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Sonic Corp. Message Board

  • AlMlk AlMlk Jul 2, 2009 8:47 AM Flag

    SONC's Charts: overbought and ready to go down.

    Take a look at MACD; trending down (BEARISH). It will likely go back down and hit 50 MA or 100MA. Make your own judgments.

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    • Looks like going lower to $8.60. Very obvious trend.

    • ALSO......
      2nd UPDATE: BEFORE THE BELL: US Stock Futures Fall After DataLast update: 7/2/2009 8:58:02 AM(Updates prices, adds analyst's comment.)

      By David Benoit and Geoffrey Rogow
      NEW YORK (Dow Jones)--U.S. stock futures extended their morning declines after the June payroll figures fell more than expected, raising fresh concerns about the strength of any potential economic recovery. Recently, Dow Industrial Average futures fell 111 points to 8337, with the Standard & Poor's 500 Index off 11.6 at 907.6. The Nasdaq Composite dropped 11.25 points to 1467.50. Futures had pared some of their declines before the data were released, but fell through those earlier lows shortly after 8:30 a.m. EDT. Setting off the decline, U.S. payrolls tumbled by an unexpectedly large amount last month on widespread declines across manufacturing, construction and professional services, a grim reminder that the path to economic recovery will be bumpy. "Jobs are usually a lagging indicator, but this time they're almost a leading indicator in this scenario," said Doug Roberts, chief investment strategist for Channel Capital Research. "Right now, if the consumer at these levels feels there's a prospect of him being unemployed, he's going to pull back. This is a consumer led recession, and despite the government's best efforts, they can't get them to spend." For June, nonfarm payrolls declined 467,000, according to the U.S. Labor Department, a considerably greater decline than the 350,000 economists in a Dow Jones Newswires survey had expected. The unemployment rate, meanwhile, continued to creep toward double digits, rising 0.1 percentage point to 9.5%, its highest level in over 25 years. Wages remained stagnant from the previous month. Still, the number of laid-off workers filing new claims for state unemployment benefits fell twice as much as expected last week as the number of people collecting benefits for more than a week also declined, suggesting some improvement in a still strained labor market. Initial claims for jobless benefits dropped by 16,000 to a seasonally adjusted 614,000 in the week ended June 27. Economists surveyed by Dow Jones Newswires had expected claims would fall by 8,000. -By David Benoit and Geoffrey Rogow, Dow Jones Newswires; 212-416-2458; (END) Dow Jones NewswiresJuly 02, 2009 08:58 ET (12:58 GMT

22.22+0.14(+0.63%)Oct 26 4:00 PMEDT