RUT, Nasdaq, SOX Rise...Oil and Gold Fall Again

DJIA + 48.03, +0.41% SP500 + 9.00, +0.69% NASDAQ Comp. + 25.85, +1.07% Russell 2000 + 16.76, +2.28% NYSE NASD Advancing 1,940 2,012 Declining 1,163 877 Oil $114.45 -$0.75 Gold $828.30 -$36.50 DXY 76.35 +0.29% $SOX 374.14 +6.95 Strongest Sectors: XLY +3.06...XLF +1.69%...XLU +1.10% Weakest Sectors: XLE -0.04%...XLV +0.03%...XLB +0.13% As we have stated several times this market is being led by small caps. The Nasdaq and SOX have started moving up again over the past week. Oil and gold were down on Monday while the dollar was higher. Ag-related, coal and steel stocks also moved lower on Monday. Index Commentary The DJIA closed above its 50 DMA for the second day in a row...formed a spinning top...if a pull back occurs watch the S1 level of Friday's candle The SPX closed above its 50 DMA for the first time since June 5...if a pullback occurs watch the S1 level of Friday's candle The Nasdaq once again got support from a strong SOX index...closed two points above its 200 DMA...watch to see if sellers are able to push the index back with selling at 200 DMA

The RUT traded above its 200 DMA for the second day in a row...traded within 6 points of horizontal resistance at 763 before pulling back to 751...a successful breakout of 763, which has not happened yet, would give an intermediate term chart target of 870

Stock Commentary Up Trending RIMM formed potential bearish harami in up trend…above Friday’s S1…above 20, 30, 50 and 200 DMA AAPL closed above 50 DMA…nearing 180 horizontal resistance area AMZN broke through horizontal resistance on better than double average volume…intermediate term chart target 107 Down Trending BIDU closed below its 20, 30, 50 and 200 DMA…broke into earnings gap POT broke 170 horizontal support and closed below 200 DMA FWLT fell to horizontal support at 50…watch for support break or bounce BUCY moved down following Friday’s bear flag break AGU broke horizontal support and 200 DMA after Friday’s break of bear flag PCLN support bounce counter trend…below 200, 50, 30 and 20 DMA…beginning of earnings bear flag Sideways Trending FSLR fell into area of horizontal support in a sideways trend Monday’s Action Moving Up: AMZN, PCLN, AAPL, STRA, MA, V, GS, DECK, GRMN, UAUA, BRCM, CELG, EXPE Moving Down: BIDU, POT, FSLR, CF, X, MOS, ANR, CLF, AGU, SCHN, BTU, MEE, CNX, SINA, RIMM, IBM, IPI, FLWT, NIHD, NUE BUCY, FNM Intermediate Term Market Trend: Up Short Term Market Trend: Up