Three of nine sectors
moved higher and one was uchanged on
Friday…XLV, XLY and XLK were the strongest sectors…XLE was
the weakest sector.
Breadth weakened… decliners led advancers …1.53 to 1 on the NYSE and 1.49 to 1 on the
NASDAQ.
Friday – weakened,
decliners led
Thursday – mixed,
advancers led
Wednesday –
strengthened, advancers led
Tuesday – strengthened,
advancers led
Monday – mixed,
decliners led
SPY down .43 at 200.28 on 107.5 million shares, following a .939
dividend payout
VIX up .08 at 12.11…
TNX down .42 at 25.87…
TLT up 1.44 at 114.60...
XLF down .06 at 23.65 on 49.5 million shares, following a .09836
dividend
AAPL down .83 at 100.96 on 70.9 million shares
FB up .91 at 77.91…on 76.6 million shares
Technical Commentary:
DIA +0.26%,
SPY -0.21%, QQQ -0.30%, IWM -1.26%,.
The big news of the day
was the BABA +25.89,
+38.07% IPO which the market had been anticipating for
months. BABA opened at 10:53 am ET at 92.70 and rose to 99.70 in its first
10 minutes and then pulled back to a low of 89.95 at 12:20 pm ET.
Between 11:00 am ET and
12:20 pm ET when BABA was pulling
back many individual stocks and the broad indices SPX, DJX, NDX and RUT all were moving lower. When BABA
found its low the indexes also bounced and moved higher into the close.
(click image to enlarge)
BABA at Friday’s close of
93.89 has a market cap of $231 billion, a larger market cap than JPM, PG, VZ, GOOGL, IBM, PFE, KO, T BAC,
ORCL, MRK, INTC, C, GILD and FB, just to mention a few. At Friday’s close AAPL, XOM, MSFT, JNJ, WFC, GE, WMT and CVX had a market cap larger
than 231 billion.
The BABA IPO was not only the largest IPO in history, but also places BABA in an extremely unique position in
market cap for a new IPO on its first day of trading. It will be intriguing to watch what impact the
trading of BABA may have on the price
action in the broader market.
The INDU +13.75, made a new all-time closing high as SPX -0.96, NDX -2.99 and RUT -12.35 points were mixed. Dow stocks were relatively stronger as MSFT, VZ, MCD, T,WMT, KO, BA, JNJ, CVX, XOM, PG, GE, MRK, HD, UNH, DIS, IBM and DD were all winners.
Trade with the trend of
the chart you are trading
and continue to move your profit protection stops. Continue to follow your rules.
Short-term up trend Chart Targets:
SPY = 200.00, 201.37, 204.32...
QQQ = 99.75,
101.13…
IWM = 115.73, 117.06, 118.76...
Support Levels
SPY = 197.59, 196.24,
195.16...
QQQ = 99.08, 97.99,
97.51…
IWM = 115.51, 114.31,
113.49...
Earnings this Week: AZO, BBBY, MU, NKE, PAYX,
CCL
Q2 Earnings Reactions
Positive Reactions – LULU, PANW, ULTA, MFRM,
SPLK, AVGO, CRM, GPS, TFM, FL, AMAT, CSIQ, GME, HPQ, PCLN, NTES,
ROST, SINA, NVDA, MNST, ANR, FSLR, GTAT, LNKD, SFUN, SSYS, SUNE, UBNT, YOKU,
AKS, AMGN, CHRW, ESRX, HCA, HES, LRCX, TSN, TWTR, WYNN, X, YNDX, CMG, BIIB, ISRG, SWI, UA, VRSN, AAPL, APD, CA,
