DJIA 10,465.94 -1.22 -0.01%
SP500 1,101.60 +0.07 +0.01%
COMPQ 2,254.70 +3.01 +0.13%
Russell 2000 650.89 +0.46 +0.07%
Exchange NYSE NASD
Advancing 1,774 1,467
Declining 1,252 1,194
Oil $79.05 +0.69
Gold $1,171.40 +3.00
SOX 348.81 -3.71
VIX 23.50 -0.62
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down No – COMPQ
Leading stocks on Friday included NFLX, DE, BUCY, POT, DLR, V, UNG, JEC, DECK, GME, RMBS, FFIV, HSY, SPG, TIE, UCO, SWK, BA, CMG, X, CRM, VMW, FCX, AGU, IPI, ACN, ATI, AKS, CHL, MA, USO, HAS, LXK, URE, AIV, CLF, ZION, ESI, VECO, CREE, WLT, MCD, CAT, UNP, GES
The key question, of course, is, "Will the SPX bounce?"
A bounce is the most probable price action, but as we all know that doesn't mean it will happen on Monday. Although a trader should be prepared for it to happen as soon as Monday.
On Friday the SPX formed a hammer, while the INDU formed a hammer like doji and the COMPQ and RUT formed piercing line like patterns. All four indexes are in a bull flag pattern, all made a new low day with an intra-day reversal and all closed above their 10 DMA. Very positive setup for a potential bounce on Monday. Be ready if it breaks the high of the low day!
For the week the SPX was down one point, the INDU closed up 41 points, the COMPQ closed down 15 points and the RUT closed unchanged. All four look like spinning tops or doji on the weekly chart.
Financials were stronger this week with XLF +1% and GS a bellwether financial stock +2% for the week.
Entry signals on Friday: DECK, CLF, FFIV
Setups to watch on Monday: CRUS, CREE, VECO, CRM, LXK, GES, GS, PCLN, PCP, CAT, VMW, AKS, X, FAS, STI, UAUA, CAL, GME, CAM, FCX
Guidance:
SPX forms a hammer closing above its 1,100 support level...
The SPX makes lower high and lower low, low day in a bull flag pattern.
The VIX did confirm the slightly lower close in the SPX, and stayed below 25.
Breadth was stronger as advancers led decliners 1.4 to 1 on the NYSE.
SPX price target is still 1,141 recent short term breakout continues to hold.
If price bounces above Friday’s high follow your rules for entry.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Tighten stops on bearish trades according to your rules. Wait for a break of the low of the high day for bearish entries.
The VIX FELL -0.63 and closed at 23.50. Volatility closed below the important 25 level again on Friday.
The short term 3 day trend is neutral pending a break above the high of the low day.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -0.86 – white inverted hammer in a bull flag
QCOM -0.70 – hammer in bull flag
GOOG -0.14 – white candle did not confirm bullish harami in bull flag
BIDU +2.21– confirm hammer support bounce breaks high of low day in bull flag – potential entry signal
NDX 100 stocks stronger than the NDX include: EXPE, WCRX, TEVA, XRAY, RIMM, PPDI, SHLD, VRTX, BIDU, KLAC, CELG, SPLS, PDCO, JOYG and AMGN.
Stocks weaker than the NDX: FSLR, CTXS, MXIM, INTC, APOL, LOGI, QCOM, BRCM, AMAT, BIIB, VRSN, LRCX, MSFT, NIHD and CSCO.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UNP, URE, CMG, FAS, STI, WFMI, DECK, HAS, NYX, LXK, UNG, DHR, SKX, UCO, USO
Moving Above 30 DMA = 2
MA, ZION
Moving Below 30 DMA = 1
CSTR
Staying Below 30 DMA
AMD, NETL, USD, ATI, BYI, PNC, V, A, JEC, NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, HAS, WHR, SNDK, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Friday, July 30, 2010
Futures Point to a Lower Open...
Trading Lower: CSTR, MA, WHR, GS, CLF, VMW, FCX, USD, CAT, URE, VECO, FAS, DHR, CREE, SNDK, BA, X, STI, USO, AGU, MOS, LVS, TIE, WMT, POT, MCD, TSL, V, WFMI, CRUS, AKS, UCO, SWN, CRUS, RMBS, ATW
Trading Up: NFLX, FAZ, PCLN
Trading Up: NFLX, FAZ, PCLN
Thursday, July 29, 2010
SPX Breaks 1,100 Then Rallies to Close Just Above...VIX Closes Lower...
DJIA 10,467.16 -30.72 -0.29%
SP500 1,101.53 -4.60 -0.42%
COMPQ 2,251.69 -12.87 -0.57%
Russell 2000 650.43 -0.33 -0.05%
Exchange NYSE NASD
Advancing 1,597 1,264
Declining 1,433 1,360
Oil $78.36 +1.37
Gold $1,168.40 +8.00
SOX 352.52 -6.95
VIX 24.13 -0.12
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included: GMCR, SKX, POT, UCO, CLF, ZION, GS, FLS, AGU, CRUS, UNG, MOS, MHS, USO, SWK, WLT, IPI, CAM, SNDK, HAS, GR, BUCY, DECK, LVS, FFIV, DOW, DHR, NYX, DE, FCX
The SPX and market are in a pull back, at this point a bull flag. On Thursday the SPX made a four day low hits its 10 DMA where buyers stepped in and the market bounced 15 points before closing just above 1,101. Once again the SPX closed just above short term support.
GS is gaining strength as a bellwether financial stock. XLF also bottomed at the same time as GS and may be ready to become a leading sector again which would likely help the SPX break through short term resistance.
Short term traders will trade stocks like A, BYI and JEC to the downside.
Up trending stocks like POT, MOS, AGU, LVS, VMW and FFIV should be traded to the upside.
Setups to watch on Friday: CRUS, CREE, VECO, CRM, DECK, LXK, GES, CLF, GS, PCLN, PCP, CAT
Guidance:
SPX forms an outside day closing above its 1,100 support level...
The SPX makes higher high and lower low in a bull flag pattern.
The VIX did not confirm the lower close in the SPX, and stayed below 25.
Breadth was stronger as advancers led decliners 1.1 to 1 on the NYSE.
SPX price target is still 1,141 recent short term breakout continues to hold.
If price bounces above support follow your rules for re-entry.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Take bearish setups according to your rules. Keep in mind that many bearish setups may be counter trend moves so trade accordingly.
The VIX fell -0.12 and closed at 24.13. Volatility closed below the important 25 level again on Thursday.
The short term 3 day trend is neutral pending a close below short term support.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -2.85 – confirmed bearish harami
QCOM +0.02
GOOG +0.64 – potential bullish harami
BIDU -0.20 – hammer following evening star, bull flag
NDX 100 stocks stronger than the NDX include: CTXS, ESRX, LOGI, CERN, GENZ, LRCX, ADSK, CELG, BIIB, IACI, FISV, WCRX, MICC, RIMM and STLD.
Stocks weaker than the NDX: AKAM, SYMC, NVDA, PPDI, LIFE, GRMN, AMAT, MRVL, TEVA, DTV, DELL, XLNX, ORCL, ALTR and LINTA.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UNP, URE, CMG, CSTR, FAS, STI, WFMI, DECK, HAS, NYX, LXK, UNG
Moving Above 30 DMA = 4
DHR, SKX, UCO, USO
Moving Below 30 DMA = 4
AMD, MA, NETL, USD
Staying Below 30 DMA
ATI, BYI, PNC, V, A, JEC, NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
SP500 1,101.53 -4.60 -0.42%
COMPQ 2,251.69 -12.87 -0.57%
Russell 2000 650.43 -0.33 -0.05%
Exchange NYSE NASD
Advancing 1,597 1,264
Declining 1,433 1,360
Oil $78.36 +1.37
Gold $1,168.40 +8.00
SOX 352.52 -6.95
VIX 24.13 -0.12
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included: GMCR, SKX, POT, UCO, CLF, ZION, GS, FLS, AGU, CRUS, UNG, MOS, MHS, USO, SWK, WLT, IPI, CAM, SNDK, HAS, GR, BUCY, DECK, LVS, FFIV, DOW, DHR, NYX, DE, FCX
The SPX and market are in a pull back, at this point a bull flag. On Thursday the SPX made a four day low hits its 10 DMA where buyers stepped in and the market bounced 15 points before closing just above 1,101. Once again the SPX closed just above short term support.
