'Sin' stocks

"Sin" stocks have had a rough go during this recession despite a reputation as one of the safer spots to park your money during downturns. Gambling, booze, and cigarette firms all have loyal (addicted, even) customers who are supposed to keep coming back no matter how bad the rest of the economy gets. Unfortunately, as with many other bits of the market, this time is different. Americans are cutting back on vice, though the reasons are very likely more economic than puritanical. They're reconsidering spending on a drink, a smoke, or an hour at the tables and trading down on everything from six-packs to weekend jaunts to Vegas as looming uncertainty and rising joblessness take some of the fun out of recreational abandon.

Tracking the Dow on Wednesday,29/07/09.

9:30am:--A 20.0 points gap-down with another bearish spike down.

Durable goods orders for June fell 2.5% after climbing a downwardly revised 1.3% in May. The drop in June was worse than the 0.6% decline that was expected and marked the first downturn since March.
10:30am:--Opening gap being fully filled by the bulls ended at session high with pullback to MAV.

The dollar is trading higher, adding further price pressure on precious metals.

11:30am:--A double bottom hammering.

Energy is now the worst performing sector as it slides to a 2.7% loss. The decline comes as oil prices drop 4.5% to $64.20 per barrel in the wake of an unexpected build to weekly inventories.

12:30noon:--Retracement to MAV with graveyard doji star.

The stock market is down in range-bound fashion and health care is outperforming.
1:30pm:--Another pullback to find its day 's low with a bullish inverted hammer.

The Fed's Beige Book has just been released. According to Dow Jones, most districts see the recession easing even though economic activity is still weak and commercial real estate markets have weakened further.

2:30pm:--A retracement to MAV line and being checked by bears again.
Amid the choppy trading this session, the Volatility Index, which is often dubbed the "Fear Index" and is a gauge of expected volatility, is up 4.5% to just above 26. The VIX hasn't been above 26 in two weeks.

3:30pm:--Last few minutes short-covering.

4:00pm:--Bulls are continuing its short-covering
The bullish momentum of the Dow is still intact as profit-taking activity did not pierce through last Thursday's candlestick body.
The current consolidation is holding at the launching pad of a platform waiting for the 52 weeks MAV resistance breakout.