Stocks Rally...SPY New High Close For 2012...and The Last 3 1/2 Years...

Seven of nine sectors moved higher on Thursday… XLB, XLK, and XLI  were the strongest sectors.

Breadth strengthened as advancers led decliners 2.59 to 1 on the NYSE and weakened on the Nasdaq 2.09 to 1…

Exchange      NYSE    NASDAQ

Advancers     2,151       1,697

Decliners         829          810

Thursday Highlights:

SPY gained 1.04…closed at 141.99…volume was 112 million…

VIX down - .34 at 14.29…

Euro + 71 pips at 1.2355…

TNX up +0.31 at 18.36…

TLT down -1.04 at 121.01…

XLF up +.10 cents at 15.08…

AAPL up 5.51 at 636.34…volume 9 million…volume was light

FB down 1.33 cents at 19.87… volume 157 million…5 times normal daily         volume…lowest since IPO…

The Market Forecast green line is in upper zone.

Technical Commentary:

The SOX closed higher up +1.65…at 33.38…

Tech Sector gains being lead by CSCO…shares closed up 9.6%...MSFT up 1.92%...INTC up 1.22% and IBM up 1.23%...

EA shares closed up 5.50%...

WMT closed down 3.09%...

Today was a strong bounce for many stocks…others stocks continued off of yesterday’s bounce…many were in a classic bull flag pattern…

The SPY rallied to its highest close in this three and a half year old bull market.  Today it closed at 141.99 making it the highest close of this year and for the last three and a half years…

Short-term support at

139.80 = SPY

1,387 = ES

2,700 = NQ

Chart Signals looks for the ten week up trend to continue and a potential SPY breakout this week.  A bull flag bounce to T1 in the Euro could set up the SPY breakout.  However, move stops under support and if the SPY does break support protect profits and then look to trade down.

Chart Target Insight: 

SPY = 141.66 Fib extension 161.8, 143.10 S&R Measuring

ES = 1,411 Fib extension 161.8, 1,425.75 S&R Measuring

Setup Chart Patterns

Bull Flag: EXPE, ADSK, ALTR, BRCM, CHKP, ESRX, FFIV, FOSL, GMCR, GOLD, GRMN, INTC, KLAC, LRCX, MRVL, MU, NVDA, NTAP, RIMM, AKS, ATI, CHL, CIEN, CLF, CREE, CRM, CROX, FCX, JNPR, LVS, RAX, RCL, RVBD, SINA, SLB, SMH, SOHU, SWK, SWKS, VECO, VMW, WDC, X

Horizontal or Diagonal Breakout:

 

            Thursday:  AKS, ATI, COH, CREE, FAS, FCX, IBM, ICE, JNPR, LVS, MOS, URE, VECO, X, ZION, ADBE, ADP, ADSK, ALTR, AMZN, ATVI, AVGO, BBBY, BIDU, BMC, BRCM, CA, CTXS, FAST, FFIV, GOLD, INFY, KLAC, LRCX, MRVL, MSFT, NTAP, ORCL, SNDK, WFM, WYNN

Bounce:

            Wednesday:  ADBE, AKAM, ALXN, CERN, COST, EA, FAST, FSLR, HSIC, INTU, LIFE, XRAY, DECK, GES, HLF, JDSU, SWI, TBT, ZION

Gap Up: 

            Wednesday:  ANF

            Thursday:  A, CSTR, RVBD, SINA, SOHU, CSCO, EA

Gap Down:

            Wednesday:  DE

            Thursday:  CHL, NTES

83 of 100 NDX stocks closed higher on Thursday…

Leading NDX 100 stocks included: CSCO, SHLD, EA, FFIV, CHKP, WYNN, NTAP, BRCM, GMCR, BBBY

Lagging NDX stocks included:  GILD, DLTR, ALXN, EXPE, VOD, LINTA

Leading stocks > +2% on Thursday included: SINA, CSTR, CDE, TPX, DECK, LVS, SOHU, RVBD, SWKS, VMW, ATI, TSLA, WDC, ZAGG, AKS, JDSU, INFA, MOS, ICE, SOHO, CRUS

Losing stocks < -2.0% included:  NTES, A, MCP, CHL, FB, GRPN, FAZ

Stocks to Watch on Friday…

Holding Above 30 DMA = 46

MOS, SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, HLF, IBM SMH, SWKS, V, VECO, CRUS, X, CREE, C, DE, FAS, FCX, GES, JDSU, LNKD, NKE, RCL, STI, TBT, TIF, VMW, ATI, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, ZION, ANF, INFA

Moving Above 30 DMA = 4

COH, ICE, LVS, URE

Moving Below 30 DMA = 3

A, CHL, NTES

Staying Below 30 DMA

DE, GRPN, ANR, CLF, DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK, MCP, GLW, TSL, HUM

Ten Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up