Support Bounce on Wednesday...

Dave just finished the second day of an AT Workshop teaching more than 300 traders how to use patterns and other technical tools to develop trading systems. DJIA + 149.84, +2.23% SP500 + 16.54, +2.38% NASDAQ Comp. + 32.73, +2.48% Russell 2000 + 10.29, +2.85% Exchange NYSE NASD Advancing 3,104 1,956 Declining 813 806 Oil $45.38 +$3.73 Gold $906.00 -$6.90 SOX 200.27 +8.78 VIX 47.56 -3.37 The VIX moved down confirming the move up in the SPX on Tuesday. Strongest Sectors: XLE +4.78%...XLB +3.47%...XLV +2.87% Weakest Sectors: XLF -1.29%...XLU +0.93%...XLP +1.93% Sector Watch Up Trending: Sideways: XLE, XLU, XLY, XLV, XLK Down Trending: XLF, XLP, XLI, XLB Momentum shifted from down to up in the broad indices and many stocks on Wednesday. The rally was broad based as 8 of 9 Sector ETF’s rose. Advancing issues led decliners by a 3 to 1 margin on the NYSE. The positives include a VIX that fell further on an up day along with the SOX Semiconductor Index rising. Both indicate that buyers did reenter the market today. Oil prices rose and gold prices continued to drift lower. ALTR, MRVL, NSM and XLNX each rose more than 5% on Wednesday. AMZN bounced off support to close at the resistance of its 200 DMA. BIDU confirmed Tuesday’s bullish harami and broke above its bull flag pattern. PCLN formed an inside day doji in a bull flag pattern. Stock Commentary Coal stocks BTU, CNX, KOL and WLT all confirmed Tuesday’s bullish harami. Steel stocks NUE, SCHN, STLD and X each confirmed Tuesday’s bullish harami. Rail stocks BNI and CSX closed above Tuesday’s spinning tops and UNP confirmed Tuesday’s bullish harami. Ag-related stocks: POT and IPI failed to confirm at the close Tuesday’s bullish harami MOS, CF and AGU confirmed Tuesday’s bullish harami Stocks to Watch on Thursday Leading Stocks: Holding Above 30 DMA VPRT, AMZN, BIDU, CLB, PCLN, BKC, GMCR, MOS, NFLX Moving Above 30 DMA = 5 ALGT, DLB, DLTR, GME, HANS Moving Below 30 DMA = 0 Staying Below 30 DMA JCOM, SLGN, WRC, FLS, ICE, MYGN, CPLA, ESRX, GES, PSYS, CHL, DECK, GIL, MHS, TDG, SPWRA, AMED, APEI, BIIB, GPRO, GXDX, MON, PCP, RBN, AAPL, CTSH, DV, ESI, VAR, SYNA, WCG, ATW, BLUD, JW.A, MUR, ORCL, RCI, SWN, GR, FSLR, HLF, EBAY, AMX, STRA, PCR, PWR, RIMM, BDX, BYI, CAM, PPD, ACN, NIHD, SNHY, JOYG, K, JOSB, JEC, PETS, NTLS, BAP, HDB, CBST, SNA, AFAM, EZPW, WAB, AXYS Wednesday’s Action (=> +0.70 or -0.70) Moving Up: SOHU, GS, SCHN, FSLR, CNX, NUE, MOS, X, AGU, BTU, ANR, FWLT, NIHD, CLF, MON, CF, HANS, NDAQ, DRYS, MS, INFY, V, MEE, SINA, ADM, BRCM Moving Down: STRA, IPI, POT, AFAM, AEM Intermediate Term Market Trend: Neutral – Nasdaq; Down – DJIA, SPX, RUT Short Term Market Trend: Neutral