Dave and Tom talked trading for two hours live with 300 plus traders at the Las Vegas Money Show at Caesar's Palace on Tuesday evening. Thank you for coming...
The SPX formed a white candle that confirmed the bullish harami and closed +10.87 at 1,357.16. The SPX, INDU, COMPQ and RUT support gained strength as the daily percentage gain increased again.
SPX white candle +0.81%
INDU white candle +0.60%
COMPQ white candle +1.01%
RUT large white candle +1.56%
Breadth strengthened on Tuesday as advancers led decliners 4.32 to 1 on the NYSE and 2.93 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,468 1,931
Decliners 571 658
Index Chg. Close Direction Confirmation
VIX -1.25 15.91 Down Yes – SPX
SOX +2.23 444.59 Up Yes – COMPQ
Leading stocks > +2% on Tuesday included CIEN, ESI, VLO, URE, JDSU, FAS, RVBD, SWK, ATI, NYX, DOW, UNG, WDC, ACN, LDK, ANF, FWLT, CRM
Losing stocks < -2.0% included MCP, SINA, NTES, FAZ, CLF, WLT, IPI
Our bull flag entry for SPY was filled on Friday.
Positives – SPX, VIX, INDU, COMPQ, RUT, breadth and sectors strengthened, XLF, TNX AMZN, GOOG, Euro
Negatives – TLT
Interest rates TNX +0.53 moved up and bond ETF TLT moved down 68 cents. Financial stocks XLF rose 15 cents. The Euro rose 48 pips to 1.4410 at 5 pm on Tuesday.
All nine sectors moved higher on Tuesday. Utilities XLU +1.44% and Consumer Discretionary XLY +1.29% were the strongest sectors.
Friday/Monday Bull Flag Entry Signals
On Tuesday
Continued to Rise – CROX (Wed.), HUM, NVDA, CTRP, XRAY, EXPE, ILMN, MICC, CHKP, TUP, VECO, ACN, CY, GLW, NYX, V, ISRG, EXPD, FFIV, ILMN, AMZN, ESRX
Pulled Back – SINA, ARUN, GMCR, MCP, VMW, BIDU
Tuesday Bull Flag Entry Signals - A, AMD, ATI, CAT, CIEN, CSTR, DHR, DLR, DOW, GES, TIF, UNP, URE, WDC, WYNN, CTXS, BBBY, DTV
Bull Flag Setups – F, SMH, SNDK, SWKS, SWN, UNG, ALTR, LLTC, QCOM, PCLN, CELG
SPX
Resistance: 1,352, 1,367, 1,384
Support: 1,344, 1,330, 1321
The short term 3 day trend is up.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +1.85 – hammer
AMZN +3.14 – white candle
BIDU -0.38 – spinning top
GOOG +4.98 – white spinning top
NFLX +1.22 – doji
PCLN -0.70 – spinning top
QCOM +0.25 – doji
NDX 100 stocks stronger than the NDX include URBN, WYNN, BMC, WCRX, ERTS, ILMN, CTXS, APOL, MICC, EBAY, SHLD, ADBE, CMCSA, FLIR and SIAL.
Stocks weaker than the NDX include FSLR, VRTX, VOD, BIIB, MSFT, GILD, QGEN, BIDU, EXPE, LIFE, LRCX and PCLN.
Stocks to Watch on Wednesday
Holding Above 30 DMA
HUM, HLF, CSTR, DHR, A, ANF, DLR, TIF, V, NYX, CIEN, VMW, URE, ATI, TLT, DOW, MHS, AMD, GES, NVDA, SMH, JDSU, UNP, SWN, VECO, HAS, SWKS, UAL, GMCR, CAT, CF, IL, ACN, GLW, NDAQ, RVBD
Moving Above 30 DMA = 9
CRM, ESI, FWLT, SNDK, STI, SWK, VLO, WDC, ZION
Moving Below 30 DMA = 5
ARUN, FAZ, MCP, SINA, WLT
Staying Below 30 DMA
F, FAS, LVS, SOHU, UNG, UCO, DE, NETL, PCX, AGU, AKS, ATW, FCX, IPI, LDK, SLB, TSL, CLF, DECK, CHL, NTES, POT, CMG, JEC, JNPR, SLW, IAG, GS, CDE, TBT, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
Tuesday, May 10, 2011
Futures Point to a Higher Open...PCLN Continues to Rebound...EBAY Up...
Dave will be at the Las Vegas Money Show at Caesar's Palace with Tom on Tuesday evening at 7 pm PDT. See you there...
BMO – ES +4.50 and NQ +8.50 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with more of stocks quoting up than down…Financial stocks, XLF is quoting up 3 cents on 11,000 volume in pre-market…
TLT is down 22 cents and the Euro is down 6 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are quoting up in pre-market trading… and QCOM is flat…
Dave’s Insight for Tuesday: Stay with the current bull flag support bounce…Continue to follow your rules…Stay with the trend… Continue to watch XLF for support of the SPX bounce…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1,321, 1,311
Quoting Down – UCO, TSL, MCP, NYX, NDAQ, FAZ, MSFT, RIMM, QGEN, VOD
Quoting Up – PCLN, GOOG, MICC, WYNN, EBAY, AAPL, SOHU, CRM, CAT, SINA, WLT, GMCR, DE, HLF, VMW, SLW, POT, URE, MOS, SLW, X, FCX, CLF, ATI, SNDK, UNP, CHL, GS, JOYG, NFLX, CTRP, AMZN, FFIV, ALXN, VRTX, WFMI, BIDU
BMO – ES +4.50 and NQ +8.50 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with more of stocks quoting up than down…Financial stocks, XLF is quoting up 3 cents on 11,000 volume in pre-market…
TLT is down 22 cents and the Euro is down 6 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are quoting up in pre-market trading… and QCOM is flat…
Dave’s Insight for Tuesday: Stay with the current bull flag support bounce…Continue to follow your rules…Stay with the trend… Continue to watch XLF for support of the SPX bounce…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1,321, 1,311
Quoting Down – UCO, TSL, MCP, NYX, NDAQ, FAZ, MSFT, RIMM, QGEN, VOD
Quoting Up – PCLN, GOOG, MICC, WYNN, EBAY, AAPL, SOHU, CRM, CAT, SINA, WLT, GMCR, DE, HLF, VMW, SLW, POT, URE, MOS, SLW, X, FCX, CLF, ATI, SNDK, UNP, CHL, GS, JOYG, NFLX, CTRP, AMZN, FFIV, ALXN, VRTX, WFMI, BIDU
Monday, May 9, 2011
SPX Day Two Bull Flag Bounce as VIX Falls...
