Stocks Moving Up at the Open

SPX hits 715 and temporaily pulls back...hmm does this resistace stuff really work??? Advancers are swamping delcining issues on the NYSE and Nasdaq 11:52 am ET - SPX horizontal resistance areas 715...746 in addition to 20 and 30 DMA on this counter trend bounce...short term support today's S1...currently = 694 11:32 am ET - SPY, DIA, QQQQ, IWM, XLF, UYG, FAS all break high of the low day, entry signal for counter trend...Financial stocks are strong with many breaking the high of the low day also in counter trend moves... 10:39 am ET - Financial XLF +9.1%, Industrials XLI +5.7%, Materials +4.8% 10:13 am ET - SPX + 28 at 705 9:45 am ET - Stocks on the run...SP futures were up in overnight trading...but cash prices open up and move higher...SPX +23 at 699...11 of 12 stocks in Monday's At the Open on Tuesday are up! Check the list in last night's post... In our webcast last night we entered two bullish virtual trades on HANS and NFLX...both were buy stop on a resistance breakout... here was the trade logic...the SPX was in a down trend but giving a bullish signal of a doji on Friday and an inside day inverted hammer on Monday...if a support bounce took place this would be an entry signal only for traders with a counter trend trading system because the SPX is in a downtrend...however if the SPX bounced, currently up trending stocks should either bounce if they were near support or breakout if they were near resistance with the strength of a broad marke rally behind...so we entered a buy stop above horizontal resistance on HANS and NFLX both filled and are rising in early trading...both have limited risk with stops in place and a specified sell limit at a target above...we will keep you posted as the stocks move toward their target or stop... SPX now at 700...