Wednesday, September 9, 2009

SPX New High Close...

The SPX moved higher making a new high close as did the NDX and RUT. DJIA + 49.88, +0.53% SP500 + 7.98, +0.78% NASDAQ Comp. + 22.62, +1.11% Russell 2000 + 10.02, +1.74% Exchange NYSE NASD Advancing 2,191 1,923 Declining 843 796 Oil $71.31 +0.21 Gold $995.30 -$2.60 SOX 320.13 +3.41 VIX 24.32 -1.30 The VIX moved up and did confirm the move up in the SPX on Wednesday. The SOX confirmed the move up in the Nasdaq. Strongest Sectors: XLI +1.68%...XLF +1.53%...XLV +1.16% Weakest Sectors: XLU -0.14%...XLP -0.04%...XLE +0.23% Eight of nine sectors moved higher on Tuesday. Energy and Materials were stronger than the SPX +0.78%. Financial stocks that were down but stronger than XLF +1.53%: USB, IVZ, MS, WFC, ;PNC, SPG, AOC, BK, GS, AXP, STT, AFL and ETFs UYG and FAS. Tech stocks stronger than XLK +0.74%: EBAY, ORCL, GLW, YHOO, EMC, AMAT, CSCO, MA, GOOG, HPQ and ADBE. Sector Watch Up Trending: XLK, XLB, XLY, XLV Horizontal Breakout: XLF Sideways: XLE, XLF, XLP, XLI, XLU Down Trending: SPX Key resistance levels: 1,025 = 950 Breakout Chart target 1,044 = October horizontal 1,075 = 875 Breakout Chart target Key support levels: 1,017 = August 21 S1 level & August 27 support low 1,007 = Nov horizontal resistance 992 - 996 = Early August Support Low 980 = July 23 Resistance - August 17 Support 962 = July 23 S1, 30 DMA, 38.2% Fib extension 944 – 956 = old January/June/July resistance Potential Breakout Setups: AXP, BDK, CAT, WHR, HOLX, MA, TXN, SPG, BIDU, NWSA Breakout: FLS, FWLT, MRVL, XLNX, AGU Potential C Patterns: DE, AGCO, JCI, ADSK, APOL C Pattern Breakout: WYNN, AMAT, X, DOW, JOYG Flag Setups and Bounces in Progress: WLT, BAC, INTC, JEC, JCG, ZION, DD, STT, ADBE, FAST, HANS Potential Down Trend Setups: AKAM, AMZN, FSLR Guidance: The support bounce continued on Wednesday as the intermediate and short term trends continued moving up. Wednesday is the high day following four up days, short term traders want to watch for a potential break of the low of the high day. Be on Yellow Alert. Stay with the trend you are trading and short term traders be prepared for a potential pull back if it does occur. AAPL -1.79 QCOM +0.20 GOOG +5.35 BIDU +6.45 NDX 100 stocks stronger than the NDX included JNPR, WYNN, GRMN, URBN, ISRG, SBUX, FLEX, CTSH, EBAY, ILMN, LRCX, SHLD, RYAAY, KLAC, PCAR, PPDI, ORCL, MICC, EXPE, HOLX, CERN and EXPD. Stocks to Watch on Thursday Leading Stocks Holding Above 30 DMA PSYS, BYI, CTSH, AAPL, PETS, USD, JOSB, CAM, EBAY, PCLN, SNHY, TDG, SNA, CBST, WAB, BLUD, CLB, PCP, WMT, RBN, VAR, BKC, GR, CLB, BIIB, GES, HDB, ESRX, BDX, DLTR, NTLS, MYGN, ICE, NIHD, K, DV, FLS, GXDX, WCG, APEI, BAP, FAS, FUQI, GME, JEC, PWR, PWRD, RCI, RIMM, WRC, UYG, BIDU, HDB, JW.A, ORCL, AMX, ATW, EZPW, GILD, HANS, MUR, MON, JOYG, X, URE, TRLG Moving Above 30 DMA = 10 CPLA, EBAY, GPRO, HLF, MHS, PPD, PSYS, SLGN, SWN, SYNA Moving Below 30 DMA = 2 MCD, MOS Staying Below 30 DMA ESI, AMED, ICE, STRA, AFAM, DECK, NFLX, ACN, VPRT, CHL, DLB, JCOM, SPWRA, AMZN, GMCR, ALGT, FSLR, FAZ Intermediate Term Market Trend: SPX, DJIA, RUT = Neutral, Nasdaq = Up Short Term Market Trend: Up

3 comments:

Brian McAllister said...

Dave,

Thanks for keeping up your posts while you're doing the workshop in Philly. I'm reading Reminiscences of a Stock Trader and some of the lines really stand out and help me to focus on your teachings. Two of the best so far:
"And when you know what not to do in order not to lose money, you begin to learn what to do in order to win."
And Mr. Partridge's explanation to Elmer (who wants to take profits early) as to why Partridge won't sell . . . "Well, you know this is a bull market!"

Enjoy a Philly cheesesteak Dave!

Brian

Bruce G said...

Dave,

Wanted to also thank you for the posts while you are on the road, it is really appreciated. I feel like your calm, repetitive advice is slowly sinking in. Appreciate all that you do to help us become Great Traders , will miss hearing you tonight!

Bruce

Scott Avery said...

Incredible. Thanks for the posts even being on the road. My trading partner Tom let me know that he talked to you yesterday in your AT seminar. We keep saying to each other that you are becoming a better and better teacher each session. And recently the posts seem to be more and more specific accomplishing the double edged sword of helping us trade clear settups each day, while educating us as to how to find them. A wining combo. Have a great second day of your seminar!