Dave will be at the Las Vegas Money Show at Caesar's Palace with Tom on Tuesday evening at 7 pm PDT. See you there...
The SPX formed a white candle that confirmed the bullish harami and closed +6.09 at 1,346.29. PCLN which closed down -$14.94 on Friday, today rose +$10.17 while forming a bullish harami. The SPX, COMPQ and RUT today had larger percentage gains than on Friday.
The SPX formed a white candle that confirmed the bullish harami and closed +6.09 at 1,346.29. PCLN which closed down -$14.94 on Friday, today rose +$10.17 while forming a bullish harami. The SPX, COMPQ and RUT today had larger percentage gains than on Friday.
SPX white candle +0.45%
INDU white spinning top confirms inverted hammer +0.36%
COMPQ white spinning top inside day +0.55%
RUT large white candle confirms inverted hammer +1.14%
Breadth strengthened on Monday as advancers led decliners 2.28 to 1 on the NYSE and 1.91 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,108 1,720
Decliners 921 899
Index Chg. Close Direction Confirmation
VIX -1.24 17.16 Down Yes – SPX
SOX -1.30 442.36 Down No – COMPQ
Leading stocks > +2% on Monday included UCO, PCX, MCP, CF, CLF, FCX, VLO, CAM, NDAQ, SLW, ATW, FWLT, WLT, GLW, NVDA, X, IL, POT
Losing stocks < -2.0% included CDE, UNG
Our bull flag entry for SPY was filled on Friday.
Positives – SPX, VIX, INDU, COMPQ, RUT, breadth strengthened, AMZN, BIDU, GOOG, PCLN, sectors remained strong, Euro
Negatives – XLF, TNX
Interest rates TNX -0.15 moved down and bond ETF TLT moved down 10 cents. Financial stocks XLF fell 4 cents. The Euro rose 54 pips to 1.4362 at 5 pm on Monday.
Negatives – XLF, TNX
Interest rates TNX -0.15 moved down and bond ETF TLT moved down 10 cents. Financial stocks XLF fell 4 cents. The Euro rose 54 pips to 1.4362 at 5 pm on Monday.
Eight of nine sectors moved higher on Monday. Energy XLE +1.75% and Materials XLB +1.45% were the strongest sectors.
Friday End of Day Bull Flag Entry Signals
On Monday
Continued to Rise – CROX (Wed.), HUM, NVDA, CTRP, XRAY, EXPE, ILMN, MICC, CHKP, TUP
Pulled Back – SINA, VECO
Bull Flag Entry on Monday – ACN, ARUN, CY, GLW, GMCR, MCP, NYX, V, VMW, ISRG, BIDU, EXPD, FFIV, ILMN, AMZN, ESRX
Bull Flag Setups – A, AMD, ATI, CAT, CIEN, CSTR, DHR, DLR, DOW, F, GES, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, WDC, WYNN, CTXS, ALTR, BBBY, LLTC, QCOM, PCLN, DTV, CELG
SPX
On Monday
Continued to Rise – CROX (Wed.), HUM, NVDA, CTRP, XRAY, EXPE, ILMN, MICC, CHKP, TUP
Pulled Back – SINA, VECO
Bull Flag Entry on Monday – ACN, ARUN, CY, GLW, GMCR, MCP, NYX, V, VMW, ISRG, BIDU, EXPD, FFIV, ILMN, AMZN, ESRX
Bull Flag Setups – A, AMD, ATI, CAT, CIEN, CSTR, DHR, DLR, DOW, F, GES, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, WDC, WYNN, CTXS, ALTR, BBBY, LLTC, QCOM, PCLN, DTV, CELG
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +0.94 – spinning top
AMZN +3.20 – white candle
BIDU +1.36 – hammer
GOOG +2.38 – hammer
NFLX +6.94 – white candle
PCLN +10.17 – bullish harami in bull flag
QCOM +0.09 – hammer
NDX 100 stocks stronger than the NDX include VRTX, NFLX, ILMN, JOYG, MICC, WCRX, FFIV, VOD, NVDA, ISRG, BIIB, PCLN, ESRX, EXPD and ADBE.
Stocks weaker than the NDX include MU, SPLS, RIMM, INTC, MCHP, SHLD, FLEX, AMA, VMED, BRCM and SBUX.
Stocks to Watch on Tuesday
Holding Above 30 DMA
HUM, HLF, CSTR, DHR, MCP, A, ANF, DLR, TIF, V, NYX, CIEN, VMW, URE, ATI, TLT, DOW, MHS, AMD, GES, NVDA, SMH, JDSU, UNP, SWN, VECO, HAS, SWKS, UAL, GMCR, FAZ, SINA, CAT, CF, IL
Moving Above 30 DMA = 6
ACN, ARUN, GLW, NDAQ, RVBD, WLT
Moving Below 30 DMA = 0
Staying Below 30 DMA
SNDK, ZION, CRM, ESI, F, FAS, LVS, SOHU, UNG, UCO, WDC, DE, NETL, PCX, AGU, AKS, ATW, FCX, IPI, LDK, SLB, TSL, CLF, DECK, CHL, NTES, POT, SWK, CMG, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
Futures Point to a Slightly Higher Open...