GS is gaining strength as a bellwether financial stock. XLF also bottomed at the same time as GS and may be ready to become a leading sector again which would likely help the SPX break through short term resistance.
Short term traders will trade stocks like A, BYI and JEC to the downside.
Up trending stocks like POT, MOS, AGU, LVS, VMW and FFIV should be traded to the upside.
Setups to watch on Friday: CRUS, CREE, VECO, CRM, DECK, LXK, GES, CLF, GS, PCLN, PCP, CAT
Guidance:
SPX forms an outside day closing above its 1,100 support level...
The SPX makes higher high and lower low in a bull flag pattern.
The VIX did not confirm the lower close in the SPX, and stayed below 25.
Breadth was stronger as advancers led decliners 1.1 to 1 on the NYSE.
SPX price target is still 1,141 recent short term breakout continues to hold.
If price bounces above support follow your rules for re-entry.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Take bearish setups according to your rules. Keep in mind that many bearish setups may be counter trend moves so trade accordingly.
The VIX fell -0.12 and closed at 24.13. Volatility closed below the important 25 level again on Thursday.
The short term 3 day trend is neutral pending a close below short term support.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -2.85 – confirmed bearish harami
QCOM +0.02
GOOG +0.64 – potential bullish harami
BIDU -0.20 – hammer following evening star, bull flag
NDX 100 stocks stronger than the NDX include: CTXS, ESRX, LOGI, CERN, GENZ, LRCX, ADSK, CELG, BIIB, IACI, FISV, WCRX, MICC, RIMM and STLD.
Stocks weaker than the NDX: AKAM, SYMC, NVDA, PPDI, LIFE, GRMN, AMAT, MRVL, TEVA, DTV, DELL, XLNX, ORCL, ALTR and LINTA.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UNP, URE, CMG, CSTR, FAS, STI, WFMI, DECK, HAS, NYX, LXK, UNG
Moving Above 30 DMA = 4
DHR, SKX, UCO, USO
Moving Below 30 DMA = 4
AMD, MA, NETL, USD
Staying Below 30 DMA
ATI, BYI, PNC, V, A, JEC, NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Higher Open...Euro up 94 pips...
SPX and NDX futures are higher as is the Euro in pre-market trading.
Stocks trading up: SKX, PCLN, CRM, HSY GS, CSTR, CMG, CTXS, GENZ, CELG, GOOG, ESRX, LOGI, AMZN, LRCX
Stocks trading down: AKAM, SYMC, ADP, FLS, NETL
Stocks trading up: SKX, PCLN, CRM, HSY GS, CSTR, CMG, CTXS, GENZ, CELG, GOOG, ESRX, LOGI, AMZN, LRCX
Stocks trading down: AKAM, SYMC, ADP, FLS, NETL
Wednesday, July 28, 2010
SPX Forms Evening Star from Higher High Above its 30 DMA
DJIA 10,497.88 -39.81 -0.38%
SP500 1,106.13 -7.71 -0.69%
COMPQ 2,264.56 -23.69 -1.04%
Russell 2000 650.76 -11.41 -1.72%
Exchange NYSE NASD
Advancing 1,001 778
Declining 2,025 1,854
Oil $76.99 -0.51
Gold $1,160.40 +2.10
SOX 359.47 -6.61
VIX 24.25 +1.06
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Wednesday included LVS, MOS, AGU, FAZ, PCP, UNG CSTR, FCX CAT, POT, AIV, WMT, UAUA
Dave’s Insight: Focus on Trend, Support and Momentum.
The Yellow Alert on the SPX did turn Red today as price did close below the low of the high day. Today’s evening star pattern on the SPX did NOT break the 1,100 support area. The short term trend is neutral.
Thursday 8:30 am ET - I’ve been out having fun on Thursday while you have been doing Wednesday evening and sleeping. I intentionally let you think about the above comment over night. Wow, this being in the future is really quite an expanding experience.
Here is my question for you. Did you get my point?
Even though the SPX broke the low of the high day the short term trend is neutral, not down. If the SPX fails to break short term support this pull back, which did break the low of the high day, is price fluctuation not trend change. It has the potential to be equivalent to a horizontal bull flag.
If you, like me, want to think several moves in advance, that is what you should do. Just be mindful that sometimes price will break the low of the high day and not break support. When it fails to break support it is price fluctuation.
Dave’s Insight: Like a master chess player I think several moves in advance but only trade based on market action.
Guidance:
SPX forms an evening star but stays above its 1,100 support level...
The SPX makes lower high and lower low in a bull flag pattern.
The VIX did confirm the lower close in the SPX, but stayed below 25.
Breadth was weaker as decliners led advancers 2 to 1 on the NYSE.
SPX price target is still 1,1141 as recent short term breakout continues to hold.
If price bounces above 1,100 support follow your rules for re-entry.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Our Yellow Alert turned Red on Wednesday and signaled a potential exit from short term bullish trades and potential entry into short term bearish trades, with the break of the low of the high day.
Take bearish setups according to your rules. Keep in mind that many bearish setups may be counter trend moves so trade accordingly.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
The VIX rose +1.06 and closed at 24.25. Volatility closed below the important 25 level again on Wednesday.
The short term 3 day trend is neutral.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -3.12 - bearish harami
QCOM -0.46
GOOG -8.28 - bearish engulfing
BIDU -1.67 – evening star
NDX 100 stocks stronger than the NDX include: ILMN, CHRW, IACI, RIMM, FISV, NIHD, LBTYA, CMCSA, EXPD, MICC, JOYG, LOGI, ORLY, GENZ and FLIR.
Stocks weaker than the NDX: CEPH, HOLX, MRVL, TEVA, BIIB, NVDA, STX, HANS, ESRX, SHLD, CELG, LRCX, GRMN, FWLT and ALTR.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UNP, URE, CMG, CSTR, FAS, MA, STI, WFMI, AMD, DECK, HAS, NYX, LXK
Moving Above 30 DMA = 1
UNG
Moving Below 30 DMA = 6
ATI, BYI, PNC, UCO, USO, V
Staying Below 30 DMA
A, DHR, JEC, NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, SKX, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
SP500 1,106.13 -7.71 -0.69%
COMPQ 2,264.56 -23.69 -1.04%
Russell 2000 650.76 -11.41 -1.72%
Exchange NYSE NASD
Advancing 1,001 778
Declining 2,025 1,854
Oil $76.99 -0.51
Gold $1,160.40 +2.10
SOX 359.47 -6.61
VIX 24.25 +1.06
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Wednesday included LVS, MOS, AGU, FAZ, PCP, UNG CSTR, FCX CAT, POT, AIV, WMT, UAUA
Dave’s Insight: Focus on Trend, Support and Momentum.
The Yellow Alert on the SPX did turn Red today as price did close below the low of the high day. Today’s evening star pattern on the SPX did NOT break the 1,100 support area. The short term trend is neutral.
Thursday 8:30 am ET - I’ve been out having fun on Thursday while you have been doing Wednesday evening and sleeping. I intentionally let you think about the above comment over night. Wow, this being in the future is really quite an expanding experience.
Here is my question for you. Did you get my point?
Even though the SPX broke the low of the high day the short term trend is neutral, not down. If the SPX fails to break short term support this pull back, which did break the low of the high day, is price fluctuation not trend change. It has the potential to be equivalent to a horizontal bull flag.
If you, like me, want to think several moves in advance, that is what you should do. Just be mindful that sometimes price will break the low of the high day and not break support. When it fails to break support it is price fluctuation.
Dave’s Insight: Like a master chess player I think several moves in advance but only trade based on market action.
Guidance:
SPX forms an evening star but stays above its 1,100 support level...
The SPX makes lower high and lower low in a bull flag pattern.
The VIX did confirm the lower close in the SPX, but stayed below 25.
Breadth was weaker as decliners led advancers 2 to 1 on the NYSE.
