All nine sectors moved lower for the second straight day on Friday.
XLU, XLB, and XLI were the strongest sectors.
Breadth
strengthened as decliners led advancers
3.16 to 1
on the NYSE and 2.56 to 1
on the NASDAQ.
Exchange
NYSE NASDAQ
Advancers 730 699
Decliners 2,313
1,790
SPY moved down -1.12 to 129.74 on 319.6 million shares…
AAPL
rose 26
cents to 530.38 on 26 million shares...
FB completed its IPO at $38, opened at 42.05 around 11:30 am EDT rose to a
high of 45.00 and closed at 38.23.
CRM
+11.78, +8.80% following earnings and guiding full year expectations
higher Thursday after the close
Technical Commentary:
The
SPY rose Friday morning until about 11 am EDT.
When FB didn’t begin trading stocks starting pulling back for about an
hour. FB started trading around 11:30
am EDT, about 30 minutes later that originally expected. Stocks rallied
for about 45 minutes beginning just before noon, but failed to return to
mid-morning highs. After peaking
around 12:40 pm EDT stocks resumed their down trend and made a new closing
low since Feb 1.
The
SPY reached its chart measuring distance on Friday of 129.86, for the break of
support of the April 10 to May 1 range.
SPY volume was its highest level in 2012 and resembles a potential
capitulation level.
Friday Highlights:
SPY
reaches support
break price target of 129.86
Volume
spike resembles
capitulation bottom
The
Euro rose 97 pips,
closed 1.2778
TNX
closed unchanged
VIX
closed above 25 at 25.10
XLF
closed down 16 cents
BAC
closed up 4 cents
Next Week:
With
interest rates at their lowest close and matching the lows of the past nine
months, that seems to suggest the potential for a bounce in interest
rates. If rates rise on a weakening
dollar and rising Euro, look for XLF and the SPY to bounce. If the Euro breaks support expect look for
XLF and the SPY to slip further.
ES
horizontal support 1,290, 1,262
Euro
horizontal support 1.2622
TNX
at 9 month low of 17.02
14 of 100 NDX stocks closed higher on Friday…
Leading NDX 100
stocks included YHOO, SIRI, INFY, APOL, WYNN, CTSH, TEVA, MAT, INTU, VRTX
Lagging NDX stocks included
ADSK, CTRP, FSLR, STX, MU, NVDA, NUAN, MRVL, GOOG, NTAP
Leading stocks > +2% on Friday included CRM, FAZ, JNPR
Losing stocks < -2.0% included MCP, GRPN, PCX, WDC, TSL,
LNKD, ANR, UAL, SWKS, X, CREE, TSLA, FAS, UCO,SOHU, NTES, CDE, VECO, CIEN, RCL,
CLF, SINA, A, CRUS, SWI, URE, LDK, V, STI
Stocks to Watch on Monday
Holding
Above 30 DMA = 6
TLT,
CRUS, SWI, VECO, FAZ, NTES
Moving Above 30 DMA = 0
Moving Below 30 DMA = 1
GRPN
Staying
Below 30 DMA
LNKD,
UAL, CHL, LDK, URE, CREE, TSL, STI, WDC, DLR, NTES, NKE, ATI, ANF, AGI, ZAGG,
CRM, FCX, IBM, SLB, CMG, DHR, ESI, FAS, FCX, SMH, SWKS, TIF, UCO, V, AKS, ANR,
JNPR, X, HLF, SOHO, DECK, HUM, CROX, LVS, FAZ, CIEN, PCX, RCL, RVBD, CLF, MCP,
SWK, TPX, X, ZION, INFA, BAC, A, TBT, F, JDSU, C, GS, TSLA, COH, GRPN, MOS,
ICE, SINA, GES, CDE
Eight
Week Intermediate Term Market Trend:
Down
Short Term Market Trend:
Down
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