BMO – ES +1.00 and NQ +6.75 futures are higher about 30 minutes before the open in pre-market trading and point to a flat to slightly higher open… volume is light to moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is flat in pre-market…
In addition to SPY, DIA, QQQ and IWM here are a few of the many bull flag patterns as of Friday:
Friday End of Day Bull Flag Entry Signals – CROX (Wed.), HUM, NVDA, SINA, VECO, CTRP, XRAY, EXPE, ILMN, MICC, CHKP
Additional Bull Flag Entries – TUP
Bull Flag Setups – A, ACN, AMD, ARUN, ATI, CAT, CIEN, CROX, CSTR, CY, DHR, DLR, DOW, F, GES, GLW, GMCR, MCP, NYX, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, V, VMW, WDC, ISRG, WYNN, BIDU, EXPD, CTXS, ALTR, FFIV, BBBY, LLTC, ILMN, AMZN, QCOM, PCLN, ESRX, DTV, CELG
TLT is down 30 cents and the Euro is down 36 pips in premarket trading and as of this moment forming a live inverted hammer…
NDX leaders AAPL, AMZN, BIDU, NFLX, PCLN and QCOM are quoting up in pre-market trading…GOOG is lower…
Dave’s Insight for Monday: Many bull flags gave intra-day entries and then pulled back, leaving the setup in place for a possible entry on Monday… Follow your rules…Stay with the trend…Look for re-entry this morning if buying pressure pushes price back in the direction of the intermediate term up trend…SPX is near unchanged as XLF is unchanged…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
Quoting Down – CMG, SINA, V, UAL, TLT, ANF, SOHU, ALXN, GOOG, SPLS, AMGN
Quoting Up – MICC, NFLS, JOYG, VRTX, UCO, ATW, WLT, CLF, SLW, CAT, WDC, CDE, FCX, SNDK, X, ESI, TIF, DE, MCP, POT, SLB, PCX, HUM, FFIV, AAPL, AMZN, VIDU, WYNN, TEVA, APOL, CTSH, PCLN, WFMI, VOD, SBUX, QCOM, VMED, XLNX
Friday, May 6, 2011
SPX Closer Higher After Pull Back From Intra-Day Highs...
The SPX formed a doji and closed +5.01 at 1,340.20. PCLN which gapped up over $10 Thursday after the close, reversed Friday morning gapped lower and closed down -$14.94. The April jobs report showed 244,000 new jobs created and unemployment rose to 9%.
SPX doji +0.38%
INDU inverted hammer +0.43%
COMPQ spinning top +0.46%
RUT inverted hammer +0.49%
Breadth strengthened on Friday as advancers led decliners 1.98 to 1 on the NYSE and 1.52 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,002 1,557
Decliners 1,007 1,020
Index Chg. Close Direction Confirmation
VIX +0.20 18.40 Up No – SPX
SOX +3.31 443.66 Up Yes – COMPQLeading stocks > +2% on Friday included CF, TSL, IL, WLT, NVDA, ICE, GMCR, SOHU, VECO, SINA, HUM, POT, CRUS, NTES, CDE, ARUN
Losing stocks < -2.0% included ESI, GES, ATW, UCO
Positives – SPX, INDU, COMPQ, RUT, XLF, BIDU, QCOM, Breadth and sectors strengthened, TBT
Negatives – Euro, VIX, TNX, PCLN, TLT
Interest rates TNX -0.11 moved down and bond ETF TLT moved down 42 cents. Financial stocks XLF rose 8 cents. The Euro collapsed another -230 pips to 1.4308 at 5 pm on Friday.
All nine sectors moved higher on Friday. Industrials XLI +0.87% and Materials XLB +0.82% were the strongest sectors.
Most of our Bull Flag setups gave an intra-day entry but closed just above or below Thursday’s high not to be an end of day entry. Below are those that gave an end of day entry and the Setups that could give another entry on Monday.
End of Day Bull Flag Entry Signals – CROX (Wed.), HUM, NVDA, SINA, VECO, CTRP, XRAY, EXPE, ILMN, MICC, CHKP
Additional Bull Flag Entries – TUP
Bull Flag Setups – A, ACN, AMD, ARUN, ATI, CAT, CIEN, CROX, CSTR, CY, DHR, DLR, DOW, F, GES, GLW, GMCR, MCP, NYX, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, V, VMW, WDC, ISRG, WYNN, BIDU, EXPD, CTXS, ALTR, FFIV, BBBY, LLTC, ILMN, AMZN, QCOM, PCLN, ESRX, DTV, CELG
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -0.09 – black candle
AMZN +0.49 – inside day spinning top
BIDU +1.07 – black spinning top
GOOG +1.03 – black spinning top
NFLX -0.84 – black candle
PCLN -14.94 – large black candle after earnings
QCOM +0.44 – inverted hammer
NDX 100 stocks stronger than the NDX include WCRX, LINTA, NVDA, NTAP, VMED, VRSN, VRTX, ILMN, INFY, LRCX, CHKP, CTRP, EXPE, ADSK and ALXN.
Stocks weaker than the NDX include PCLN, RIMM, AKAM, INTC, VOD, QGEN, MYL, URBN, PAYX, CMCSA, BMC, ROST, SNDK, APOL and INTU.
Stocks to Watch on Monday
Holding Above 30 DMA
HUM, HLF, UCO, CSTR, WDC, DHR, MCP, A, SOHU, ANF, DLR, CRM, LVS, TIF, V, NYX, CIEN, VMW, URE, ATI, TLT, DOW, MHS, AMD, F, GES, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, SWKS, UAL, FAZ, SINA
Moving Above 30 DMA = 3
CAT, CF, IL
Moving Below 30 DMA = 2
SNDK, ZION
Staying Below 30 DMA
ACN, UNG, ARUN, DE, GMCR, NDAQ, NETL, PCX, WLT, AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL, CLF, DECK, CHL, NTES, POT, SWK, CMG, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUSIntermediate Term Market Trend: Up
Short Term Market Trend: Down
Futures Point to Higher Open as Economy Adds 244,000 Jobs...More Buyers Than Sellers this morning...
