (NYSE: STT) that their bank will see <a href="http://www.marketwatch.com/story/trust-banks-lead-morning-financials-rally-2010-07-07-10500?dist=countdown">stronger than expected earnings</a> for the second quarter. The Dow Jones Industrial Average was up 2.81% (+274, 10,018) and the S&P 500 rose 3.13% points (+32.21, 1,060.27). The Nasdaq 100 was the biggest gainer up 3.17% (+55.04, 1,789.72).</span></p> <p class="regulartext">The banks rallied strongly on the State Street news and more news out of Europe about <a href="http://www.marketwatch.com/story/europe-stocks-decline-as-miners-crh-ms-drop-2010-07-07">‘stress tests’</a> for their banking industry that are similar to those performed in the U.S. last year. The S&P banking index, the BIX, jumped 5.72%, with the large regional banks the biggest gainers. State Street, SunTrust Banks Inc. (NYSE: STI), PNC Financial Services Group Inc. (NYSE: PNC) and Fifth Third Bancorp (NSDQ: FITB) all turned in returns of above 6% today as the banking sector enjoyed the biggest percentage up day it has had in 2010.<br /> </p> <p class="regulartext">Another very strong sector was semiconductors with its index, the SOX, up 5.04% on the day. Intel Corp. (NSDQ: INTC) rose 3.39% while Texas Instruments (NYSE: TXN) added 4.87% and Analog Devices jumped 5.52%. Back on June 15th the Multimedia over Coax Alliance (MoCA) ratified their anticipated MoCA 2.0 standard for a fast growing new networking area; home networking. Three days later on June 18th, Comcast announced they were rolling out their “AnyRoom DVR” service which uses Entropic Communications, Inc. (NDSQ: ENTR) chips. With Comcast being the largest cable services company in the country this news jumped Entropic shares higher. Since the June 18th announcement, Entropic shares have been trading twice as much volume and today closed at its 52 week high. ENTR was up 10.43% today (+$0.65, $6.88). Entropic has a market cap of only $493 million.<br /> </p> <p class="regulartext">Netflix Inc. (NSDQ: NFLX) turned in a very strong day as the stock, which had pulled in 15% from its peak over the last 11 trading days ($19.15) quickly regained about half of that loss in one day (+$11.22, +10.45%). Every one of the 30 Dow Jones stocks was higher and in the S&P 500 there were only 8 stocks lower on the day (a strong 49 to 1 positive stock ratio). With so many down days in a row and the sharp drop we have recently had, it looked like a lot of short covering and everyone jumping in to buy stocks to get on the train before it leaves the station.<br /> </p> <p class="regulartext">The buying continued right up into the close which is a strong sign for tomorrow as today’s candlesticks for the DJIA and the S&P 500 closed very close to the high trade for the day (Want to know why this matters? See <a href="http://www.StockTradingCards.com">www.StockTradingCards.com</a> to learn why). Recently, there has been a lot of coverage of the fact that the S&P 500’s 50 day exponential average is about to cross below its 200 day EMA. At the close, the S&P 500 EMA was at 1,096.10 and the 200 EMA was at 1,095.39. While this is a tiny gap, the moving averages by nature gain direction with momentum and the 50 should complete its cross within a few days. This movement is called a ‘Black Cross’ and is a bearish sign for technical analysts.<br /> </p> <p class="regulartext">Oil gained $2.48 a barrel (+3.45%, $74.46, 4:25 p.m.) while New York Spot Gold regained the $1,200 mark at $1,203.20 (+0.76%, $9.10, 4:35 p.m.). Copper traded higher today as the Copper ETF (NYSE: JJC) added $0.87 (+2.19%). Oil and copper are watched as a proxy for expected worldwide economic activity as they are key input commodities in industrial activity. Both oil and copper were up but the Baltic Dry Index hit a one year low today. The Baltic Dry Index measures worldwide international shipping prices of dry bulk cargoes and is also watched as a proxy on economic activity worldwide. <br /> </p> <p class="regulartext">Last week had a heavy economic calendar and all the numbers came in worse than expected driving the market down. This week has been light as far as economic reports go and there is only one big number left for the week (luckily). Jobless Claims are reported at 8:30 a.m. tomorrow with 465,000 expected.<br /> </p> <p class="regulartext">Finally, if you want to place a bet on whether or not LeBron James is going to sign as a Knick you can buy Madison Square Garden Inc. (NSDQ: MSG) shares tomorrow. Trading is held here in New York City and it seems a lot of traders decided to lay their money down on King James putting a Knicks jersey on next year as the stock rocketed over a dollar in its last hour of trading. LeBron will announce his team for next year tomorrow night on ESPN at 9 p.m. If you think LeBron stays in Cleveland or signs anywhere besides the Knicks put a short on MSG. </p> <p align="right"><span class="regulartext">Wednesday, July 7, 2010, 5:00 p.m.</span><br /> </p> <p align="center" class="articletitle"> </p> </div></td> </tr> <tr> <td style="vertical-align:top; width:0%"> </td> <td style="width:100%"> </td> </tr> </table> <table width="950" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="412"> </td> <td width="125"><table width="120" border="0" cellspacing="0" cellpadding="0"> <tr> <td><form action="https://www.paypal.com/cgi-bin/webscr" method="post"> <div align="center"> <input type="hidden" name="cmd" value="_s-xclick" /> <input type="hidden" name="hosted_button_id" value="9BCWEJ8VMMTEA" /> <input type="image" src="https://www.paypal.com/en_US/i/btn/btn_buynowCC_LG.gif" border="0" name="submit" alt="PayPal - The safer, easier way to pay online!" /> <img alt="" border="0" src="https://www.paypal.com/en_US/i/scr/pixel.gif" width="1" height="1" /> </div> </form></td> </tr> </table></td> <td width="413"><p> </p> <p> </p> <p> </p> <p> </p></td> </tr> </table> <table width="950" border="0" cellspacing="0" cellpadding="0"> <tr> <td bgcolor="#99AaCc"> </td> <td colspan="5" bgcolor="#99aacc"><div> <p>The material on this website or its affiliate sites, <a href="http://www.stocktradingcards.com">StockTradingCards</a> and <a href="http://www.thegovernmentcheese.com">TheGovernmentCheese</a> have no regard to the specific investment objectives, financial situation, or particular needs of any visitor. 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