Friday, May 25, 2012

SPY Lower on Light Volume, Narrow Range Before Three Day Weekend...


SPY moved lower prior to the long weekend on lighter volume.  The Euro fell to a one year low and TNX interest rates pulled back -0.14.  Financial stocks were down slightly and bonds rose.  The SPX closed at 1,320.68 above its 1,300 support area.
Markets will be closed on Monday in observance of Memorial Day.

Eight of nine sectors moved slightly lower on Friday. XLU, XLP, and XLY were the strongest sectors.

Breadth weakened slightly as advancers led decliners 1.07 to 1 on the NYSE and 1.003 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ
Advancers       1,545          1,237
Decliners         1,437          1,233

SPY moved down 43 cents on 135.4 million shares

AAPL was down -3.03 at 562.29 on 11.7 million shares...

FFIV +0.48, +0.44% following Thursday’s -7.88 drop after DB dropped its target to $140

FB -1.12 at 31.91 on 37.2 million shares had another higher close.....

GRPN +16 cents, +1.35% in bull flag following reversal pattern…


C Pattern Continuation: ZAGG, SHLD, SIAL, WFM, ALXN, SRCL, V, DLTR

C Pattern Entry: SWKS, AVGO, A,

C Pattern Setup: CRM, DHR, GOOG, AAPL, INTU, CTXS, CMCSA
Breakout Setup: CRUS, SWI, MNST, BBBY, ROST


Bounce: CROX, ALTR, BMC, ORLY, CERN,

Daily/Weekly Bull Flags: WCRX, VRSN, CTXS, GRPN, VECO, BIIB, NWSA

MACD Histogram Bullish Divergence: RVBD, CIEN, MCP, SOHU, VMW, TPX, JDSU, MOS, INFA, F, BIDU, NFLX, QCOM, NVDA, SBUX, SHLD, VMED, PNRA, MSF, MRVL, MCHP, INFY, GOLD, FISV, EXPD, CTRP, CHKP, CELG, ADBE, AKAM


Technical Commentary:

The SPY moved slightly lower on lower volume prior to the long Memorial Day weekend.  The SPY again stayed above last Friday’s support low of 129.55 and closed above Monday’s large white candle.  The weight of the evidence suggests bounce continuation as more likely.

 
Friday Highlights
SPY closes down 43 cents
The Euro fell 21 pips, closed 1.2514
TNX -0.14
VIX moved higher +0.22, below 25 at 21.76
XLF closed down 5 cents


53 of 100 NDX stocks closed higher on Friday…


Leading NDX 100 stocks included SNDK, MU, RIMM, NVDA, VMED, LRCX, AVGO, ALTR, APOL, ESRX

Lagging NDX stocks included SIRI, PCLN, GOOG, MNST, INFY, CELG, GRMN, WYNN, AMZN, CTRP

Leading stocks > +2% on Friday included RVBD, TPX, DECK, ESI, ANF, CDE, CSTR, CROX

Losing stocks < -2.0% included LDK, FB, TIF

Stocks to Watch on Tuesday

Holding Above 30 DMA = 9
TLT, CRUS, SWI, VECO, FAZ, GRPN, ZAGG, UAL, V

Moving Above 30 DMA = 3
A, DECK, SWKS

Moving Below 30 DMA = 0


Staying Below 30 DMA
CRM, LDK, NTES, LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, NKE, ANF, ATI, CSTR, DE, GLW, IBM, SLB, VMW, CMG, DHR, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, HUM, CROX, LVS, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION, INFA, BAC, TBT, F, JDSU, C, GS, TSLA, COH, MOS, ICE, SINA, GES, CDE

Eight Week Intermediate Term Market Trend: Down
Short Term Market Trend: Up



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