SPX price target is still 1,1141 as recent short term breakout continues to hold.
If price bounces above 1,100 support follow your rules for re-entry.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Our Yellow Alert turned Red on Wednesday and signaled a potential exit from short term bullish trades and potential entry into short term bearish trades, with the break of the low of the high day.
Take bearish setups according to your rules. Keep in mind that many bearish setups may be counter trend moves so trade accordingly.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
The VIX rose +1.06 and closed at 24.25. Volatility closed below the important 25 level again on Wednesday.
The short term 3 day trend is neutral.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -3.12 - bearish harami
QCOM -0.46
GOOG -8.28 - bearish engulfing
BIDU -1.67 – evening star
NDX 100 stocks stronger than the NDX include: ILMN, CHRW, IACI, RIMM, FISV, NIHD, LBTYA, CMCSA, EXPD, MICC, JOYG, LOGI, ORLY, GENZ and FLIR.
Stocks weaker than the NDX: CEPH, HOLX, MRVL, TEVA, BIIB, NVDA, STX, HANS, ESRX, SHLD, CELG, LRCX, GRMN, FWLT and ALTR.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UNP, URE, CMG, CSTR, FAS, MA, STI, WFMI, AMD, DECK, HAS, NYX, LXK
Moving Above 30 DMA = 1
UNG
Moving Below 30 DMA = 6
ATI, BYI, PNC, UCO, USO, V
Staying Below 30 DMA
A, DHR, JEC, NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, SKX, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Tuesday, July 27, 2010
SPX Holds...Forms Spinning Top...Potential Evening Star...
DJIA 10,537.69 +12.26 +0.12%
SP500 1,113.84 -1.17 -0.10%
COMPQ 2,288.25 -8.18 -0.36%
Russell 2000 662.17 -3.05 -0.46%
Exchange NYSE NASD
Advancing 1,338 1,125
Declining 1,697 1,504
Oil $77.50 -1.48
Gold $1,158.00 -25.10
SOX 366.08 -3.42
VIX 23.19 +0.46
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Tuesday included LXK, SNDK, AMD, NYX, WFMI, UNG, NFLX, MHS, VMW, FAS, V, MA, ZION, DOW, BAC, SPG, ATW
VECO and AKS gave back early gains after better than expected earnings.
X moved lower after missing expectations.
RMBS closed higher but down from its high of the day.
BRCM reported GAAP earnings of 52 cents not comparable to estimates…price target raised…watch stock on Wednesday
The SPX rested today forming a spinning top, after a three white soldiers candle pattern...this has the potential to turn into an evening star pattern. We are now on Yellow Alert for pull back.
In Japan...this is Wednesday morning...yes I know it is still Tuesday evening for most of you...I arose once again around 4:30 am and went for about a six mile walk...something I have been doing for the past five days.
On the path that I walk which runs through a portion of the city I am staying in, I have seen two black crows for the past four days...this morning I saw three black crows. Each day they are in the trees just five to ten feet away and as I walk by they fly to other trees several feet away. I have thought of candle patterns each morning as I have watched them and today. As many of you know three black crows is a bearish candle pattern.
Guidance...
SPX forms spinning top potential evening star at its 1,115 resistance level...
The SPX makes higher high and higher low and closed just below its 200 DMA.
The VIX did confirm the slightly lower close in the SPX.
Breadth was weaker as decliners led advancers 1.2 to 1 on the NYSE.
SPX price target 1,1141.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Trend is still up, but be on Yellow Alert for potential exit from short term bullish trades and potential entry into short term bearish trades if a break of the low of the high day occurs.
The VIX rose 0.46 and closed at 23.19. Volatility closed below the important 25 level on Tuesday.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +4.80
QCOM -0.02
GOOG +3.66
BIDU +0.70
NDX 100 stocks stronger than the NDX include: HOLX, CEPH, COST, AAPL, AMGN, LOGI, MXIM, BIDU, ERTS, SHLD, GOOG, CA, PAYX, INTU and AMAT.
Stocks weaker than the NDX: URBN, STLD, RIMM, BBBY, ILMN, PPDI, PCLN, ROST, NIHD, PCAR, LIFE, AKAM, JOYG, MRVL and LINTA.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO, CMG, CSTR, FAS, MA, PNC, STI, V, WFMI,AMD, BYI, DECK, HAS, NYX
Moving Above 30 DMA = 1
LXK
Moving Below 30 DMA = 3
A, DHR, JEC
Staying Below 30 DMA
NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, SKX, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,113.84 -1.17 -0.10%
COMPQ 2,288.25 -8.18 -0.36%
Russell 2000 662.17 -3.05 -0.46%
Exchange NYSE NASD
Advancing 1,338 1,125
Declining 1,697 1,504
Oil $77.50 -1.48
Gold $1,158.00 -25.10
SOX 366.08 -3.42
VIX 23.19 +0.46
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Tuesday included LXK, SNDK, AMD, NYX, WFMI, UNG, NFLX, MHS, VMW, FAS, V, MA, ZION, DOW, BAC, SPG, ATW
VECO and AKS gave back early gains after better than expected earnings.
X moved lower after missing expectations.
RMBS closed higher but down from its high of the day.
BRCM reported GAAP earnings of 52 cents not comparable to estimates…price target raised…watch stock on Wednesday
The SPX rested today forming a spinning top, after a three white soldiers candle pattern...this has the potential to turn into an evening star pattern. We are now on Yellow Alert for pull back.
In Japan...this is Wednesday morning...yes I know it is still Tuesday evening for most of you...I arose once again around 4:30 am and went for about a six mile walk...something I have been doing for the past five days.
On the path that I walk which runs through a portion of the city I am staying in, I have seen two black crows for the past four days...this morning I saw three black crows. Each day they are in the trees just five to ten feet away and as I walk by they fly to other trees several feet away. I have thought of candle patterns each morning as I have watched them and today. As many of you know three black crows is a bearish candle pattern.
Guidance...
SPX forms spinning top potential evening star at its 1,115 resistance level...
The SPX makes higher high and higher low and closed just below its 200 DMA.
The VIX did confirm the slightly lower close in the SPX.
Breadth was weaker as decliners led advancers 1.2 to 1 on the NYSE.
SPX price target 1,1141.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Trend is still up, but be on Yellow Alert for potential exit from short term bullish trades and potential entry into short term bearish trades if a break of the low of the high day occurs.
The VIX rose 0.46 and closed at 23.19. Volatility closed below the important 25 level on Tuesday.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +4.80
QCOM -0.02
GOOG +3.66
BIDU +0.70
NDX 100 stocks stronger than the NDX include: HOLX, CEPH, COST, AAPL, AMGN, LOGI, MXIM, BIDU, ERTS, SHLD, GOOG, CA, PAYX, INTU and AMAT.
Stocks weaker than the NDX: URBN, STLD, RIMM, BBBY, ILMN, PPDI, PCLN, ROST, NIHD, PCAR, LIFE, AKAM, JOYG, MRVL and LINTA.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO, CMG, CSTR, FAS, MA, PNC, STI, V, WFMI,AMD, BYI, DECK, HAS, NYX
Moving Above 30 DMA = 1
LXK
Moving Below 30 DMA = 3
A, DHR, JEC
Staying Below 30 DMA
NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, SKX, SWN, ICE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Futures Point to a Higher Open...
VECO and AKS trading higher following better than expected earnings...
X trading lower...
X trading lower...
Monday, July 26, 2010
SPX Breakout Confirmed...
DJIA 10,525.43 +100.81 +0.97%
SP500 1,115.01 +12.35 +1.12%
COMPQ 2,296.43 +26.96 +1.19%
Russell 2000 665.22 +14.57 +2.24%
Exchange NYSE NASD
Advancing 2,458 2,057
Declining 582 653
Oil $78.98 +0.00
Gold $1,183.10 -4.70
SOX 369.50 +4.97
VIX 22.73 -0.74
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included SKX, UAUA, DECK, STI, NETL, URE, CREE, VECO, FAS, BYI, ZION, HAS, CRUS, AIV, AMD, BAC, PCP, FLS, WHR, GR, LXK, HLF, SNDK, GES, TIE, CLF, WFMI, DLR, UNP, CMG, USD, SPG
VECO reported better that expected earnings and raised guidance after the close...
