Tuesday, July 26, 2011

BIDU, BRCM, SOHU Gap Up...NFLX, PCAR Gap Down...Futures Point to Flat Open...

11:00 am ET - Breakout entry on MCP...Financials XLF 15.22 +0.01 turn positive

10:45 am ET - Breakout setup on MCP


BMO – ES +1.50 and NQ +1.75 futures are slightly higher about 20 minutes before the open in pre-market trading and point to a flat to slightly higher open on Tuesday…volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF down 1 cent on 17,900 volume in pre-market…

TLT is up 19 cents and the Euro is up 92 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG and QCOM are quoting higher while NFLX and PCLN are lower in pre-market trading…

NFLX is gapping lower and BIDU and BRCM are gapping up after earnings…SOHU is gapping up benefiting from BIDU earnings…

Dave’s Insight for Tuesday:  Not withstanding the sensationalized news on the U.S. debt ceiling negotiations the market closed above Thursday’s S1 level on the SPX….this is significant with respect to the buying strength…obviously if a deal is not done by Aug. 2, big money could become net sellers…for now market action is suggesting big money concludes that a deal will be done…Continue to watch Thursday’s S1 and S2 as key short term support levels…Earnings are continuing this week…Follow your rules for entries and exits…Trade each chart according to your rules…Watch XLF as a key factor for the SPX to reverse its pull back

Reported earnings after the close Monday: BIDU, NFLX, BRCM, TXN
Reporting BMO Tuesday morning: AKS, BIIB, F, LMT, PCAR, RF, SIAL, UA, X

Reporting after the close Tuesday:  AMLN, AMZN, CHRW, FISV, GILD, ILMN, JNPR, LLTC, LVS, PNRA, TPX, USNA

SPX
Resistance: 1,344, 1,359, 1,370
Support: 1,330, 1,321, 1310

Quoting DownNFLX, PCAR, HUM, ESI, X, PCX, AKS, ATI, NVDA, MHS, GES, A, CREE, VMW, SIAL, ILMN, QGEN

Quoting UpBIDU, BRCM, SOHU, SINA, FFIV, CF, SMH, GMCR, CSTR, CHL, DECK, V, NTES, FCX, MOS, CLF, POT, SWKS, NETL, CAT, URE, DE, JNPR, SNDK, CRUS, RVBD, LVS, GOOG, SHLD, AMZN, AAPL, VOD, ALXN, VOD

7 comments:

TraderBobb said...

Good Morning Dave:
Question: I was viewing/listening to last night's trading room (because I work Monday nights) but it was only 1 hour 2 mins. It cut off when you were discussing INFY. Are you able to reload a complete version or briefly list the other discussion points from that point
Thanks much for your time and efforts.
Robert
CANI_212

Ed said...

Please tell me what S1 &S2 are?

Thanks,

Ed

Anonymous said...

Dear Dave,

Thanks for the tip on MCP. I entered an OCO bracket papertrade.

TraderBobb -- technical problems with Monday night's class. Recording was made in two separate halves and will have to be spliced by tech support.

Ed -- S1 is short term support level at the middle of a large white candle. S2 is short term support at the bottom of a large white candle.

Steven R.

Drema said...

Ed, I believe S1 (Support 1) is the middle of Thursday's (July 21st) candle body. S2 is the open of July 21. Hope this helps.

Gary said...

Dave,

Thanks for the intra-day posts. I'm still long MCP but was stopped out of my weekly calls today with a nice profit (+200%) on a tight stop when I had to step out and couldn't watch the trade.

Gary

Ed said...

Steven,

Thanks for the info

Ed said...

Drema,

Thanks,

Ed