Wednesday, June 20, 2012

Stocks Pause as FOMC Keeps Rates Unchanged...


Wednesday was a narrow trading range day until the FOMC announcement at 12:30 pm ET when volatility expanded and the SPX dropped 7 points and then rebounded and rose 14 points and once again pulled back 14 points before closing with a 2.29 point loss.

Two of nine sectors moved higher on Wednesday.  XLF, XLK, and XLY were the strongest sectors.

Breadth weakened as advancers led decliners 1.01 to 1 on the NYSE and decliners led advancers 1.24 to 1 on the NASDAQ.


Exchange      NYSE    NASDAQ
Advancers     1,506       1,096
Decliners       1,493       1,361

SPY moved down 22 cents on 206.4 million shares closing above its 30 DMA for the fifth straight day.  The SPX lost -2.29 at 1,355.69.  Next potential price targets are 1,377 and 1,403 from its breakout from its May 29 high.

The Market Forecast green line is pointed up.

AAPL was down 1.67 at 585.74 on 12.8 million shares...

FB lost 31 cents at 31.60 on volume of 15.6 million shares...

GRPN -0.26, -2.38%



C Pattern Continuation: FAS, DKS, V, TSLA, AKAM, MSFT, SBUX, CMG, ISRG, VMI, PIR, A, CTXS, SWKS, AVGO, AAPL, CSTR, INTU, SIAL, SRCL, FISV, DHR, SHLD, FMC

C Pattern Pullback: DXPE, SWI, ORLY, HIBB, ODFL,

C Pattern Reversal:

C Pattern Entry: SAVE

C Pattern Setup: QCOM, GOOG, VMW, ZAGG, CRM

Breakout: JDSU, C

Breakout Continuation: PNRA, CRUS, URE, AVGO, CSTR, QQQ, PNRA, COST, VRSN, ROST, DLTR, WFM, MCHP, SPY, DIA, ICE, FAS, NFLX, GOLD, EXPD, ALXN, IWM,

Breakout Setup: MCP, F, VMED, VECO, ALTR, INFA, AAPL, VECO, LVS

Bounce: MCP, TFM, RVBD, BIDU, CROX

Daily/Weekly Bull Flags: MNST, SOHU

MACD Histogram Bullish Divergence Confirmed: TPX, MRVL


Technical Commentary:
The Euro continued to rise against a falling dollar rising interest rates TNX, XLF.  Bonds TLT rose 62 cents.  The VIX fell as fear is out of the market for now.  Breakout price target on XLF is 14.80 and SPY 136.64. 

Tuesday Highlights:
SPY closes down 22 cents
The Euro moved up 23 pips, closed at 1.2706
TNX +0.22
VIX fell -1.14 at 17.24
XLF closed +3 cents at 14.53


48 of 100 NDX stocks closed higher on Wednesday…


Leading NDX 100stocks included CHKP, DTV, AMAT, VRTX, LINTA, FOSL, CSCO, ORCL, FLEX, AVGO

Lagging NDX stocks included CERN, RIMM, BIDU, ADBE, NFLX, HSIC, DLTR, FSLR, GRMN, MXIM

Leading stocks > +2% on Wednesday included MCP, PCX, LDK, TSLA, TSL, UAL, JDSU, ATI, ANR, AKS, RCL

Losing stocks < -2.0% included UCO, SOHU, SLB, GRPN

Stocks to Watch on Thursday

Holding Above 30 DMA = 41
TLT, CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM, BAC, DLR, C, FCX, GLW, HLF, NTES, URE, A, FAS, IBM, LNKD, MOS, RCL, RVBD, SLB, SMH, SWI, TSL, TSLA, V, CMG, IFNA, JDSU, SINA, STI, CHL, CLF, DE, DHR, F, UAL

Moving Above 30 DMA = 3
GS, VECO, MCP

Moving Below 30 DMA = 1
GRPN

Staying Below 30 DMA
FAZ, DECK, NKE, ZAGG, CRM, LDK, CREE, WDC, ANF, ATI, VMW, ESI, TIF, UCO, AKS, ANR, JNPR, X, SOHU, CROX, LVS, PCX,  SWK, TPX, ZION, TBT, COH

Five Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up

No comments: