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1. FedEx Looks Vulnerable

By Gary Morrow
2:30 p.m. EDT

FedEx(FDX Quote) is down today for the fourth day in a row. The stock is at new lows for the month and has taken out support near the May lows. Volume has picked up during the recent downturn after weeks of levels well below average. The stock certainly looks very vulnerable going into tomorrow's premarket fiscal fourth-quarter report. Yesterday the stock closed below its 50-day moving average for the first time since the March recovery rally received a powerful buying surge on April 2. The early-April breakout began the second leg of FedEx's spring rally that eventually lifted the stock 75% above its March 9 lows.

The rally began to show signs of fatigue early last month as FedEx neared its 200-day moving average. After a week-long pullback, the stock found support just above its 50-day moving average at $52.00. Volume remained very light on the weakness and remained that way as FedEx rallied early this month. The breakdown this week has brought a surge in volume with it and has left the stock in a very weak position going into tomorrow's announcement. Investors appear to be very unsure of what to expect.

FDX Daily -- NYSE FedEx TradeStation

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