Guidance:
SPX horizontal breakout confirmed...Stay with the current up trend...
The SPX forms white candle closed above its 200, 20, 30 and 50 DMA.
SPX chart target 1,141
The VIX did confirm the higher close in the SPX.
Breadth was strong again as advancers led decliners 4 to 1 on the NYSE.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Look for entry into down trending when a new break of the low of the high day occurs.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -0.66
QCOM +0.16
GOOG -1.09
BIDU +2.30
NDX 100 stocks stronger than the NDX include: BIIB, GENZ, STX, SHLD, HOLX, CELG, ERTS, ADSK, BIDU, VRTX, WCRX, MCHP, EXPD, CEPH and BBBY.
Stocks weaker than the NDX: NIHD, APOL, JOYG, EXPE, MRVL, CHKP, SYMC, MICC, COST, FSLR, AMZN, PPDI, RIMM, AAPL and GOOG.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO, CMG, CSTR, FAS, JEC, MA, PNC, STI, V, WFMI
Moving Above 30 DMA = 7
A, AMD, BYI, DECK, DHR, HAS, NYX
Moving Below 30 DMA = 0
Staying Below 30 DMA
NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, SKX, SWN, ICE, LXK
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,115.01 +12.35 +1.12%
COMPQ 2,296.43 +26.96 +1.19%
Russell 2000 665.22 +14.57 +2.24%
Exchange NYSE NASD
Advancing 2,458 2,057
Declining 582 653
Oil $78.98 +0.00
Gold $1,183.10 -4.70
SOX 369.50 +4.97
VIX 22.73 -0.74
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included SKX, UAUA, DECK, STI, NETL, URE, CREE, VECO, FAS, BYI, ZION, HAS, CRUS, AIV, AMD, BAC, PCP, FLS, WHR, GR, LXK, HLF, SNDK, GES, TIE, CLF, WFMI, DLR, UNP, CMG, USD, SPG
VECO reported better that expected earnings and raised guidance after the close...
Guidance:
SPX horizontal breakout confirmed...Stay with the current up trend...
The SPX forms white candle closed above its 200, 20, 30 and 50 DMA.
SPX chart target 1,141
The VIX did confirm the higher close in the SPX.
Breadth was strong again as advancers led decliners 4 to 1 on the NYSE.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Look for entry into down trending when a new break of the low of the high day occurs.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -0.66
QCOM +0.16
GOOG -1.09
BIDU +2.30
NDX 100 stocks stronger than the NDX include: BIIB, GENZ, STX, SHLD, HOLX, CELG, ERTS, ADSK, BIDU, VRTX, WCRX, MCHP, EXPD, CEPH and BBBY.
Stocks weaker than the NDX: NIHD, APOL, JOYG, EXPE, MRVL, CHKP, SYMC, MICC, COST, FSLR, AMZN, PPDI, RIMM, AAPL and GOOG.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO, CMG, CSTR, FAS, JEC, MA, PNC, STI, V, WFMI
Moving Above 30 DMA = 7
A, AMD, BYI, DECK, DHR, HAS, NYX
Moving Below 30 DMA = 0
Staying Below 30 DMA
NTRI, FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, SKX, SWN, ICE, LXK
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Saturday, July 24, 2010
SPX Closes Higher...Above 30 and 50 DMA...
DJIA 10,424.62 +102.32 +0.99%
SP500 1,102.66 +8.99 +0.82%
COMPQ 2,269.47 +23.58 +1.05%
Russell 2000 624.24 +15.17 +2.39%
Exchange NYSE NASD
Advancing 2,438 2,036
Declining 598 587
Oil $78.98 -0.32
Gold $1,187.80 -7.60
SOX 364.53 +1.87
VIX 23.47 -1.16
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Friday included CMG, BUCY, GES, VECO, ATI, X, FFIV, TIE, CRUS, MOS, CRM NFLX, VMW, WFMI, IPI, FCX, AKS, AGU, NETL, AMD, PCP, DE, GME, CLF, URE, FAS, FLS, DECK, MA, HAS, PNC, UNP, A, BA, CSTR, SWK, CAT, ZION, LVS, STI, JEC, CREE, BYI, HLF
I know there are at least ten readers out there. If you actually pay attention to what I write and act on any of it you were alerted to the Chart Signals Yellow Alert on Monday and to the fact that Yellow Alert turned Green on Tuesday. If you don’t pay attention to my Yellow Alerts, most likely to your own chagrin, then you would have at least paid attention to the bullish harami on Monday, its confirmation on Tuesday by the bullish engulfing pattern, each of which I also alerted you to.
If you actually set and honored stops according to the guidelines I teach, you set your stops below support which would have been below the low on either Monday or Tuesday for many charts. Then you would not have been shaken out by the “Shakedown” on Wednesday and would have made very nice returns on Thursday and Friday.
The SPX rose 37 points for the week in which 12 Dow stocks and 122 SP stocks reported earnings.
Technically each of the indexes finished the week with a horizontal breakout and new price target if the breakout holds:
The SPX closed just above short term horizontal resistance and above its 20, 30 and 50 DMA. The SPX price target is 1,141.
The INDU closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
The COMPQ closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
The RUT closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
Earnings season continues this week with many more Dow and S&P stocks reporting. However enough stocks have reported that you can now trade a large number of stocks when the entry signal occurs without regard for earnings, since they have already been reported.
This past week the following stocks which were in the Chart Signals Earnings of Interest list closed up for the week on Friday compared with Friday a week ago after reporting earnings: HAL, HAS, IBM, TXN, ALTR, AAPL, BIIB, CRUS, GILD, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, QCOM, SKW, LCC, UTX, WFC, XLNX, MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMGM CAL, DHR, DECK, KEY, MSFT, MOS, NUE, PNC, PCP, SIAL, STI, TRV, UNP, UPS, F, HON, OSTK, SLB, SKX, VZ
So find an entry and trade a trend. As always follow your rules.
Both X and AKS report before the market open on Tuesday. Also reporting this week: AKAM, BRCM, CERN, CTXS, ERTS, EXPE, FSLR, ILMN, KLAC, LRCX, MXIM, NIHD, WYNN, XRAY, BA, CVX, DD, MRK, XOM
Guidance:
SPX horizontal breakout...
The SPX forms white candle above its 30 and 50 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 4 to 1 on the NYSE.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
You should already be out of bearish positions on down trending stocks that reversed this past week. Look for entry into down trending when a new break of the low of the high day occurs.
The VIX fell -1.16 and closed at 23.47. Volatility closed below the important 25 level on Friday, confirming the move to the upside. Friday was the lowest close in the VIX since May 3 which is the day before the SPX broke its 1,180 support. This is a significant new low close in the VIX.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +0.91
QCOM -0.03
GOOG +5.25
BIDU +3.61
NDX 100 stocks stronger than the NDX include: ISRG, GENZ, GOOG, BIDU, APOL, JOYG, FSLR, WYNN, SIAL, CHRW, SRCL, CTSH, CTXS, SHLD and NTAP.
Stocks weaker than the NDX: TEVA, BIIB, AMZN, LIFE, AMGN, ILMN, TYAAY, STX, CEPH, GILD, FLEX, HSIC, NVDA, MRVL and INTC.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO
Moving Above 30 DMA = 9
CMG, CSTR, FAS, JEC, MA, PNC, STI, V, WFMI
Moving Below 30 DMA = 1
NTRI
Staying Below 30 DMA
FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, CLF, DECK, NYX, SKX, SWN, ICE, A, AMD, LXK, DHR, BYI
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,102.66 +8.99 +0.82%
COMPQ 2,269.47 +23.58 +1.05%
Russell 2000 624.24 +15.17 +2.39%
Exchange NYSE NASD
Advancing 2,438 2,036
Declining 598 587
Oil $78.98 -0.32
Gold $1,187.80 -7.60
SOX 364.53 +1.87
VIX 23.47 -1.16
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Friday included CMG, BUCY, GES, VECO, ATI, X, FFIV, TIE, CRUS, MOS, CRM NFLX, VMW, WFMI, IPI, FCX, AKS, AGU, NETL, AMD, PCP, DE, GME, CLF, URE, FAS, FLS, DECK, MA, HAS, PNC, UNP, A, BA, CSTR, SWK, CAT, ZION, LVS, STI, JEC, CREE, BYI, HLF
I know there are at least ten readers out there. If you actually pay attention to what I write and act on any of it you were alerted to the Chart Signals Yellow Alert on Monday and to the fact that Yellow Alert turned Green on Tuesday. If you don’t pay attention to my Yellow Alerts, most likely to your own chagrin, then you would have at least paid attention to the bullish harami on Monday, its confirmation on Tuesday by the bullish engulfing pattern, each of which I also alerted you to.