11:20 am EDT - There are 233 traders who hear me talk about SPY and NVDA among other charts on Tuesday and Wednesday...about being ready for a support bounce...well today the support bounce is happening...the point I want to make is that it is important to be ready before the bounce happens so you can take advantage as the bounce happens...if you are not prepared, you won't be able to act...Be prepared...I'll see you in the weekly wrap....
BMO – ES +12.75 and NQ +23.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate to heavy for pre-market with many more stocks quoting up than down…Financial stocks, XLF is quoting up19 cents in pre-market…
BMO – ES +12.75 and NQ +23.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate to heavy for pre-market with many more stocks quoting up than down…Financial stocks, XLF is quoting up19 cents in pre-market…
In addition to SPY, DIA, QQQ and IWM here are a few of the many bull flag patterns as of Thursday:
Bull Flag Setups – A, ACN, AMD, ARUN, ATI, CAT, CIEN, CROX, CSTR, CHR, DLR, DOW, F, GES, GLW, GMCR, HUM, MCP, NVDA, NYX, SINA, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, V, VECO, VMW, WDC, ISRG, WYNN, BIDU, CTRP, EXPD, CTXS, ALTR, FFIV, XRAY, BBBY, EXPE, LLTC, SNDK, ILMN, AMZN, QCOM, PCLN, NVDA, ESRX, DTV, MICC, CELG, CHKP
PCLN which was up over $10 after the close is down almost $2 in pre-market trading after releasing earnings on Thursday…this is an example of the occasional gap reversal that occur.
TLT is down -1.25 and the Euro is up 23 pips in premarket trading and as of this moment forming a live hammer…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are quoting up in pre-market trading…PCLN is lower…
Dave’s Insight for Friday: Bull Flags can be great entry opportunities… Follow your rules…Stay with the trend…Look for re-entry this morning when buying pressure begins to push price back in the direction of the intermediate term up trend…SPX is moving higher as XLF has gained upward momentum in pre-market…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
Quoting Down – PCLN, GMCR, FAZ, TLT , IL
Quoting Up – CMG, SINA, WLT, DE, CAT, MCP, CRM, CLF, SOHU, AGU, SLB, DECK, VMW, FCX, HLF, ANF, GS, UNP, URE, MOS, ATW, SWK, X, TIF, RVBD, TBT, POT, FAS, CIEN, JDSU, IAG, SNDK, LVS, CHL, DOWN, LVS, A, IPI, TSL, SLW, CDE, HUM, JNPR, NVDA, PCX, SWKS, VLO, STI, GES, CRUS, GOOG, NFLX, AAPL, WYNN, VIDU, AMZN, MICC, WCRX, JOYG, FFIV, LRCX, CTRP, ILMN, CELG, SRCL, RIMM, ORCL, QCOM, AKAM, MCHP, ADBE, NWSA, ALTR, NTAP, CTXS
Thursday, May 5, 2011
Bull Flag Still Forming as SPX Pulls back...
Dave will be in the AT Trading Room at 5 pm MDT...See you there...
All nine sectors moved lower on Thursday. Energy XLE -2.08% and Financials XLF -1.29% were the weakest sectors.
In addition to the SPY, DIA, QQQ and IWM, these stocks are also forming bull flag patterns...
SPX
The SPX closed -12.22 at 1,335.10. PCLN gapped up over $10 after releasing earnings after the close. April unemployment will be released Friday before the open. Oil prices reportedly fell on Thursday over concerns of weaker U.S.
SPX black candle -0.91%
INDU black candle -1.10%
COMPQ inverted hammer -0.48%
RUT inverted hammer -0.44%
Breadth strengthened slightly on Thursday as decliners led advancers 1.34 to 1 on the NYSE and 1.57 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,136 1,005
Decliners 1,874 1,586
Index Chg. Close Direction Confirmation
VIX +1.12 18.20 Up Yes – SPX
SOX +0.65 440.35 Up No – COMPQ
Leading stocks > +2% on Thursday included JDSU, UAL, ANF, DECK, HLF, FAZ, SINA, ESI, RVBD, SWK, CMG
Losing stocks < -2.0% included UCO, UNG, SLW, IPI, MCP, CDE, IAG, FAS, GMCR, PCX, FCX, AKS, LDK, SLB, POT
We are still on the sideline looking for the SPY entry and the bull flag pattern continues continuing its pull back on Thursday.
Positives – BIDU, NFLX,
Negatives – SPX, RUT, COMPQ, NDX, VIX, TNX, AAPL, AMZN, PCLN, Breadth and sectors remained weak
Interest rates TNX -0.55 moved down and bond ETF TLT moved up 90 cents. Financial stocks XLF fell 21 cents. The Euro collapsed -276 pips to 1.4538 at 5 pm on Thursday.
In addition to the SPY, DIA, QQQ and IWM, these stocks are also forming bull flag patterns...
Bull Flag Setups – A, ACN, AMD, ARUN, ATI, CAT, CIEN, CROX, CSTR, CHR, DLR, DOW, F, GES, GLW, GMCR, HUM, MCP, NVDA, NYX, SINA, SMH, SNDK, SWKS, SWN, TIF, UNG, UNP, URE, V, VECO, VMW, WDC, ISRG, WYNN, BIDU, CTRP, EXPD, CTXS, ALTR, FFIV, XRAY, BBBY, EXPE, LLTC, SNDK, ILMN, AMZN, QCOM, PCLN, NVDA, ESRX, DTV, MICC, CELG, CHKP
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321
Support: 1,330, 1321
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -2.82 – spinning top
AMZN -2.88 – inside day spinning top
BIDU +1.18 – bullish engulfing
GOOG -1.52 – spinning top
NFLX +1.12 – white candle
PCLN -3.59 – inverted hammer
QCOM +0.05 – black candle
NDX 100 stocks stronger than the NDX include ERTS, ROST, BMC, AKAM, NIHD, MXIM, CTRP, MU, KLAC, FLEX, ALTR, XLNX, FSLR, YHOO and SHLD.
