RUT and COMPQ Lead Market Higher...

DJIA + 1.51 +0.01% SP500 + 2.57 +0.23% COMPQ + 16.97 +0.75% Russell 2000 + 7.38 +1.18% Exchange NYSE NASD Advancing 2,169 1,850 Declining 855 866 Oil $76.67 +2.27 - Feb contract Gold $1,093.30 +7.30 SOX 355.37 +0.65 VIX 19.71 +0.17 The VIX moved up and did not confirm the move up in the SPX on Wednesday. The SOX moved up and did confirm the move up in the COMPQ. Strongest Sectors: XLB +1.53%…XLE +0.79%...XLY +0.63% Weakest Sectors: XLF -0.41%...XLV -0.32%...XLP +0.08% Seven of nine sectors moved higher on Wednesday. Materials, Energy, Consumer Discretionary and Technology were stronger than the SPX +0.23%. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,119 = December High 1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low Key Support Levels 1,105 - 1,113 = November High 1,101 = October High 1,087 = Nov 10 Channel low 1,082 = Nov 9 S1 level 1,075 = 875 Breakout Chart Target The COMPQ closed at 2,269.64 its highest close since Sept. 19, 2008. The RUT which broke out of a symmetrical triangle on Dec 4 closed at 630.98 a new 52-week high. The SOX which broke out of its symmetrical triangle on Dec 2 closed at 355.37 a new 52-week high. The SPX closed at 1,120.59 barely making a new 52-week high. XLF was down 6 cents and created a challenge for the SPX to rise even though Material, Energy and Technology stocks had a strong day on Wednesday. Volume rose modestly from Tuesday. Thursday is a half trading day. Light volume can also create extra volatility as the traders that are around are sometimes able to push the market up or down with less resistance. Advancing issues led declining issues on both the NYSE and NASD. Guidance: Stay with your up trending positions. Raise your stops. Enjoy the Christmas Holiday weekend. Watch the Weekly Wrap on Thursday at 1:15 pm ET with Ben Watson, Tom Sosnoff and David Johnson. Continue to watch XLF for the key to whether the SPX can break out of resistance or stay in its horizontal trading range. The SPX again inched higher, closed at but did not break the horizontal resistance of the past six weeks. Tech stocks PCLN, AMZN, GOOG, BIDU, AAPL, CREE, CERN, NVDA, CTXS and EBAY moved higher. Stay with trends that have broken above resistance and watch for potential pull backs in stocks that are below recent highs. Continue to focus on the trend and follow your rules. AAPL +1.74 QCOM +0.11 GOOG +10.56 BIDU +15.39 NDX 100 stocks stronger than the NDX include: EBAY, ATVI, FWLT, YHOO, PCLN, AMZN, BIDU, ERTS, CTXS, HANS, SHLD, STLD, INFY, EXPE, ILMN, CHKP, GOOG, URBN, CERN, DELL, ISRG, VRSN, LOGI, LINTA, NVDA, NTAP, IACI, ADSK, ORCL, FAST, CTSH, XRAY, APOL, WYNN, AKAM, CELG, CA and AAPL. Check out these Support Bounce Charts: (click image to enlarge) Stocks to Watch on Thursday Leading Stocks Holding Above 30 DMA JW.A, AMZN, SLGN, DLB, WCG, ALGT, BDX, ACN, TSL, AFAM, GR, SNHY, SYNA, HDB, MELI, PCLN, PCP, MON, TDG, X, BIIB, NTLS, PETS, NIHD, VPRT, URE, BLUD, GES, GPRO, USD, BKC, CBST, SNA, FSLR, CPLA, MYGN, RIMM, AMED, CLB, DV, ORCL, GXDX, HANS, PPD, SWN, CAM, MHS, CTSH, WAB, ESI, ESRX, ICE, JEC, MOS, TRLG, MCD, UYG, VAR, AAPL, JOSB, PSYS, RBN, JOYG, FAS Moving Above 30 DMA = 8 BAP, CGA, DECK, DLTR, EBAY, K, RCI, SLGN Moving Below 30 DMA = 2 PSYS, FAS Staying Below 30 DMA FAZ, HLF, IPI, AMX, WMT BIDU, GILD, BYI, JCOM, FLS, PWRD, GME, CHL, FLS, ATW, FUQI Intermediate Term Market Trend: Up Short Term Market Trend: Up