CHKP, CMCSA, CTXS, DAL, DECK, DOW, FFIV, FB, FTI, GD, LXK, LMT, NBR, NDAQ, NOK,
OSTK, ORLY, PETS, RHI, STLD, SWK, TSCO, TXN, WHR, XRX, ZION, BX, C, GOOGL, GS, HON,
INTC, KSU, JPM, PM, SCSS, SWKS, URI, AA, STZ, APOL, BKS,
KBH, MON, MU, NKE, SCHN,
More than 10% - ULTA,
LULU, PANW, MFRM, SPLK, TWTR, CMG, BIDU, BIIB, ISRG, LNKD, OSTK, SWI, SFUN,
SSYS, SUNE, UA, VRSN, X
Negative Reactions – ADBE,
KKD, CIEN, BBY, QIHU, TSL, ADSK, CREE, GOGO, JASO, JDSU, JWN, M,
RAX, YOKU, SCTY, YELP, CTSH, MYL, AEM, AET, AKAM, BWLD,
BZH, CL, CMI, COP, DDD, ESI, GLW, GRMN, HLF, JEC, KRFT, LNG, MTW, RYL, SLCA,
UPL, UPS, VRTX, XOM, ALK,
ALXN, AMZN, ANGI, ATI, BA, CAT, CELG, DHI, DNKN, EA, ETFC, FCX, GM, HOG, ILMN,
JNPR, KLAC, KMB, KO, LLTC, MCD, NFLX, P, PHM, QCOM, SBUX, STI, STO, T, TPX,
TRIP, TRV, UTX, V, XLNX, AMD, BAC, BHI, JCI, JNJ, LVS, MAT, SLB, SNDK, STX,
USB, YHOO, FAST, FDO, CAMP, BBBY, GIS, CCL, WAG,
More than -10% - AMD,
ANGI, BWLD, CAMP, DHI, HLF, MXIM, P, SNDK, XLNX,
Reversal in progress – AET, AKAM, ALXN, AMZN,
ATI, EA, GIS, GRMN, ILMN, KO, KRFT, LNG, P, RYL, STX, TPX, VRTX,
Reversal of Initial
Reaction – KKD, BBY, TSL, BBBY, BZH, BBBY, CELG, DNKN, ETFC, KLAC, NFLX, RAX,
SLCA, UPL, YELP, YHOO, APOL, KBH, MON,
The SPY Market Forecast green line is at 88.
____________________
Setups
Horizontal Breakout: TWTR,
FB, TRIP, GMCR, IBM, SLCA, AMBA, HIMX
Diagonal Breakout: FEYE,
AAPL, CENX
Bull Flag: GPRO, LOCO,
MBLY, MFRM, UAL, DATA, CHL
Moves
New Highs: SWKS, VRTX
Horizontal Breakout: GOOGL,
MSFT
______________________
24 of 100 NDX stocks
closed higher on Friday and one was
unchanged.
Leading NDX 100 stocks included: VRTX, LBTYA, AMZN, MSFT, AMGN, DISCA, INTU,
FB, GOOG, FOXA
Lagging NDX stocks included: VIP, ILMN, AKAM, YHOO, MU, STX, MYL, FFIV,
SNDK, NVDA
Leading stocks > +2% on Friday
included: TWTR, MBLY
Lagging stocks < -2.0% included:
JCP, SCSS, JD, AAL, SFUN, UBNT, JDSU,
JASO, YOKU, SPWR, SSYS, GOGO, UPL, KNDI, KKD, SCTY, DAL
Stocks to Watch on Monday
Holding Above 30 DMA= 60
INTC,
SYMC, SBAC, NTAP, COST, BBBY, CERN, AMGN, CTXS, FFIV, ISRG, YHOO, MSFT, ADP,
CTRX, MNST, ROST, CHKP, MAR, PAYX, FISV, SIRI, VRSK, AKAM, AVGO, DISH, KLAC,
LMCA, ALTR, AMAT, BRCM, TXN, FAST, NXPI, SNDK, GMCR, CMCSA, DTV, KRFT, VTX,
SPLS, CHTR, DLTR, EXPD, QCOM, INTU, AAPL, CSCO, LBTYA, ADSK, CA, CELG, ESRX, FB,
GILD, GOOG, ILMN, MXIM, MYL, ORLY, REGN, XLNX, BIDU, CHRW, LLTC, MU, SIAL, WFM,
VIAB
Moving Above 30 DMA = 1
TRIP
Moving Below 30 DMA = 10
BBBY, DISH, EQIX, ILMN, MDLZ, MU, NVDA, ORLY, SIAL, SIRI
Staying Below 30 DMA
CTRX, EXPE, KRFT, ADBE, AMZN, ATVI, FOXA, LINTA, NFLX, STX, TSLA, VIP, ALXN,
HSIC, EBAY, SBUX, SRCL, TSCO, DISCA, MAT, ADI, VOD, BIIB, WDC, GRMN, PCLN,
PCAR, CTSH, WYNN
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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