Thursday, February 11, 2016

SPY Hits Jan 20 Support at 181 and Buyers Appear Again...OPEC to Cut Production?...TRIP, CTL, CSRA, CSCO, EXPE, O Gap Up

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All nine sectors moved lower on ThursdayXLY, XLK and XLe were the strongest sectors while XLF was the weakest sector.  Oil fell $0.03 to close at 27.30. after falling as low as 26.05.  Oil rallied after a report indicated that the UAE energy minister said that OPEC was ready to cooperate on a reduction in oil production.
                         
Breadth weakened as advancers led decliners 4.31 to 1 on the NYSE and decliners led 2.24 to 1 on the NASDAQ.

Thursday- weakened, decliners led
Wednesday – strengthened, advancers led on the NYSE
Tuesday – strengthened, decliners led
Monday – mixed, decliners led
Friday – weakened, decliners led


SPY down 2.41 at 182.86 on 219 million shares, 28% above average volume
VIX up 1.85 at 28.14…
TNX down .61 at 16.44…
TLT up .93 at 133.72…on 21.6 million shares, 103% above average volume
XLF down .62 at 19.66…on 126.2 million shares, 76% above average volume

AAPL down .57 at 93.70 on 50 million shares, 12% below average volume
FB up .91 at 101.91 on 43.6 million shares, 1% above average volume

Technical Commentary:
QQQ -0.14%, IWM -1.09%, SPY -1.30%, DIA -1.62%.

Once again futures sink overnight and the broad indexes open significantly lower on Thursday.

Weekly jobless claims dropped to 269K, better than expected, vs. a forecast of 281K.

The NDX -0.10% and QQQ -0.14% was strengthened by positive earning reactions on TRIP, CSCO, EXPE, ORLY and TSLA.  An impressive 31 NDX stocks rose on a weak market day.  Fourteen of those gained 2.18% or more.

Stocks below support should generally be traded bearishly until a reversal pattern forms.

Only three Dow stocks CSCO, DIS and XOM rose on Thursday. 

Positive Earning Reactions included: TRIP, CTL, CSRA, CSCO, EXPE, O, MOS, ORLY, NLSN, K, ALLE, TSLA


YTD:
SPX Leaders:  NEM, KORS, O, SE, SWN, TSN, COG, ED, CHRW, MAT (80)
SPX Losers: CHK, WMB, ESV, MRO, MPC, URI, LNC, VRTX, LM, ADS

NDX Leaders:  MAT, FAST, PCAR, XLNX, FISV (5)
NDX Losers: INCY, TSLA, VRTX, BMRN, NCLH, WDC, REGN, MU, ALXN, JD

DJI Leaders:  VZ, WMT, XOM, PG, MMM
DJI Losers: AXP, BA, GS, JPM, INTC, DD, IBM, HD, DIS, UTX 


Remember:  “It’s a market of stocks, not just a stock market.”

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

The SPX MFC green line is pointed down at 15. 


31 of 100 NDX stocks closed higher on Thursday.

13 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 5
CHKP, CSCO, FB, LLTC, ORLY

Moving Below 30 DMA = 1
CA

6-month Intermediate Term Market Trend: Neutral
3-day Short Term Market Trend: Down

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