Stocks weaker than the NDX include JOYG, VRSN, VRTX, CELG, BRCM, MRVL, QGEN, WCRX, URBN, PAYX, GILD, ORCL, CMCSA, ILMN and SYMC.
Stocks to Watch on Friday
Holding Above 30 DMA
HUM, HLF, UCO, CSTR, WDC, DHR, MCP, A, SOHU, ANF, DLR, CRM, LVS, TIF, V, NYX, SNDK, CIEN, IL, VMW, URE, ATI, TLT, DOW, MHS, ZION, AMD, F, GES, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, SWKS, UAL
Moving Above 30 DMA = 2
FAZ, SINA
Moving Below 30 DMA = 3
ACN, CAT, UNG
Staying Below 30 DMA
ARUN, CF, DE, GMCR, NDAQ, NETL, PCX, WLT, AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL, CLF, DECK, CHL, NTES, POT, SWK, CMG, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Down
Futures Point to a Lower Open...WFMI, JDSU, BMC Gap Up...
BMO – ES -9.00 and NQ -14.50 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open… volume is moderate for pre-market with many more stocks quoting down than up…Financial stocks, XLF is quoting down 12 cents in pre-market…
JDSU, WFMI, BMC are gapping up this morning following earnings…
Key Earnings this week:
Wednesday – BMC, ERTS, EXPD, GRMN, NWSA, BMC, WFMI, JDSU
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is up 40 cents and the Euro is down 128 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting down in pre-market trading…
Dave’s Insight for Thursday: Continue to follow your rules…Stay with the trend…Many traders may have exited or hedged short term bullish trades or entered counter trend trades over the last two days…If so, look for re-entry when downward momentum ends and buying pressure begins to push price back in the direction of the intermediate term up trend…SPX is moving lower as XLF has lost momentum and started to pull back…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1, 352, 1,367, 1,384
Support: 1,344, 1,330, 1,321
Quoting Down – UCO, CMG, WLT, MCP, CLF, SLB, CRM, HLF, DE, CF, SOHU, AGU, GS, FCX, URE, FWLT, UNP, POT, SLW, CAM, CAT, MOS, GMCR, FAS, SINA, NTES, X, PCX, V, SWKS, VLO, HUM, TIF, CDE, IAG, ZION, NETL, TBT, PCLN, VRSN, NFLX, GOOG, AMZN, BIDU, JOYG, CTSH, WYNN, MICC, AAPL, ORLY, ALTR, FSLR, INFY, NWSA, QCOM
Wednesday, May 4, 2011
Futures Point to a Slightly Lower Open...GMCR, GRMN Gap Up, LVS, FSLR Gap Down...
Dave is teaching an AT Workshop in Newark, NJ with 225+ traders today and will be traveling this evening…See you there…
BMO – ES -1.50 and NQ -4.75 futures are lower about 90 minutes before the open in pre-market trading and point to a lower open… volume is light for pre-market with similar number of stocks quoting down and up…Financial stocks, XLF is quoting up 1 cents on 0 volume in pre-market…
Key Earnings this week:
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is down 7 cents and the Euro is up 48 pips in premarket trading…
NDX leaders AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting up in pre-market trading… and AAPL is quoting lower…
Dave’s Insight for Wednesday: Continue to follow your rules…Stay with the trend…The trend in still up, although a pullback or correction is occurring… It appears price it making a return move to its horizontal breakouts to test the current breakout…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – FSLR, LVS, CMG, UCO, CLF, TSL, FCX, JEC, VMW, HLF, CRM, SLW, MOS, AGU, MICC, WYNN, CTXS, VRTX, JOYG, BBBY, AAPL
Quoting Up – GMCR, GRMN, ESI, WLT, HUM, SLB, VECO, FWLT, WDC, NTES, GOOG, PCLN, KLAC, BIDU, WFMI, CMCSA, QCOM, PCAR, AMZN, AMAT
BMO – ES -1.50 and NQ -4.75 futures are lower about 90 minutes before the open in pre-market trading and point to a lower open… volume is light for pre-market with similar number of stocks quoting down and up…Financial stocks, XLF is quoting up 1 cents on 0 volume in pre-market…
Key Earnings this week:
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is down 7 cents and the Euro is up 48 pips in premarket trading…
NDX leaders AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting up in pre-market trading… and AAPL is quoting lower…
Dave’s Insight for Wednesday: Continue to follow your rules…Stay with the trend…The trend in still up, although a pullback or correction is occurring… It appears price it making a return move to its horizontal breakouts to test the current breakout…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – FSLR, LVS, CMG, UCO, CLF, TSL, FCX, JEC, VMW, HLF, CRM, SLW, MOS, AGU, MICC, WYNN, CTXS, VRTX, JOYG, BBBY, AAPL
Quoting Up – GMCR, GRMN, ESI, WLT, HUM, SLB, VECO, FWLT, WDC, NTES, GOOG, PCLN, KLAC, BIDU, WFMI, CMCSA, QCOM, PCAR, AMZN, AMAT
Tuesday, May 3, 2011
COMPQ and RUT and Sell Off as INDU Stays Even...
The SPX formed a hammer and closed -4.60 at 1,356.62. The SPX, INDU and TRAN and all remained above old resistance. The COMPQ close dright at old resistance, now support. The RUT and NDX closed below old resistance. Financial stocks rallied, HLF gapped up following earnings, AAPL rose as BIDU and PCLN sold off.
