Monday, April 14, 2008
DJIA - 23.36, -0.19%
SP500 - 4.51, -0.34%
NASDAQ Comp. - 14.42, -0.63%
Russell 2000 - 2.09, -0.30%
The DJIA, S&P, Nasdaq Composite and the Russell 2000 all formed a lower high and a lower low today as well as a close below their respective 30 DMA. This is to be expected in a short term down trend; our trend status since Friday.
As a reminder all four indices are also below their 200 DMA. The 200 DMA gives us a sense if the overall tone of the index is positive or negative. The tone is not to be confused with the trend. A trend reversal can start below the 200 DMA and a strong up trend will not stay below the 200 DMA for long.
Earnings start in earnest on Tuesday…know when you positions are reporting earnings and trade accordingly.
Today’s Action
HES symmetrical triangle breakout on more than double average volume. Earnings are scheduled for April 30.
Big Positive Moves today in AGU, CF, CLF,FSLR, JASO, MON, MOS, POT
AAPL found support and rose 64 cents, today is the low day in this pullback
Index ETF’s DIA, SPY, QQQQ, IWM moved lowed and each are forming a potential Morning Star pattern, tomorrow will show if they rise to complete the pattern
Brokerage Stocks GS, LEH, MER MS moved lower
Moving Higher
AGU, BIDU, CELG, CF, CLF, DECK, EBAY, EXPE, FSLR, IBM, JASO, MEE, MON, MOS, POT, SCHN, SLB, UAUA, X
Pullbacks
FAST, BBBY, CHL, DE, MTL, NKE, RIMM, STLD, STRA
Moving Lower
FWLT, FXI, ISRG, LFC, PTR, AMLN, GRMN, SBUX
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
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2 comments:
Dave:
Great Job on the IT Adv Tech Capstone. Appreciate you not only discussing the setup but also the entry/exit and potential profit target.
Thanks much for all you've done and are doing.
Robert
CANI
Hi Dave,
Great session last nite. Am looking at MA and see it breaking it's support level of 222 from yesterday. Can I expect that the next level down is 215 from the end of March? Am still in the May 240 call trade for now.
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