If you actually set and honored stops according to the guidelines I teach, you set your stops below support which would have been below the low on either Monday or Tuesday for many charts. Then you would not have been shaken out by the “Shakedown” on Wednesday and would have made very nice returns on Thursday and Friday.
The SPX rose 37 points for the week in which 12 Dow stocks and 122 SP stocks reported earnings.
Technically each of the indexes finished the week with a horizontal breakout and new price target if the breakout holds:
The SPX closed just above short term horizontal resistance and above its 20, 30 and 50 DMA. The SPX price target is 1,141.
The INDU closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
The COMPQ closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
The RUT closed above short term horizontal resistance and above its 20, 30, 50 and 200 DMA.
Earnings season continues this week with many more Dow and S&P stocks reporting. However enough stocks have reported that you can now trade a large number of stocks when the entry signal occurs without regard for earnings, since they have already been reported.
This past week the following stocks which were in the Chart Signals Earnings of Interest list closed up for the week on Friday compared with Friday a week ago after reporting earnings: HAL, HAS, IBM, TXN, ALTR, AAPL, BIIB, CRUS, GILD, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, QCOM, SKW, LCC, UTX, WFC, XLNX, MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMGM CAL, DHR, DECK, KEY, MSFT, MOS, NUE, PNC, PCP, SIAL, STI, TRV, UNP, UPS, F, HON, OSTK, SLB, SKX, VZ
So find an entry and trade a trend. As always follow your rules.
Both X and AKS report before the market open on Tuesday. Also reporting this week: AKAM, BRCM, CERN, CTXS, ERTS, EXPE, FSLR, ILMN, KLAC, LRCX, MXIM, NIHD, WYNN, XRAY, BA, CVX, DD, MRK, XOM
Guidance:
SPX horizontal breakout...
The SPX forms white candle above its 30 and 50 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 4 to 1 on the NYSE.
SPX
Resistance: 1,115, 1,130
Support: 1,100, 1,086, 1,071
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
You should already be out of bearish positions on down trending stocks that reversed this past week. Look for entry into down trending when a new break of the low of the high day occurs.
The VIX fell -1.16 and closed at 23.47. Volatility closed below the important 25 level on Friday, confirming the move to the upside. Friday was the lowest close in the VIX since May 3 which is the day before the SPX broke its 1,180 support. This is a significant new low close in the VIX.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +0.91
QCOM -0.03
GOOG +5.25
BIDU +3.61
NDX 100 stocks stronger than the NDX include: ISRG, GENZ, GOOG, BIDU, APOL, JOYG, FSLR, WYNN, SIAL, CHRW, SRCL, CTSH, CTXS, SHLD and NTAP.
Stocks weaker than the NDX: TEVA, BIIB, AMZN, LIFE, AMGN, ILMN, TYAAY, STX, CEPH, GILD, FLEX, HSIC, NVDA, MRVL and INTC.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, BUCY, CAT, CREE, CRM, HLF, NETL, PCLN, TIE, VMW, AGU, MCD, DE, GS, IPI, AKS, MOS, POT, CAM, USD, VECO, ATW, DOW, FCX, FLS, GES, GME, PCP, UAUA, WLT, WMT, X, SWK, ACN, AIV, AMX, ATI, BA, CHL, CLF, DLR, FFIV, GR, LVS, SPG, UCO, UNP, URE, USO
Moving Above 30 DMA = 9
CMG, CSTR, FAS, JEC, MA, PNC, STI, V, WFMI
Moving Below 30 DMA = 1
NTRI
Staying Below 30 DMA
FAZ, NFLX, ESI, HSY, BAC, MHS, ZION, HAS, WHR, SNDK, UNG, CLF, DECK, NYX, SKX, SWN, ICE, A, AMD, LXK, DHR, BYI
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Friday, July 23, 2010
Just Before the Close on Friday...Coming The Shakedown Part II...
I can tell by at least one of the comments that some may have not fully understood what I was saying on Wednesday. So, I will be back with what I will call The Shakedown Part II to clarify the difference between a "Fill the Gap" and a "Shakedown." If you sold out after the Bernanke comments you were a victim of the "Shakedown." The selling that filled the Gap Wednesday morning was just normal action bringing price back to Tuesday's close and was totally unrelated to the "Shakedown".
If a "Shakedown" hadn't occurred the market could have easily closed near its open or higher on Wednesday. It didn't. Why? The "Shakedown."
Now two days later, it might be sinking in why my on the road post was important.
Yesterday I flew into the future at arrived at Friday afternoon while it was about midnight depending on your time zone. Right now the market is closing Friday afternoon and I am still in the future 5 am Saturday morning. So, yes I can actually see the future from here...
I'll be missing the Weekly Wrap...so have a good time and let me know how it goes. Watch for my post recapping this week's action!
If a "Shakedown" hadn't occurred the market could have easily closed near its open or higher on Wednesday. It didn't. Why? The "Shakedown."
Now two days later, it might be sinking in why my on the road post was important.
Yesterday I flew into the future at arrived at Friday afternoon while it was about midnight depending on your time zone. Right now the market is closing Friday afternoon and I am still in the future 5 am Saturday morning. So, yes I can actually see the future from here...
I'll be missing the Weekly Wrap...so have a good time and let me know how it goes. Watch for my post recapping this week's action!
Wednesday, July 21, 2010
SPX Opens Higher and Closes Lower After Bernanke Speaks...
Dave is still traveling...
Apparently big traders sold the market after Bernanke told Congress that the recovery was fragile but not weak enough to require additional Fed intervention at this time and he felt the odds were that the economy would not slip into a double dip recession. At the same time he indicated the Fed would stand ready to consider additional action if the economy weakened further.
So let's reason this out...
1. Big Traders think Bernanke doesn't know what he is talking about even though he may have access to data that they may not see or hear...
2. Big Traders are throwing a tantrum that Bernanke did not give them more stimulus even though Bernanke's opinion was that it was unnecessary at this time...
3. Big Traders are trying to sucker less knowledgeable traders and investors into selling to them at lower prices than the Big Traders shorted at, so the Big Traders can make another big profit at the expense of less experienced traders...
4. You choose another explanation of what you think is really going on here...
Bernanke tells us the obvious, the recover is fragile, and not so weak that additional Fed action is required at this time and the odds don't favor a double dip recession...sounds pretty good to me relatively speaking...
Warren Buffett has been atrributed with saying if you're in a card game and you don't know who the sucker is, then you're the sucker...
The economy is strong enough NOT to require Fed action, Big Traders sell off...No...they wouldn't be trying to sucker somebody in, would they?
The SPX formed a higher low and a higher high while closing lower...look at May 26, June 9 and the following trading day in both instances...been there, done that?
Dave's Insight: Whatever you do I suggest you follow your rules...
Apparently big traders sold the market after Bernanke told Congress that the recovery was fragile but not weak enough to require additional Fed intervention at this time and he felt the odds were that the economy would not slip into a double dip recession. At the same time he indicated the Fed would stand ready to consider additional action if the economy weakened further.
So let's reason this out...
1. Big Traders think Bernanke doesn't know what he is talking about even though he may have access to data that they may not see or hear...
2. Big Traders are throwing a tantrum that Bernanke did not give them more stimulus even though Bernanke's opinion was that it was unnecessary at this time...