SPX hammer -0.34%
INDU doji +0.00%
COMPQ black candle -0.78%
RUT black candle -1.29%
Breadth weakened on Tuesday as decliners led advancers 1.86 to 1 on the NYSE and 2.30 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,055 796
Decliners 1,965 1,836
Index Chg. Close Direction Confirmation
VIX +0.71 16.70 Up Yes – SPX
SOX -5.63 439.43 Up Yes – COMPQ
Leading stocks > +2% on Tuesday included HLF, MCP, BAC
Losing stocks < -2.0% included SINA, SOHU, NTES, NETL, ARUN, IL, NVDA, WLT, CF, TSL, IAG, IPI, LDK, CDE, RVBD, ACN, UCO, GMCR, LVS, CAM, FWLT, MOS, POT, AGU, ATW, VLO, JDSU, SNDK, PCX, AMD, CMG, SWKS, DE, CSTR, SLW, WDC, SLB, VMW, DOW
Positives INDU, XLF, AAPL
Negatives –RUT, COMPQ, NDX, SPX, VIX, TNX, BIDU, NFLX, PCLN, QCOM, Breadth and sectors weakened
Interest rates TNX -0.31 moved down and bond ETF TLT moved up 53 cents. Financial stocks XLF moved up 7 cents. The Euro moved up 2 pips to 1.4829 at 5 pm on Tuesday.
Four of nine sectors moved higher on Tuesday. Utilities XLU +0.63% and Financials XLF +0.43% were the strongest sectors.
Key Earnings this week:
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +1.92 – doji
AMZN -2.74 – bearish harami
BIDU -7.63 – large black candle
GOOG -4.67 – spinning top
NFLX -5.95 – black candle
PCLN -15.54 – bearish engulfing confirms shooting star
QCOM -0.75 – black candle
NDX 100 stocks stronger than the NDX include GILD, DELL, NIHD, INTC, DLTR, URBN, ILMN, QGEN, NTAP, FISV, CHKP, AMAT, MSFT, CELG and AAPL.
Stocks weaker than the NDX include SHLD, CTSH, BIDU, NVDA, CTRP, JOYG, MU, PCLN, SNDK, NFLX, MYL, LRCX, AKAM, FSLR and STX.
Stocks to Watch on Wednesday
Holding Above 30 DMA
HUM, HLF, SINA, UCO, CSTR, WDC, DHR, MCP, A, ACN, SOHU, ANF, DLR, CRM, LVS, TIF, V, NYX, SNDK, CIEN, IL, VMW, URE, ATI, TLT, DOW, MHS, UNG, ZION, AMD, CAT, F, GES, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, SWKS, UAL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
ARUN, CF, DE, GMCR, NDAQ, NETL, PCX, WLT
Staying Below 30 DMA
AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL, CLF, DECK, CHL, NTES, POT, SWK, CMG, FAZ, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
SPX hammer -0.34%
INDU doji +0.00%
COMPQ black candle -0.78%
RUT black candle -1.29%
Breadth weakened on Tuesday as decliners led advancers 1.86 to 1 on the NYSE and 2.30 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,055 796
Decliners 1,965 1,836
Index Chg. Close Direction Confirmation
VIX +0.71 16.70 Up Yes – SPX
SOX -5.63 439.43 Up Yes – COMPQ
Leading stocks > +2% on Tuesday included HLF, MCP, BAC
Losing stocks < -2.0% included SINA, SOHU, NTES, NETL, ARUN, IL, NVDA, WLT, CF, TSL, IAG, IPI, LDK, CDE, RVBD, ACN, UCO, GMCR, LVS, CAM, FWLT, MOS, POT, AGU, ATW, VLO, JDSU, SNDK, PCX, AMD, CMG, SWKS, DE, CSTR, SLW, WDC, SLB, VMW, DOW
Positives INDU, XLF, AAPL
Negatives –RUT, COMPQ, NDX, SPX, VIX, TNX, BIDU, NFLX, PCLN, QCOM, Breadth and sectors weakened
Interest rates TNX -0.31 moved down and bond ETF TLT moved up 53 cents. Financial stocks XLF moved up 7 cents. The Euro moved up 2 pips to 1.4829 at 5 pm on Tuesday.
Four of nine sectors moved higher on Tuesday. Utilities XLU +0.63% and Financials XLF +0.43% were the strongest sectors.
Key Earnings this week:
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +1.92 – doji
AMZN -2.74 – bearish harami
BIDU -7.63 – large black candle
GOOG -4.67 – spinning top
NFLX -5.95 – black candle
PCLN -15.54 – bearish engulfing confirms shooting star
QCOM -0.75 – black candle
NDX 100 stocks stronger than the NDX include GILD, DELL, NIHD, INTC, DLTR, URBN, ILMN, QGEN, NTAP, FISV, CHKP, AMAT, MSFT, CELG and AAPL.
Stocks weaker than the NDX include SHLD, CTSH, BIDU, NVDA, CTRP, JOYG, MU, PCLN, SNDK, NFLX, MYL, LRCX, AKAM, FSLR and STX.
Stocks to Watch on Wednesday
Holding Above 30 DMA
HUM, HLF, SINA, UCO, CSTR, WDC, DHR, MCP, A, ACN, SOHU, ANF, DLR, CRM, LVS, TIF, V, NYX, SNDK, CIEN, IL, VMW, URE, ATI, TLT, DOW, MHS, UNG, ZION, AMD, CAT, F, GES, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, SWKS, UAL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
ARUN, CF, DE, GMCR, NDAQ, NETL, PCX, WLT
Staying Below 30 DMA
AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL, CLF, DECK, CHL, NTES, POT, SWK, CMG, FAZ, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
Futures Point to a Lower Open...HLF, ISRG, XRAY Look to Gap Up...
