Wednesday, April 16, 2014

The Buys are Back in Town...SPY, Stocks Gain as YHOO Gaps Higher...GOOG, IBM Lower, SNDK, URI Higher in After-hours..

All nine sectors moved higher again on Wednesday…XLI, XLB and XLY were the strongest sectors…XLV was the weakest sector.

Breadth strengthened as advancers led decliners 3.91 to 1 on the NYSE and 2.48 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led
Tuesday – weakened, mixed
Monday – strengthened, advancers led
Friday – strengthened, decliners led
Thursday – weakened, decliners led


SPY up 1.93 at 186.12 on 109 million shares
VIX down 1.43 at 14.18…
TNX up .09 at 26.37…
TLT up .14 at 111.27...
XLF up .17 at 21.82 on 39.6 million shares

AAPL up 1.05 at 519.01 on 7.5 million shares
FB up .63 at 59.72…on 78.5 million shares


Technical Commentary: 
QQQ + 1.33%, IWM + 1.09%, SPY + 1.05%, DIA + 1.02%.

The buys were definitely back in town on Wednesday following strong earnings reaction from YHOO +2.14, +6.26% following earnings after the close on Tuesday.   INTC was also up after earnings.

Just for fun The Buys are Back in Town:  https://www.youtube.com/watch?v=hQo1HIcSVtg

The NDX +45.24 was led by 25.6 NDX points from GOOG, MSFT, AMZN, PCLN, YHOO, CCSA, GILD, BIIB, SBUX, FB, REGN and QCOM.

Airline stocks took off with gains from DAL +5.36%, AAL +5.31%, UAL +4.67%, LUV +2.79% and ALK +2.75% as oil prices have leveled off near recent high over the past six trading days.

The SPX was led by YHOO, DAL, VLO, IR, REGN and IPG while losers included LLTC, AET, CLF, RIG, BBY and NTAP.

LLTC -2.06, -4.37% was the weakest stock in the SPX on a gap down following earnings after the close on Tuesday.

BAC -0.26, -1.59% gave the money center banks a split card, joining JPM with a negative reaction while C and WFC had positive earning reactions

GOOG -17.54, -3.15% had been down more than -$35 in after-hours before recovering on a negative earnings after the close.  GOOG rose 20.10 during trading day and did finish slightly positive even after the selloff

IBM -8.20, -4.18% after hours following a negative earnings reaction.

SNDK +4.40, +5.80% and URI +2.71, +2.96% moved higher after the close on positive earning reactions.

Earnings continue on Thursday with a number of big names including BHI, DD, GE, GS, MAT, MS, BTU, SLB, BX, UNP and UNH, four of which are Dow components.

Remember April options expiration is Thursday (tomorrow) due to the Good Friday holiday leading into Easter weekend.

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.

Short-term up trend Chart Targets:
SPY = 187.17, 189.70…
QQQ = 86.90, 87.88…
IWM = 113.84, 115.25…

Support Levels
SPY = 183.37, 181.38
QQQ = 85.09, 84.16, 83.15, 82.03
IWM = 110.12, 108.91, 106.99


Earnings This Week:
Monday: C
Tuesday: KO, IBKR, INTC, JNJ, LLTC, SCHW, YHOO
Wednesday: AXP, BAC, GOOG, IBM, KSU, SNDK, STLD, URI
Thursday: BHI, DD, GE, GS, MAT, MS, BTU, SCSS, SLB, BX, UNP, UNH

Q1 Earnings Reactions
Positive Reactions – YHOO, IBKR, INTC, JNJ, KO, SCHW, C, GME, WFC,

Negative Reactions – BAC, LLTC, BBRY, FAST, JPM, MU

Reversal in progress –

Reversal of Initial Reaction –


The SPY Market Forecast (formed a cluster on Friday) green line is pointed up at 23.

____________________

Setups
H Breakout: C, CREE, ETFC, KKD, PANW, TPX, BX, NTES, SOHU, WLT, BIDU, COST, CTSH, ESRX, FFIV, MSFT, MU, STX,  
Diagonal Breakout: FAS, GLW, GME, IWM, NKE, STI, SWKS, Z, CRM, LNKD, QIHU, SPLK, SSYS, SWI, YOKU, ADSK, AKAM, AMZN, EBAY, SNDK, TRIP,
Bull Flag:  
One Day:  
Potential Bullish Divergence: WYNN,   
Gap Up
Gap Down:     
Bear Flag: 
At Support:  
C- Pattern:   

Moves
New Highs: ATI,    
Gap Up: HOG, V, YHOO,    
Gap Down:  
H Breakout: MFRM, MTW, SCHW, QCOM,   
Diagonal Breakout: MS, SPY, UAL, UBNT, VRSN, ADBE,      
Breakout Test:
Bull Flag Bounce
Bounce: AAL, MFRM, CIEN, CSIQ, DDD, ESI, GOGO, LVS, RAX, SCTY, YNDX, MNST,  
MACD Divergence Bounce: P, SFUN, TSL, XONE, YELP, PCLN, SBUX,
Bear Flag
Support Break:   
______________________


84 of 100 NDX stocks closed higher on Wednesday.

Leading NDX 100 stocks included: YHOO, REGN, VIP, ILMN, GOOG, PCLN, EQIX, SBUX, TSLA, SIRI, ALXN

Lagging NDX stocks included: LLTC, NTAP, ADI, MAT, SPLS, MXIM

Leading stocks > +2% on Wednesday included: AAL, UAL, Z, MFRM, SCHW, FAS, ETFC, PANW, CTRP
Lagging stocks < -2.0% included:


Stocks to Watch on Thursday
Holding Above 30 DMA= 15
MAR, GRMN, KRFT, FAST, INTC, QCOM, STX, WDC, CSCO, CHRW, SPLS, NVDA, SYMC, LINTA, MSFT

Moving Above 30 DMA = 5
COST, EXPD, SIAL, YHOO, MDLZ

Moving Below 30 DMA = 1
ADI

Staying Below 30 DMA
ISRG, AMAT, BRCM, CHKP, DTV, KLAC, LLTC, MAT, MXIM, NTAP, PCAR, SNDK,XLNX, TXN, FOXA,NXPI, AMGN, AVGO, BBBY, ROST, DISH, AAPL, ALTR, ATVI, CMCSA, CTSH, FISV, HSIC, PAX, VIAB, DISCA, ADP, EXPE, MU, SBUX, CHTR, TSCO, CTXS, INTU, FFIV, TSLA, AKAM, AMZN, EBAY, ESRX, MYL, WFM, LMCA, TRIP, ADBE, BIIB, DLTR, GMCR, ALXN,CERN,FB, REGN, PCLN, WYNN, LBTYA, SBAC, ILMN, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, CA, VRSK, ADSK, VOD, CEELG, GILD, VRTX, SIRI, CTRX, VIP, GOOG

Sixteen Week Intermediate Term Market Trend: Up
3-Day Short Term Market Trend: Up

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