3. Big Traders are trying to sucker less knowledgeable traders and investors into selling to them at lower prices than the Big Traders shorted at, so the Big Traders can make another big profit at the expense of less experienced traders...
4. You choose another explanation of what you think is really going on here...
Bernanke tells us the obvious, the recover is fragile, and not so weak that additional Fed action is required at this time and the odds don't favor a double dip recession...sounds pretty good to me relatively speaking...
Warren Buffett has been atrributed with saying if you're in a card game and you don't know who the sucker is, then you're the sucker...
The economy is strong enough NOT to require Fed action, Big Traders sell off...No...they wouldn't be trying to sucker somebody in, would they?
The SPX formed a higher low and a higher high while closing lower...look at May 26, June 9 and the following trading day in both instances...been there, done that?
Dave's Insight: Whatever you do I suggest you follow your rules...
Futures Point to a Higher Open Following AAPL Earnings...
Dave is traveling today...
BMO – ES +7.00 and NQ +17.25 futures are higher in pre-market trading pointing to a higher open. In pre-market trading AAPL is +10.38, GOOG +2.57, BIDU +0.91, NFLX +1.96, GS +0.99 and BP +1.40.
Stocks are mostly higher on good volume in pre-market trading this morning after the SPX formed a bullish engulfing. Our Yellow Alert turned Green on Tuesday. Trade the bounce.
After Tuesday's reversal action it seems that good earnings with missed revenues are bouncing back after an initial sell off as in GS. AAPL earnings look to lead the market higher. The key here is the higher low reversal formation in the SPX and many individual stocks with strong confirmation from a VIX below 25.
Trade entry signals on a break above the high of the low day and close bearish trades that are reversing to the upside according to your rules.
Earnings of interest of leading companies include:
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,071, 1,056, 1,044
Resistance = 1,086, 1,100, 1,121
Bonds are lower and TLT is down 13 cents in pre-market trading.
The Euro is down 82 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 73 cents and XLF is up 28 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for support bounce entry opportunities based on chart action.
Trading Down: FAZ
Trading Up: VMW, FCX, SWK, NFLX, CLF, PNC, WLT, X, GS, HSY, FAS, SNDK, GS, BUCY, PCP, CMG, AGU, CRUS, URE, POT, CRM, STI, CAT, V, DECK, MOS, ZION, AKS, DE, USO, CSTR, UAUA, TSL, WMT, WHR, BA, BAC, LVS
The short term 3 day trend is neutral and could shift to up today. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
NTAP – bullish engulfing
ILMN –
NFLX – bullish engulfing
FFIV – bull flag bullish engulfing
PCLN – pennant bullish engulfing
VMW – bull flag hammer
SKX –
AZO – bullish engulfing
HSY –
DLR -
CRM –
TIE –
UCO -
AAP –
SWN –
BA –
CAT –
VECO – bullish engulfing ascending triangle
NETL – hammer
LVS – bullish engulfing
ALK –
UAUA -
CAL –
ORLY –
CSTR – higher low
NYX –
GMCR –
CREE - bullish engulfing
AKS - bullish engulfing higher low
X – bullish engulfing higher low
SNDK –
DECK – bullish engulfing
CMG – piercing line
DOW –
BBY – bullish engulfing
GOOG
MA – bullish engulfing
V – bullish engulfing
PCP – bullish engulfing
UNP – bullish engulfing
FCX – higher low
BMO – ES +7.00 and NQ +17.25 futures are higher in pre-market trading pointing to a higher open. In pre-market trading AAPL is +10.38, GOOG +2.57, BIDU +0.91, NFLX +1.96, GS +0.99 and BP +1.40.
Stocks are mostly higher on good volume in pre-market trading this morning after the SPX formed a bullish engulfing. Our Yellow Alert turned Green on Tuesday. Trade the bounce.
After Tuesday's reversal action it seems that good earnings with missed revenues are bouncing back after an initial sell off as in GS. AAPL earnings look to lead the market higher. The key here is the higher low reversal formation in the SPX and many individual stocks with strong confirmation from a VIX below 25.
Trade entry signals on a break above the high of the low day and close bearish trades that are reversing to the upside according to your rules.
Earnings of interest of leading companies include:
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,071, 1,056, 1,044
Resistance = 1,086, 1,100, 1,121
Bonds are lower and TLT is down 13 cents in pre-market trading.
The Euro is down 82 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 73 cents and XLF is up 28 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for support bounce entry opportunities based on chart action.
Trading Down: FAZ
Trading Up: VMW, FCX, SWK, NFLX, CLF, PNC, WLT, X, GS, HSY, FAS, SNDK, GS, BUCY, PCP, CMG, AGU, CRUS, URE, POT, CRM, STI, CAT, V, DECK, MOS, ZION, AKS, DE, USO, CSTR, UAUA, TSL, WMT, WHR, BA, BAC, LVS
The short term 3 day trend is neutral and could shift to up today. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
NTAP – bullish engulfing
ILMN –
NFLX – bullish engulfing
FFIV – bull flag bullish engulfing
PCLN – pennant bullish engulfing
VMW – bull flag hammer
SKX –
AZO – bullish engulfing
HSY –
DLR -
CRM –
TIE –
UCO -
AAP –
SWN –
BA –
CAT –
VECO – bullish engulfing ascending triangle
NETL – hammer
LVS – bullish engulfing
ALK –
UAUA -
CAL –
ORLY –
CSTR – higher low
NYX –
GMCR –
CREE - bullish engulfing
AKS - bullish engulfing higher low
X – bullish engulfing higher low
SNDK –
DECK – bullish engulfing
CMG – piercing line
DOW –
BBY – bullish engulfing
GOOG
MA – bullish engulfing
V – bullish engulfing
PCP – bullish engulfing
UNP – bullish engulfing
FCX – higher low
Tuesday, July 20, 2010
Surprise...SPX Support Bounce Bullish Engulfing...Were You Ready?
DJIA 10,2.29.96 +75.53 +0.74%
SP500 1,083.48 +12.23 +1.14%
COMPQ 2,222.49 +24.26 +1.10%
Russell 2000 624.24 +11.16 +1.82%
Exchange NYSE NASD
Advancing 2,476 1,853
Declining 559 773
Oil $77.58 +0.68
Gold $1,191.70 +9.70
SOX 358.13 +0.19
VIX 23.93 -2.04
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included CLF, X, SKX, AKS, WLT, FCX, LVS, MA, UAUA, GES, ATI, DECK, ICE, BUCY, CAM, IPI, MOS, CRUS, HAS, TIE, URE, FAS, ATW, V, BYI, GMCR, JEC, CMG, HANS, WMT, NTRI, TSL, POT, CREE, CAT, CSTR, AIV, NYX, VECO, GS, FLS, AMD, AMX, GME, UCO
I want you to be a better trader. I want you to focus on the charts. I want you think better, more accurately and think like a master chess player. I want you to buy where you are supposed to buy and sell where you are supposed to sell.
Monday night in my AT webcast, I placed a virtual trade on AA for an entry if AA rose above 10.78. I stated that I wasn't advocating a trade in AA rather just demonstrating a trade in a stock that had already reported earnings and that was setting up a potential entry. I even said there may be better stocks to trade, but AA was making a potential higher low and that it made a good example of a potential trend reversal and trade setup.
One of the viewers suggested since IBM and TXN were down the market may be down. My response was I didn't know if the market would be down or not. That it might or might not. I also stated that the limitation with not taking a trade setup on a stock in a trader's list because one thought the market may go down was not the right way to think.
I pointed out that even if tech stocks went down, that did not mean basic material stocks would go down. I also said if a trader focuses in on the thought that they know the market will go down that they may miss a move up later in the day.
Well the market started down but basic material stocks were stronger from the open. XLB actually finished as the strongest sector up 3.01% and the market did reverse early with many stocks opening low and then rising almost from their opening price.
Tuesday is the perfect example of why a trader should not let news commentators, others' opinions or their own imagination dictate trades. Rather they should follow their rules and set trades up according to their rules.
You just don't know what is going to happen and even though Tuesday progressed almost exactly as I described Monday night, I don't know either and I said that loud and clear. I just know that good traders follow their rules and take the setups and trades that they are supposed to take.
