Today’s rally is very broad based as there are very few leading stocks that are trading lower this afternoon. The S&P 500 Index is trading higher by 19.00 points to $1297.00. the Nasdaq Composite is soaring higher by 57.00 points or 2.15 percent. Almost every major stock is trading higher as investors expect positive news out of Greece this evening regarding the government confidence vote. Should the Greek confidence vote turn out to be a negative vote it could mean turmoil for the markets in the short term.
There are a couple of leading stocks that are trading lower this afternoon. These stocks are worth noting because they could lead the markets lower if the major stock indexes begin to decline or sell off tomorrow.
Boeing Co. (NYSE:BA) is the worlds leading aircraft manufacturer. The stock is trading lower by 0.46 cents to $74.06 a share. Traders can watch for intra-day support around the $73.66 level. Should BA stock begin to trade higher, traders should watch the $74.40 level as intra-day resistance. The daily chart still remains weak with some minor support around the $72.40 area.
Corning Inc. (NYSE:GLW) is another leading stock that is trading lower this afternoon despite the large market rally. GLW stock is trading lower by 0.24 to $17.68 a share. This stock will have intra-day support around the $17.40 area. Should GLW somehow rally higher the stock will have good intra-day resistance around the $17.85 area. This stock remains very weak on the daily chart trading below all of the major moving averages. This daily chart pattern puts GLW in a poor technical chart position for the near term.