Strong Support Bounce in Leading Stocks Amidst Mixed Market

DJIA + 42.91, +0.33% SP500 + 9.02, +0.65% NASDAQ Comp. - 5.99, -0.25% Russell 2000 + 4.81, +0.67% The DJIA finishes Friday with its highest close since January 3, 2008 and continues to hold above support. The S&P and Nasdaq are holding right at resistance. The Russell 2000 sits several points below resistance. The markets are in a very narrow trading range over the past six trading days. The market seems to waiting for indications from the Fed’s FOMC meeting which takes place next week on Tuesday and Wednesday, April 29 and 30. Look for the policy statement on Wednesday and 2:15 ET. The narrow trading range did not keep several of our leader stocks from significant support bounces on Friday. The non-farm payrolls and unemployment reports will be out before the open on Friday. Estimates are for loss of 80,000 jobs and a 5.2% unemployment rate for the month of April. Friday’s Action BIDU +$21.69, DECK +$25.31 both on positive earnings announcements We alerted you to the support bounce Friday morning occurring in POT, MOS, MON and AGU. Each stock continued moving several dollars higher by Friday’s close. POT was +13.18, MOS +8.12, MON +6.56 and AGU +4.35 Support Bounce POT, MOS, MON, AGU, CF, CLF, MTL, FSLR, MEE, PCLN, AMZN, SCHN, FWLT Breakout MER Moving Higher GS, IPI, ESRX Intermediate Term Market Trend: Neutral Short Term Market Trend: Neutral