Tuesday, March 13, 2012

Trading Higher...AAPL...Futures Point to a Higher Open after Retail before Fed...


BMO – ES +4.75 and NQ +10.00 futures are higher 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with many more stocks quoting up than down…

Retail sales report this morning 1.1% gain in Feb, largest gain in five months…Fed announcement around 2:15 EDT today…rates expected to stay unchanged…

XLF is up 10 cents on319,900 shares in pre-market at this time…
FAS is up 1.65
TLT is down 59 cents
the Euro is down 92 pips overnight trading …

NDX leaders AAPL, AMZN, BIDU,  GOOG, NFLX, PCLN and QCOM are higher…

Dave’s Insight for Tuesday:  lower Euro…lower bonds… Financials up…setting up a higher open…Follow YOUR rules for entry, exits and stops...TRADE THE TREND…Many stocks are near horizontal resistance and in a Horizontal Breakout Setup this morning…look at SPY, TPX, LULU, WDC, SINA, CTXS…

The short term trend is up after Thursday support bounce continuation and prices are close to Target 1, the old high resistance in this bull flag…Follow your rules…

The intermediate term trend is still up

Chart Signals will be watching the Euro, XLF and the VIX...the VIX continues to indicate stable trend…


SPX
Resistance: 1,370, 1,375, 1,388
Support: 1,361, 1,353, 1,347


Quoting DownTLT, FAZ, SLW, WCRX

Quoting UpAAPL, GOOG, WYNN, PCLN, FAS, CF, GS, LNKD, CLF, MCP, SINA, LVS, C, URE, WLT, CDE, IBM, SOHU, ANF, V, MOS, COH, SNDK, SLB, STI, WDC, POT, SWK, DE, VMW, SWKS, X, ISRG, BIDU, NFLX, AMZN, ALXN, ESRX, WFM, DLTR, GMCR, ROST, INFY, STX, GOLD, FSLR, NUAN, BBBY, EBAY, BRCM, SBUX

3 comments:

TraderBobb said...

Dave:
Excellent class from last night-
Thanks for helping me/us to think.
Robert
CANI_212

Anonymous said...

Dear Dave,

Looks like institutions answered you: "BREAKOUT"! Look at the intraday chart of SPY: What happened at around 3pm EDT? That's when the breakout of today's highs resulted in the SPY doubling its gains from earlier in the day.

Steven

Dave Johnson said...

Steven,

Buyers got serious after Fed comments. On a Fed announcement day it is typical for traders to wait and see until they hear.

Dave