Dave will be teaching an AT Workshop in Newark, NJ today and Wednesday…See you there…
BMO – ES -6.25 and NQ -8.50 futures are lower about 90 minutes before the open in pre-market trading and point to a lower open… volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting up 4 cents on 0 volume in pre-market…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is up 6 cents and the Euro is down 50 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG and NFLX are quoting down in pre-market trading… and PCLN and QCOM are quoting higher…
Dave’s Insight for Tuesday: Continue to follow your rules…Stay with the trend…The trend in still up, although a pullback or correction may occur… Remember horizontal breakouts often pull back to their and test their breakout…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – SHLD, CTSH, GOOG, BIDU, CAT, UCO, DE, NETL, CF, SOHU, SLW, JNPR, SLB, GS, CRM, FAS, FCX, DECK, AGU, CHL, NVDA, AMZN, AAPL, NFLX, VOD, RIMM, FSLR
Quoting Up – HLF, ISRG, XRAY, MCP, A, FAZ, CRUS, CMG, VECO, GMCR, SINA, PCLN, WYNN, AMGN, MICC, MYL, GILD, NIHD
BMO – ES -6.25 and NQ -8.50 futures are lower about 90 minutes before the open in pre-market trading and point to a lower open… volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting up 4 cents on 0 volume in pre-market…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is up 6 cents and the Euro is down 50 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG and NFLX are quoting down in pre-market trading… and PCLN and QCOM are quoting higher…
Dave’s Insight for Tuesday: Continue to follow your rules…Stay with the trend…The trend in still up, although a pullback or correction may occur… Remember horizontal breakouts often pull back to their and test their breakout…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – SHLD, CTSH, GOOG, BIDU, CAT, UCO, DE, NETL, CF, SOHU, SLW, JNPR, SLB, GS, CRM, FAS, FCX, DECK, AGU, CHL, NVDA, AMZN, AAPL, NFLX, VOD, RIMM, FSLR
Quoting Up – HLF, ISRG, XRAY, MCP, A, FAZ, CRUS, CMG, VECO, GMCR, SINA, PCLN, WYNN, AMGN, MICC, MYL, GILD, NIHD
Monday, May 2, 2011
SPX Pauses at Fib Level as Financials Struggle...
The SPX formed a spinning top and closed -2.39 at 1,361.22. The SOX, INDU, TRAN and COMPQ all remained above old resistance. The NDX closed right at old resistance, now support. The RUT closed below old resistance. Healthcare stocks were strong as GILD, CEPH and TEVA led the NDX. Financials XLF slid 7 cents.
SPX black spinning top -0.18%
INDU doji -0.02%
COMPQ bearish engulfing pattern -0.33%
RUT bearish engulfing pattern -1.22%
Breadth weakened on Monday as decliners led advancers 1.40 to 1 on the NYSE and 2.16 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,250 840
Decliners 1,760 1,821
Index Chg. Close Direction Confirmation
VIX +1.24 15.99 Up Yes – SPX
SOX -4.50 445.06 Up Yes – COMPQ
Leading stocks > +2% on Monday included UAL, PCX
Losing stocks < -2.0% included SLW, CDE, ARUN, CRUS, ATW, IL, AKS, SWKS, CLF, MCP, ATI, VMW, CIEN, SLB
As I stated last week if the SPY broke through horizontal resistance, I would place a new real time virtual trade. Conditional order entered to buy 50 May 135 calls at or above 134.25. Order filled Tuesday at 7:53:51 at 1.30 per contract. SPY opened this morning above the limit sell order at 136.76 and the call sold at 7:31:00 MDT, as posted earlier, for 2.85 for a gain of $1.55 or +119%. Those 50 calls with an original cost of $6,500 gained $7,775 in 6 days.
Positives NDX, AMZN, NFLX, PCLN
Negatives –RUT, COMPQ, VIX, XLF, TNX, Breadth and sectors weakenedSPX
Interest rates TNX -0.10 moved down and bond ETF TLT moved down 25 cents. Financial stocks XLF moved down 7 cents. The Euro moved up 18 pips to 1.4827 at 5 pm on Monday.
Four of nine sectors moved higher on Monday. Healthcare XLV +1.02% and Consumer Discretionary XLY +0.35% were the strongest sectors.
Most of the major earnings are released but a few remain…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
The short term 3 day trend is up.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -3.85 – black spinning top
AMZN +5.38 – white candle
BIDU -1.05 – black spinning top
GOOG -5.54 – small bearish engulfing
NFLX +4.52 – spinning top
PCLN +8.64 – potential shooting star
QCOM +0.15 – spinning top
NDX 100 stocks stronger than the NDX include GILD, CEPH, TEVA, AMZN, YHOO, NFLX, APOL, CMCSA, ESRX, LINTA, PCLN, CELG, EXPE, SBUX and ISRG.
Stocks weaker than the NDX include WFMI, AMAT, EBAY, CTXS, SHLD, FSLR, NVDA, SNDK, FFIV, RIMM, AAPL, INTC, GOOG, MSFT and MCHP.
Stocks to Watch on Tuesday
Holding Above 30 DMA
HUM, HLF, SINA, UCO, CSTR, WDC, DHR, MCP, A, WLT, ACN, SOHU, ANF, DLR, CRM, LVS, TIF, V, NDAQ, NYX, SNDK, CIEN, IL, VMW, URE, ATI, TLT, CF, ARUN, DOW, MHS, UNG, ZION, AMD, CAT, DE, F, GES, NETL, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, GMCR, SWKS, UAL
Moving Above 30 DMA = 1
PCX
Moving Below 30 DMA = 9
AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL
Staying Below 30 DMA
CLF, DECK, CHL, NTES, POT, SWK, CMG, FAZ, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
SPX black spinning top -0.18%
INDU doji -0.02%
COMPQ bearish engulfing pattern -0.33%
RUT bearish engulfing pattern -1.22%
Breadth weakened on Monday as decliners led advancers 1.40 to 1 on the NYSE and 2.16 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,250 840
Decliners 1,760 1,821
Index Chg. Close Direction Confirmation
VIX +1.24 15.99 Up Yes – SPX
SOX -4.50 445.06 Up Yes – COMPQ
Leading stocks > +2% on Monday included UAL, PCX
Losing stocks < -2.0% included SLW, CDE, ARUN, CRUS, ATW, IL, AKS, SWKS, CLF, MCP, ATI, VMW, CIEN, SLB
As I stated last week if the SPY broke through horizontal resistance, I would place a new real time virtual trade. Conditional order entered to buy 50 May 135 calls at or above 134.25. Order filled Tuesday at 7:53:51 at 1.30 per contract. SPY opened this morning above the limit sell order at 136.76 and the call sold at 7:31:00 MDT, as posted earlier, for 2.85 for a gain of $1.55 or +119%. Those 50 calls with an original cost of $6,500 gained $7,775 in 6 days.