Monday's bullish harami was confirmed on Tuesday with a bullish engulfing pattern and an entry was give with a break above the high of the low day on the SPX and many stocks.
You might even remember that I wrote Monday night, “A break above Monday's high is a new entry off of what could be a higher lower flag pattern. Monday is a Yellow Alert for a potential entry into a bullish trade.”
And so it was...I hope you were ready.
If you weren't I hope you learned to listen to an objective voice that is consistently focused on teaching you principles that when followed can lead a trader to trading success.
If you have access to the Monday night AT webcast I encourage you to listen or re-listen and learn once again how objective thinking and the technicals really do give the best insight to the opportunities that will likely appear.
Our Yellow Alert turned Green on Tuesday.
PEP, UAUA, BTU all rose on earnings and AAPL after rising +6.31 during regular trading rose another +7.31 after the close after reporting 3.51 earnings vs. 3.11 estimates.
Earnings of interest of leading companies include:
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
Guidance:
SPX confirms Monday's bullish harami, forms a bullish engulfing and breaks the high of the previous low day...
The SPX closed above its 30 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 4 to 1 on the NYSE.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Tighten stops on weak stocks down trending, if you did not already exit on Tuesday .
The VIX fell -2.04 and closed at 23.93. Volatility closed below the important 25 level on Tuesday, confirming the move to the upside.
The short term 3 day trend is neutral.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +6.31
QCOM -0.02
GOOG +15.41
BIDU +1.14
NDX 100 stocks stronger than the NDX include: SHLD, URBN, ADSK, WYNN, FWLT, JOYG, FSLR, GOOG, PCAR, HANS, CERN, AAPL, NVDA, BBBY and NWSA.
Stocks weaker than the NDX: FLEX, HOLX, MRVL, ILMN, HSIC, CELG, ESRX, TEVA, XLNX, MXIM, CMCSA, AMGN, BRCM, DELL and LRCX.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, BUCY, CAT, CREE, CRM, DLR, FFIV, MA, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT, CAM, UCO, USD, USO, VECO
Moving Above 30 DMA = 16
AIV, ATW, CHL, DOW, ESI, FCX, FLS, GES, GME, LVS, PCP, UAUA, URE, WLT, WMT, X
Moving Below 30 DMA = 2
FAZ, HSY
Staying Below 30 DMA
AMX, BAC, CSTR, FAS, GR, HLF, MHS, PNC, SPG, STI, UNP, WFMI, ZION, BA, HAS, SWK, V, WHR, SNDK, UNG, CLF, CMG, DECK, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, BYI, JEC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
SP500 1,083.48 +12.23 +1.14%
COMPQ 2,222.49 +24.26 +1.10%
Russell 2000 624.24 +11.16 +1.82%
Exchange NYSE NASD
Advancing 2,476 1,853
Declining 559 773
Oil $77.58 +0.68
Gold $1,191.70 +9.70
SOX 358.13 +0.19
VIX 23.93 -2.04
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included CLF, X, SKX, AKS, WLT, FCX, LVS, MA, UAUA, GES, ATI, DECK, ICE, BUCY, CAM, IPI, MOS, CRUS, HAS, TIE, URE, FAS, ATW, V, BYI, GMCR, JEC, CMG, HANS, WMT, NTRI, TSL, POT, CREE, CAT, CSTR, AIV, NYX, VECO, GS, FLS, AMD, AMX, GME, UCO
I want you to be a better trader. I want you to focus on the charts. I want you think better, more accurately and think like a master chess player. I want you to buy where you are supposed to buy and sell where you are supposed to sell.
Monday night in my AT webcast, I placed a virtual trade on AA for an entry if AA rose above 10.78. I stated that I wasn't advocating a trade in AA rather just demonstrating a trade in a stock that had already reported earnings and that was setting up a potential entry. I even said there may be better stocks to trade, but AA was making a potential higher low and that it made a good example of a potential trend reversal and trade setup.
One of the viewers suggested since IBM and TXN were down the market may be down. My response was I didn't know if the market would be down or not. That it might or might not. I also stated that the limitation with not taking a trade setup on a stock in a trader's list because one thought the market may go down was not the right way to think.
I pointed out that even if tech stocks went down, that did not mean basic material stocks would go down. I also said if a trader focuses in on the thought that they know the market will go down that they may miss a move up later in the day.
Well the market started down but basic material stocks were stronger from the open. XLB actually finished as the strongest sector up 3.01% and the market did reverse early with many stocks opening low and then rising almost from their opening price.
Tuesday is the perfect example of why a trader should not let news commentators, others' opinions or their own imagination dictate trades. Rather they should follow their rules and set trades up according to their rules.
You just don't know what is going to happen and even though Tuesday progressed almost exactly as I described Monday night, I don't know either and I said that loud and clear. I just know that good traders follow their rules and take the setups and trades that they are supposed to take.
Monday's bullish harami was confirmed on Tuesday with a bullish engulfing pattern and an entry was give with a break above the high of the low day on the SPX and many stocks.
You might even remember that I wrote Monday night, “A break above Monday's high is a new entry off of what could be a higher lower flag pattern. Monday is a Yellow Alert for a potential entry into a bullish trade.”
And so it was...I hope you were ready.
If you weren't I hope you learned to listen to an objective voice that is consistently focused on teaching you principles that when followed can lead a trader to trading success.
If you have access to the Monday night AT webcast I encourage you to listen or re-listen and learn once again how objective thinking and the technicals really do give the best insight to the opportunities that will likely appear.
Our Yellow Alert turned Green on Tuesday.
PEP, UAUA, BTU all rose on earnings and AAPL after rising +6.31 during regular trading rose another +7.31 after the close after reporting 3.51 earnings vs. 3.11 estimates.
Earnings of interest of leading companies include:
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
Guidance:
SPX confirms Monday's bullish harami, forms a bullish engulfing and breaks the high of the previous low day...
The SPX closed above its 30 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 4 to 1 on the NYSE.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Tighten stops on weak stocks down trending, if you did not already exit on Tuesday .
The VIX fell -2.04 and closed at 23.93. Volatility closed below the important 25 level on Tuesday, confirming the move to the upside.
The short term 3 day trend is neutral.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +6.31
QCOM -0.02
GOOG +15.41
BIDU +1.14
NDX 100 stocks stronger than the NDX include: SHLD, URBN, ADSK, WYNN, FWLT, JOYG, FSLR, GOOG, PCAR, HANS, CERN, AAPL, NVDA, BBBY and NWSA.
Stocks weaker than the NDX: FLEX, HOLX, MRVL, ILMN, HSIC, CELG, ESRX, TEVA, XLNX, MXIM, CMCSA, AMGN, BRCM, DELL and LRCX.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, BUCY, CAT, CREE, CRM, DLR, FFIV, MA, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT, CAM, UCO, USD, USO, VECO
Moving Above 30 DMA = 16
AIV, ATW, CHL, DOW, ESI, FCX, FLS, GES, GME, LVS, PCP, UAUA, URE, WLT, WMT, X
Moving Below 30 DMA = 2
FAZ, HSY
Staying Below 30 DMA
AMX, BAC, CSTR, FAS, GR, HLF, MHS, PNC, SPG, STI, UNP, WFMI, ZION, BA, HAS, SWK, V, WHR, SNDK, UNG, CLF, CMG, DECK, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, BYI, JEC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Lower Open After IBM, TXN and GS Miss Revenue Expectations...
Is GS a bull flag, now that earnings have been reported?
Is XLB a support bounce, higher low, trend reversal at the 30 DMA?
9:41 am - X, AKS on the rise...support holding on AA...
9:36 am - UAUA rising after reporting adjusted $1.95 vs 1.75 est...
BMO – ES -10.00 and NQ -16.50 futures are higher in pre-market trading pointing to a lower open. In pre-market trading AAPL is +0.07, GOOG +2.27, BIDU -2.19, NFLX -0.63, GS -3.81 and BP -0.85.
Stocks are mostly lower on heavy volume in pre-market trading this morning. After IBM and TXN met or beat earnings but missed on revenue last night, GS also missed on revenue this morning and is down on heavy volume. This is after GE, BAC and C did the same last week.
