SPX Makes Another 52 Week High...

DJIA + 47.08 +0.47% SP500 + 4.54 +0.42% COMPQ + 1.06 +0.05% Russell 2000 - 0.60 -0.10% Exchange NYSE NASD Advancing 1,517 1,182 Declining 1,500 1,518 Oil $77.58 +2.40 Gold $1,050.00 -14.40 SOX 329.78 -4.73 VIX 21.72 -1.14 The VIX moved down and did confirm the move up in the SPX on Thursday, which is a new 52 week low. The SOX moved down and did NOT confirm the move up in the COMPQ. Strongest Sectors: XLE +2.09%...XLU +0.78%...XLP +0.77% Weakest Sectors: XLF -0.89%...XLK -0.19%...XLI -0.15% Six of nine sectors moved higher on Thursday. Energy, Utilities and Consumer Staples were stronger than the SPX +0.42%. Financial stocks stronger than XLF -0.89%: TROW, STT, AXP, NTRS, ICE, ALL, ZION, CME, MMC, MET, USB, WFC, PRU, CB, JPM, RF, BK, TRV, AOC, MS, KEY, SPG and AFL. Tech stocks stronger than XLK -0.19%: AMT, MSFT, MA, EMC, ADBE, ORCL, VZ, QCOM, T, HPQ, ADP and CSCO. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,100 = September 2008 Old Support 1,133 = Mid September 2008 Support Key Support Levels 1,075 = 875 Breakout Chart Target 1,061 = Sep 16 S1 Level 1,056 = Sep 25 R1 level 1,044 = October Horizontal Old Resistance The broad indices traded in a narrow range after Wednesday’s large gains. The SPX, INDU and COMPQ all closed slightly higher at new 52 week highs. The RUT closed slightly lower. GS released before the open better than forecast earnings reporting $5.25 per share versus forecast or $4.24. Selling was being attributed to a concern that portion of profits from bond trading may not be sustainable on an ongoing basis. GS did rebound from daily lows to close down $3.65 or -1.90%. After the close GOOG was up $17.09 or 3.23% and IBM was down 4.95 or -3.87% lower. GOOG adj. EPS $5.89 versus $5.42 estimates IBM $2.40 versus $2.38 estimates, raises full year EPS outlook Friday’s Key Earnings: BAC, GE, HAL BAC, GE and HAL are scheduled to report before the open. Friday is Options Expiration. Guidance: The intermediate term trend is up as the major indices made 52 week highs. GS earnings generated selling and failed to inspire traders to be aggressive buyers on Thursday. The SPX moved within 3.5 points of its next key resistance level at 1,100. After-hours trading was mixed with GOOG rising and IBM falling. Look to earnings and guidance from BAC, GE and HAL before the market open on Friday to set the level of trading. IBM and GOOG which reported Thursday after the close, will likely impact trading on Friday morning. Take breakout and support bounce entry signals as they occur and follow your rules. Breakout: BDK, BAC, JOYG, INTC, BUCY, HANS, FLS, AKAM, AMX, AMZN, CAM, FCX, JCG, AAPL, PCLN, GOOG, NTAP, NWSA Potential Breakout Setups: NKE, DD, ADBE, WHR, DOW, APOL, CAT, AGU, AXP, MA, V, STT, ADSK Pulling Back: BIDU, FSLR, XLNX, MRVL Potential C Patterns: C Pattern Breakout: Lower Close in Support Bounce: TXN, SPG, LVS, WYNN Flag Setups and Bounces in Progress: ZION, FAST, DE, X, JEC, JCI, WLT, HOLX, FLIR, FWLT, MON Potential Down Trend Setups: RIMM, AGCO, MYGN, ORCL AAPL -0.73 QCOM +0.22 GOOG -5.41 BIDU -10.28 NDX 100 stocks stronger than the NDX: SRCL, CA, FWLT, ORLY, MSFT, VRTX, CEPH, NIHD, AMGN, CELG, PCAR, LBTYA, MICC, STLD, NWSA, EXPD, FLIR, GILD, CTSH, ADSK, SIAL, ADBE, PDCO, SBUX, EXPE, CTXS, LINTA, ISRG, HSIC, XRAY, ORCL, CTAS and QCOM. Stocks to Watch on Friday Leading Stocks Holding Above 30 DMA CTSH, AAPL, PETS, PCLN, TDG, PCP, CLB, ESRX, NIHD, K, FLS, GXDX, BAP, GME, WRC, BIDU, HDB, JW.A, ATW, EZPW, JOYG, TRLG, GPRO, PPD, DECK, VPRT, AMZN, GMCR, ACN, SLGN, FSLR, NFLX, HANS, DV, ESI, STRA, MCD, CPLA, HLF, SWN, AFAM, CAM, GES, ICE, UYG, AMX, APEI, BLUD, EBAY, FAS, MUR, SPWRA, CHL, BYI, WAB, MHS, WCG, GR, SNA, SNHY, USD, BKC, WMT, DLB, GILD, JOSB, MOS, WAB, URE Moving Above 30 DMA = 3 JEC, MON, X Moving Below 30 DMA = 4 AMED, DLTR, PSYS, PWRD Staying Below 30 DMA ALGT, NTLS, PPD, FAZ, BDX, BIIB, JCOM, RCI, VAR, FUQI, CBST, RBN, RIMM, MYGN, PWR, SYNA, ORCL Intermediate Term Market Trend: Up Short Term Market Trend: Up