Positives NDX, AMZN, NFLX, PCLN
Negatives –RUT, COMPQ, VIX, XLF, TNX, Breadth and sectors weakenedSPX
Interest rates TNX -0.10 moved down and bond ETF TLT moved down 25 cents. Financial stocks XLF moved down 7 cents. The Euro moved up 18 pips to 1.4827 at 5 pm on Monday.
Four of nine sectors moved higher on Monday. Healthcare XLV +1.02% and Consumer Discretionary XLY +0.35% were the strongest sectors.
Most of the major earnings are released but a few remain…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
The short term 3 day trend is up.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -3.85 – black spinning top
AMZN +5.38 – white candle
BIDU -1.05 – black spinning top
GOOG -5.54 – small bearish engulfing
NFLX +4.52 – spinning top
PCLN +8.64 – potential shooting star
QCOM +0.15 – spinning top
NDX 100 stocks stronger than the NDX include GILD, CEPH, TEVA, AMZN, YHOO, NFLX, APOL, CMCSA, ESRX, LINTA, PCLN, CELG, EXPE, SBUX and ISRG.
Stocks weaker than the NDX include WFMI, AMAT, EBAY, CTXS, SHLD, FSLR, NVDA, SNDK, FFIV, RIMM, AAPL, INTC, GOOG, MSFT and MCHP.
Stocks to Watch on Tuesday
Holding Above 30 DMA
HUM, HLF, SINA, UCO, CSTR, WDC, DHR, MCP, A, WLT, ACN, SOHU, ANF, DLR, CRM, LVS, TIF, V, NDAQ, NYX, SNDK, CIEN, IL, VMW, URE, ATI, TLT, CF, ARUN, DOW, MHS, UNG, ZION, AMD, CAT, DE, F, GES, NETL, NVDA, SMH, ESI, JDSU, UNP, FAS, GLW, SWN, VECO, HAS, GMCR, SWKS, UAL
Moving Above 30 DMA = 1
PCX
Moving Below 30 DMA = 9
AGU, AKS, ATW, FCX, IPI, LDK, RVBD, SLB, TSL
Staying Below 30 DMA
CLF, DECK, CHL, NTES, POT, SWK, CMG, FAZ, FWLT, JEC, VLO, JNPR, SLW, IAG, GS, CDE, STI, TBT, HAS, MOS, X, ICE, CAM, BAC, CRUS
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
Futures Point to a Higher Open...Bin Laden Dead...
Dave will be traveling today to teach an AT Workshop in Newark, NJ on Tuesday and Wednesday…See you there…
9:44 am EDT - our SPY real time virtual trade hit target and filled at 9:31:00 EDT for 2.85 a contract...for a gain of 1.55 or 119% or a total gain of $7,750.
BMO – ES +7.50 and NQ +11.50 futures are higher about 30 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 8 cents in pre-market…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is down 53 cents and the Euro is up 22 pips in premarket trading…
NDX leaders AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are higher in pre-market trading… and AAPL is lower…
Dave’s Insight for Monday: Continue to follow your rules…Stay with the trend… Remember horizontal breakouts often pull back to their and test their breakout…Earnings will influence trading LESS this week…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – SLW, UCO, CDE, TLT, FAZ, IAG, WFMI, AMAT, AAPL, BIIB
Quoting Up – NFLX, PCLN, CEPH, TEVA, SINA, PCX, CAT, GS, CLF, CRM, DHR, SOHU, NETL, CMG, ANF, MCP, SNDK, CIEN, AGU, UAL, TIF, LVS, MOS, SWKS, KDSU, IL, FAS, ZION, TSL, NVDA, GMCR,POT, GLW, MICC, BIDU, WYNN, GOOG, AMZN, BBBY, SNDK, JOYG, VRSN, ALTR, AMGN, ADBE, CTSH, QCOM, RIMM, NVDA
9:44 am EDT - our SPY real time virtual trade hit target and filled at 9:31:00 EDT for 2.85 a contract...for a gain of 1.55 or 119% or a total gain of $7,750.
BMO – ES +7.50 and NQ +11.50 futures are higher about 30 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 8 cents in pre-market…
Key Earnings this week:
Monday – ADP
Tuesday – CEPH, CMCSA, FSLR, MYL, HSIC, VRTX
Wednesday – ERTS, EXPD, GRMN, NWSA, BMC, WFMI
Thursday – DTV, PCLN, MCHP
Friday – WCRX
TLT is down 53 cents and the Euro is up 22 pips in premarket trading…
NDX leaders AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are higher in pre-market trading… and AAPL is lower…
Dave’s Insight for Monday: Continue to follow your rules…Stay with the trend… Remember horizontal breakouts often pull back to their and test their breakout…Earnings will influence trading LESS this week…Continue to watch XLF for support of the SPX breakout of horizontal resistance…Manage your trades based on the price action you see on the charts…
SPX
Resistance: 1,367, 1,384
Support: 1,352, 1,344, 1,330
Quoting Down – SLW, UCO, CDE, TLT, FAZ, IAG, WFMI, AMAT, AAPL, BIIB
Quoting Up – NFLX, PCLN, CEPH, TEVA, SINA, PCX, CAT, GS, CLF, CRM, DHR, SOHU, NETL, CMG, ANF, MCP, SNDK, CIEN, AGU, UAL, TIF, LVS, MOS, SWKS, KDSU, IL, FAS, ZION, TSL, NVDA, GMCR,POT, GLW, MICC, BIDU, WYNN, GOOG, AMZN, BBBY, SNDK, JOYG, VRSN, ALTR, AMGN, ADBE, CTSH, QCOM, RIMM, NVDA
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