Shooting Star Thursday...

DJIA - 17.61, -0.22% SP500 - 0.83, -0.10% NASDAQ Comp. + 5.36, +0.31% Russell 2000 - 3.91, -0.80% Exchange NYSE NASD Advancing 2,101 1,384 Declining 1,632 1,395 Oil $51.12 +$0.15 Gold $890.70 -$9.10 SOX 258.54 +6.99 VIX 36.50 +0.42 The VIX moved up and did confirm the move down in the SPX on Thursday. Both indexes were essentially unchanged. Strongest Sectors: XLB +2.80%...XLY +1.70%...XLI +0.37% Weakest Sectors: XLE -1.65%...XLF -1.38%...XLP -0.41% Five of nine Sectors moved higher on Thursday. Materials, Consumer Discretionary, Industrials, Technology and Utilities outperformed the SPX with positive gains. Financial stocks stronger than XLF -1.38% include: SPG, BAC, PRU, MS, AOC, ALL, AXP, GS, ICE, MMC, MET, WFC, STT, SCHW, AFL, IVZ, NTRS, PNC and ETFS UYG and FAS. Leading tech stocks stronger than XLK, +0.29% include: AMAT, TXN, DELL, MA, INTC, ADBE, EMC, YHOO, GOOG, AAPL, T and CSCO. Sector Watch Up Trending: Sideways: XLE, XLY, XLV, XLK, XLB Down Trending: XLF, XLP, XLI, XLU All four indices finished April by forming a higher high and higher low on the daily candle. The Nasdaq made a new high close while closing below its high and with a net gain for the day. The SPX, RUT and DJIA finished slightly lower for the day. The SOX gained +2.78% and closed above its 200 DMA for the first time since June 8, 2008. Apparently the pull back from the intraday highs is being attributed to the announcement today that Chrysler will file for bankruptcy. If, this is accurate and this news event is the cause of the pull back, that is good news as its total economic significance is likely to be nothing more than a small ripple. All four indices finished positive for the second straight month. The Nasdaq is positive for 2009 and the RUT is near breakeven. Take a look at the monthly chart for the indices...do you see anything different about March and April compared with the past year? (click image to enlarge) Index Commentary The DJIA formed a shooting star candle…volume was near average at 341 million shares…closed above its 20, 30 and 50 DMA. The SPX formed a shooting star and closed just below 875 resistance…closed above its 20, 30 and 50 DMA. The Nasdaq formed a shooting star like candle, again making a new high close for 2009…stayed above horizontal resistance of 1682…came within five points of its 200 DMA before pulling back…short term chart price target is 1,765…closed above its 20, 30 and 50 DMA. The RUT formed a shooting star like candle…closed above horizontal resistance of the past two weeks, late January and early February…new chart target 606 during next 8+ weeks…within 33 points of 2009 high …closed above its 20, 30 and 50 DMA At the Open on Friday SPY – black spinning top ALGT – spinning top SCHN – horizontal breakout ICE – spinning top DECK – spinning top SNDA – black candle ADBE – spinning top at 200 DMA EBAY – black spinning top in pennant GME – spinning top close below 200 DMA SHLD – white candle bounce at 200 DMA WYNN – shooting star WHR – doji LEAP – spinning top ISRG – dark cloud cover DHR – black spinning top DE – white shooting at 200 DMA (click image to enlarge) Stocks to Watch on Friday Leading Stocks Holding Above 30 DMA BIDU, CLB, ICE, ALGT, DLB, PWR, VPRT, AMZN, USD, AAPL, CTSH, AXYS, BAP, CAM, GMCR, JCOM, JOSB, ATW, GR, SYNA, EBAY, GES, SNA, ORCL, WRC, HDB, PCP, UYG, FSLR, GME, WCG, RIMM, X, BYI, CBST, HLF, AMX, MHS, WAB, FAS, AFAM, JW.A, K, RBN, ESRX, PCLN, URE, VAR, PCR, PPD, HANS, SWN, FLS, SNHY, GILD, GXDX, TDG, NIHD, RCI, STRA, CPLA, ACN, AMED, GPRO, NFLX, EZPW, JOYG, MON, MUR, PSYS, SPWRA Moving Above 30 DMA = 1 PETS Moving Below 30 DMA = 1 DLTR Staying Below 30 DMA DECK, JEC, CHL, MCD, BDX, CBST, MYGN, DV, SLGN, TDG, BIIB, MOS, NTLS, WMT, GILD, BKC, APEI, BLUD, ESI, GXDX Intermediate Term Market Trend: Neutral Short Term Market Trend: Up