Tuesday, September 30, 2014

Indexes Give Back Mid-morning Gains, NDX Higher on EBAY, CSCO, WYNN and AAPL...GPRO, FB New High...

Three of nine sectors moved higher on Tuesday… XLK, XLU and XLP were the strongest sectors…XLE was the weakest sector. 

Breadth weakened…decliners led advancers…1.70 to 1 on the NYSE and 2.26 to 1 on the NASDAQ.

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

SPY down .52 at 197.02 on 131.3 million shares
VIX up .33 at 16.31…
TNX up .17 at 25.08…
TLT down .66 at 116.27...
XLF down .04 at 23.17 on 33 million shares

AAPL up .64 at 100.75 on 55.2 million shares
FB up .04 at 79.04…on 35.9 million shares

Technical Commentary:
QQQ +0.14%, DIA -0.15%, SPY -0.26%, IWM -1.51%.

Before the open the S&P Case-Shiller home price index came in lower than expected -0.5% contraction in prices.  This set the stage for a slightly lower open as futures sold off after the release.  After the open the Chicago PMI was released with a strong 60.5 reading but was lower than forecast 62.0.  Shortly thereafter at 10 am ET, Consumer Confidence came out at 86.0 level, lower than the 92.5 forecast.

After the Consumer Confidence release QQQ, SPY and DIA rallied into positive territory and above Monday’s high.  Just before noon the indexes started to pull back and DIA and SPY closed slightly lower while QQQ closed 14 cents above Monday’s close.  IWM traded below Monday’s close all day and closed near its low of the day.

Gains in EBAY, CSCO, WYNN, AAPL, REGN, AMZN, AMGN and GOOG helped lift the NDX +2.26 points on Tuesday.

EBAY +3.97, +7.54% gapped higher on news that eBay and PayPal will be split into two public companies in 2015.

BABA +.10, +0.11% continues to trade in two to three dollar range below 92.70, its initial post IPO trading price.  BABA options began trading on Monday and traded more than 61,000 contracts on Tuesday.

GPRO +2.76, +3.03% after C raised its price target from $70 to $94 and maintains a Neutral rating.  GPRO introduced its new Hero series of cameras with a price range of $130 to $500.

AMBA -.80, -1.80% which makes chip for GPRO cameras pulled back after hitting a new high of 46.78 today.

CYBR +4.62, +16.87% bounce after going public last week.

RWLK +1.05, +3.17% bounced and is setting up a horizontal breakout setup after going public on Sep 12.


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 = 198.98, 200.65, 201.90...
QQQ = 99.75, 100.56
IWM = 112.43, 113.40, 114.36...

Support Levels
SPY = 197.46, 196.24, 195.16...
QQQ = 98.87, 97.82, 96.94
IWM = 109.56, 108.15, 106.74...

Sep Earnings Reactions
Positive Reactions – BBBY, BBRY, MU, NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,

More than 10% - NKE, ULTA, LULU, PANW, MFRM,

Negative Reactions – AZO, ADBE, KKD, CIEN,

More than -10% -

Reversal in progress –

Reversal of Initial Reaction – KKD,


The SPY Market Forecast green line is at 47This is a bearish reading.  Be on alert for a bearish shift if SPX/SPY break short-term support.

____________________

Setups
Horizontal Breakout: AA, SFUN, SPLK, SWKS, UA, V, CELG, MNST, WDC, WYNN,
Diagonal Breakout: MFRM, PANW, SSYS, STI, TWTR, X, AAPL, AVGO, MAR, MSFT, NTAP, ROST,
Bull Flag: BAC, BBY, C, ETFC, MS, RCL, SCHW, ZU, GILD, TXN, XLNX,  
Potential Bullish Divergence: AMZN, PCLN,    
Bear Flag: CRM, RAX, SCSS, TLT, ADBE, AKAM, CMCSA, GRMN, NFLX, SBUX, STX,
At Support: GOGO, SCTY, SPY, SWI, UBNT, YELP, YOKU, YY, BRCM, SNDK,

Moves
New Highs: FB, GPRO,
H Breakout: EXPE,
Breakout Test: MBLY
Bounce: V, NTAP,
MACD Divergence Bounce: HPQ, JCP, WDC, WYNN,
Gap Up: EBAY
Support Break: FSLR, IWM, JASO, SPWR, SUNE, TSL, YNDX,


______________________

43 of 100 NDX stocks closed higher on Tuesday and one was unchanged.


Leading NDX 100 stocks included: EBAY, WYNN, WFM, NTAP, EXPE, WDC, CA, VIP, CTSH, LINTA

Lagging NDX stocks included: CHTR, NXPI, VOD, SNDK, LBTYA, XLNX, VRTX, KLAC, ALXN, CTRX

Leading stocks > +2% on Tuesday included: RWLK, GPRO

Lagging stocks < -2.0% included: TSL, CAR, SPWR, SUNE, QIHU, JASO, CSIQ, YY, GOGO, X, KNDI, UPL, ATI, ZU, BBRY FEYE, Z, SCTY SOHU, FSLR, TPX, MBLY, GME

Stocks to Watch on Wednesday
Holding Above 30 DMA= 29
NTAP, COST, CERN, AMGN, MNST, MSFT, ROST, PAYX, AVGO, KLAC, ALTR, BRCM, DTV, VRTX, DLTR, INTU, ADSK, FB, GILD, REGN, SIAL, CELG, BBBY, CSCO, MU, YHOO, CTXS, EXPE, INTC

Moving Above 30 DMA = 1
EBAY                                                  

Moving Below 30 DMA = 8
ALXN, BIDU, MAR, NXPI, SNDK, TXN, VOD, XLNX
                                                                                             
Staying Below 30 DMA
AAPL, GMCR, LBTYA, SBAC, SPLS, ADP, AKAM, BIIB, CHKP, FAST, FISV, GOOG, QCOM, CHTR, CMCSA, FFIV, LLTC, WFM, AMAT, CA, CHRW, ESRX, EXPD, ISRG, LMCA, MXIM, MYL, SYMC, TRIP, VIAB, VRSK, DISH, EQIX, ILMN, MDLZ, NVDA, ORLY, SIRI, CTRX, KRFT, ADBE, AMZN, ATVI, FOXA, LINTA, NFLX, TSLA, VIP, HSIC, SBUX, SRCL, TSCO, DISCA, MAT, ADI, WDC, GRMN, PCLN, PCAR, CTSH, WYNN

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

No comments: