SPX Bounces off 1,044 Suport....

Thursday's Post is Coming... DJIA + 199.89 +2.05% SP500 + 23.48 +2.25% COMPQ + 37.94 +1.84% Russell 2000 + 13.86 +2.45% Exchange NYSE NASD Advancing 2,504 1,918 Declining 552 805 Oil $79.87 +2.41 Gold $1,047.10 +16.60 SOX 307.26 +6.48 VIX 24.76 -3.15 The VIX moved down and did confirm the move up in the SPX on Thursday. The SOX moved up and did confirm the move up in the COMPQ. Strongest Sectors: XLF +4.18%...XLB +2.98%...XLY +2.68% Weakest Sectors: XLU +0.87%...XLV +0.89%...XLP +1.63% All nine sectors moved higher on Thursday. Financials, Materials, Consumer Discretionary, Energy, and Industrials were stronger than the SPX +2.25%. Financial stocks stronger than XLF +4.18%: PRU, MET, IVZ, RF, AFL, SPG, C, PNC, AXP, ALL, BAC, ICE, STT, MS and ETFs UYG and FAS. Tech stocks stronger than XLK +1.93%: SYMC, MA, AMAT, HPQ, EMC, AMT, GLW, DELL, CSCO, ADBE, AAPL, TXN and GOOG. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,075 = 875 Breakout Chart Target 1,100 = September 2008 Old Support Key Support Levels 1,061 = Sep 16 S1 Level 1,056 = Sep 25 R1 level 1,044 = October Horizontal Old Resistance 1,025 = 950 Breakout Chart Target The SPX opened higher and formed a strong trend day all day long forming six intra-day bull flags in the process of breaking through its 1,056 and 1,061 resistance areas before closing at 1,066.11. The INDU, COMPQ and RUT all also had strong trend days. Many individual stocks from our watch list outperformed the move in the broad indices. Look at FCX, CAT, BDK, DE, DOW, WHR, JOYG, BUCY, SPG, JPM and BAC. Advancing issues in the NDX 100 increased from three stocks on Wednesday to 87 on Thursday. Positive earning reports led to large gains from AKAM +13.05%, SYMC +12.78% and ORLY +11.91%. FSLR dropped $25.11 or -16.57% after reporting positive EPS with lower than expected revenue after the close on Wednesday. We shared the real time virtual FSLR Straddle trade on Wednesday at 9:50:31 buying 6 Nov 150 calls and puts for a cost of $22.90 per straddle. The FSLR straddle closed with a price of $25.25 for a gain of $2.30 or 10% in one day. We will monitor FSLR to see if the trend continues in the direction of the gap over the next week as is typical for the stock over the past year. Guidance: The intermediate term trend is up while the short term trend bounced up from the 1,044 support. The broad indices bounced in bull flag patterns. Downward momentum was gone and upward momentum accelerated on Thursday. Watching for the support bounce paid off on Thursday. The support bounce moved above SPX 1,056, INDU 9,822, COMPQ 2,081 and RUT 576 as we alerted you to look for in Wednesday’s post. Many individual stocks in our watch list formed bull flag support bounces on Thursday. Thursday was an entry signal on many charts. Continue to trade the chart of the stocks you watch and follow your rules. Breakout: AKAM, AMZN, V Potential Breakout Setups: FLIR, WHR, DE, GOOG, MA, FLS, AXP, HANS Pulling Back: Potential C Patterns: C Pattern Breakout: Lower Close in Support Bounce: PCLN Flag Setups and Bounces in Progress: JEC, JCI, AAPL, BDK, NTAP, DOW, DD, WLT, ADBE, JCG, CAM, BUCY, SPG, NKE, FCX, JOYG, NWSA, AMX, ADSK, CAT, XLNX, TXN, POT, INTC, AGU Potential Down Trend Setups: APOL, X, BIDU, BAC, MRVL, HOLX, STT, RIMM, MYGN, MON, LVS, WYNN, ORCL, ZION, FAST, FWLT, AGCO, FSLR AAPL +3.95 QCOM +0.64 GOOG +10.75 BIDU -3.43 NDX 100 stocks stronger than the NDX include: AKAM, SYMC, ORLY, URBN, ESRX, JNPR, LRCX, FLEX, JOYG, WCRX, WYNN, FWLT, LIFE, NVDA, LOGI, NWSA, SBUX, MXIM, CA, MRVL, MICC, HOLX, PCAR, VRSN, SHLD, KLAC, AMAT, TEVA, BBBY, RYAAY, LBTYA, DTV, DISH, LINTA, NTAP, CMCSA, ISRG, DELL, CTXS, STLD, VRTX, CSCO, ADBE EXPD, COST, MCHP, AAPL and GOOG. Stocks to Watch on Friday Leading Stocks Holding Above 30 DMA CTSH, AAPL, CLB, K, JW.A, JOYG, DECK, VPRT, AMZN, SLGN, NFLX, DV, MCD, CPLA, ICE, MUR, DLB, ORCL, VAR, FAZ, RCI Moving Above 30 DMA = 16 ATW, BLUD, ESRX, FLS, GES, GPRO, HANS, HDB, MHS, RBN, SWN, WCG, ACN, GR, SNA, WMT Moving Below 30 DMA = 1 AFAM Staying Below 30 DMA BKC, BYI, EZPW, GXDX, HLF, JEC, PCLN, STRA, WAB, TRLG, PWRD, AMED, AMX, BIDU, CAM, FSLR, GMCR, APEI, MOS, PCP, PWR, WRC, NIHD, JOSB, TDG, SPWRA, FAS, UYG, ESI, ALGT, EBAY, BAP, CHL, GILD, URE, USD, DLTR, GME, SNHY, URE, PETS, MON, X, PSYS, NTLS, PPD, BDX, BIIB, JCOM, FUQI, CBST, RIMM, MYGN, SYNA Intermediate Term Market Trend: Up Short Term Market Trend: Neutral