This quarter seems to shaping up as the quarter with good earnings and missed revenue forecasts.
AAPL reports after the close.
Trade entry signals to the downside and stay with bearish trades moving lower.
Earnings of interest of leading companies include:
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086, 1,100
Bonds are higher and TLT is up 43 cents in pre-market trading.
The Euro is down 82 pips in overnight trading and above its 10 and 30 DMA.
SPY is down 1.25 and XLF is down 26 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Watch the VIX level on Tuesday to see if it confirms the sell off by moving above Friday's high at 28.16.
Stocks are lower on heavy volume in pre-market trading.
The short term 3 day trend is down. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
NTAP – near resistance
ILMN –
NFLX – hammer
FFIV – bull flag
PCLN – pennant
VMW – bull flag
SKX –
AZO – bull flag
HSY –
DLR -
CRM –
TIE –
UCO -
AAP –
SWN –
BA –
CAT –
VECO – support bounce
NETL – support bounce
LVS – dragonfly doji
ALK –
UAUA -
CAL –
ORLY –
CSTR – bear flag
NYX –
GMCR –
CREE -
AKS
X –
SNDK –
DECK – potential support break
CMG – broke support after bear flag
DOW –
BBY – bear flag
GOOG
MA – potential support break
V – potential support break
PCP –
UNP –
FCX – potential higher low
Is XLB a support bounce, higher low, trend reversal at the 30 DMA?
9:41 am - X, AKS on the rise...support holding on AA...
9:36 am - UAUA rising after reporting adjusted $1.95 vs 1.75 est...
BMO – ES -10.00 and NQ -16.50 futures are higher in pre-market trading pointing to a lower open. In pre-market trading AAPL is +0.07, GOOG +2.27, BIDU -2.19, NFLX -0.63, GS -3.81 and BP -0.85.
Stocks are mostly lower on heavy volume in pre-market trading this morning. After IBM and TXN met or beat earnings but missed on revenue last night, GS also missed on revenue this morning and is down on heavy volume. This is after GE, BAC and C did the same last week.
This quarter seems to shaping up as the quarter with good earnings and missed revenue forecasts.
AAPL reports after the close.
Trade entry signals to the downside and stay with bearish trades moving lower.
Earnings of interest of leading companies include:
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086, 1,100
Bonds are higher and TLT is up 43 cents in pre-market trading.
The Euro is down 82 pips in overnight trading and above its 10 and 30 DMA.
SPY is down 1.25 and XLF is down 26 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Watch the VIX level on Tuesday to see if it confirms the sell off by moving above Friday's high at 28.16.
Stocks are lower on heavy volume in pre-market trading.
The short term 3 day trend is down. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
NTAP – near resistance
ILMN –
NFLX – hammer
FFIV – bull flag
PCLN – pennant
VMW – bull flag
SKX –
AZO – bull flag
HSY –
DLR -
CRM –
TIE –
UCO -
AAP –
SWN –
BA –
CAT –
VECO – support bounce
NETL – support bounce
LVS – dragonfly doji
ALK –
UAUA -
CAL –
ORLY –
CSTR – bear flag
NYX –
GMCR –
CREE -
AKS
X –
SNDK –
DECK – potential support break
CMG – broke support after bear flag
DOW –
BBY – bear flag
GOOG
MA – potential support break
V – potential support break
PCP –
UNP –
FCX – potential higher low
Monday, July 19, 2010
SPX Forms Bullish Harami as Closes Lower...
DJIA 10,154.43 +56.53 +0.56%
SP500 1,071.25 +6.37 +0.60%
COMPQ 2,198.23 +19.18 +0.88%
Russell 2000 613.08 +2.69 +0.44%
Exchange NYSE NASD
Advancing 1,958 1,554
Declining 1,036 1,083
Oil $76.90 +0.63
Gold $1,182.00 -6.00
SOX 357.94 +8.78
VIX 25.97 -0.28
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included VECO, USD, CAM, TSL, NETL, ESI, CREE, GME, GMCR, URE, BA, UCO, CRUS, A, AIV, VMW, BUCY, SPG, CAT, ICE, SWK, FCX, ATI, WHR
The SPX formed a bullish harami while also making a slightly lower low. Monday is a new low day. A break above Monday's high is a new entry off of what could be a higher lower flag pattern. Monday is a Yellow Alert for a potential entry into a bullish trade.
There are 12 Dow and 122 S&P companies reporting this next week. Earnings will continue to be a major factor driving the buying and selling of individual stocks.
Earnings continue to be mixed. Those companies that report strong earnings, revenues and Q3 guidance should produce relatively stronger stocks.
Monday
DAL 65 cents vs 63 cents est.
HAL 52 cents vs 37 cents est.
HAS 29 cents vs. 24 cents est.
IBM 2.61 vs 2.58 est.
TXN 62 cents vs. 62 cents est.
ZION -84 cents vs. -55 cents est.
Earnings of interest of leading companies include:
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
Guidance:
SPX forms bullish harami.
The SPX closed just below its 30 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 1.9 to 1 on the NYSE.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Tighten stops on down trending stocks showing strength.
The VIX fell -0.28 and closed at 25.97. Volatility closed above the important 25 level on Monday.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -4.32
QCOM +0.81
GOOG +6.57
BIDU -0.63
NDX 100 stocks stronger than the NDX include: APOL, NVDA, XLNX, RIMM, BRCM, NIHD, GILD, NWSA, LLTC, MCHP, DELL, FLEX, DTV, KLAC and ALTR.
Stocks weaker than the NDX: SHLD, AAPL, XRAY, STLD, HSIC, ESRX, BIDU, PDCO, ISRG, CERN COST, WCRX, AKAM, CSCO and RYAAY.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, HSY, BUCY, CAT, CREE, CRM, DLR, FFIV, MA, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT, FAZ
Moving Above 30 DMA = 5
CAM, UCO, USD, USO, VECO
Moving Below 30 DMA = 0
Staying Below 30 DMA
AIV, AMX, ATW, BAC, CHL, CSTR, DOW, FAS, FLS, GES, GR, HLF, MHS, PCP, PNC, SPG, STI, UAUA, UNP, URE, WFMI, WMT, X, ZION, BA, FCX, HAS, SWK, V, WHR, SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,071.25 +6.37 +0.60%
COMPQ 2,198.23 +19.18 +0.88%
Russell 2000 613.08 +2.69 +0.44%
Exchange NYSE NASD
Advancing 1,958 1,554
Declining 1,036 1,083
Oil $76.90 +0.63
Gold $1,182.00 -6.00
SOX 357.94 +8.78
VIX 25.97 -0.28
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included VECO, USD, CAM, TSL, NETL, ESI, CREE, GME, GMCR, URE, BA, UCO, CRUS, A, AIV, VMW, BUCY, SPG, CAT, ICE, SWK, FCX, ATI, WHR
The SPX formed a bullish harami while also making a slightly lower low. Monday is a new low day. A break above Monday's high is a new entry off of what could be a higher lower flag pattern. Monday is a Yellow Alert for a potential entry into a bullish trade.
There are 12 Dow and 122 S&P companies reporting this next week. Earnings will continue to be a major factor driving the buying and selling of individual stocks.
Earnings continue to be mixed. Those companies that report strong earnings, revenues and Q3 guidance should produce relatively stronger stocks.
Monday
DAL 65 cents vs 63 cents est.
HAL 52 cents vs 37 cents est.
HAS 29 cents vs. 24 cents est.
IBM 2.61 vs 2.58 est.
TXN 62 cents vs. 62 cents est.
ZION -84 cents vs. -55 cents est.
Earnings of interest of leading companies include:
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
Guidance:
SPX forms bullish harami.
The SPX closed just below its 30 DMA.
The VIX did confirm the higher close in the SPX.
Breadth was strong as advancers led decliners 1.9 to 1 on the NYSE.
Enter strong stocks up with a break above the high of the low day. Stay with stocks in a bounce continuation.
Tighten stops on down trending stocks showing strength.
The VIX fell -0.28 and closed at 25.97. Volatility closed above the important 25 level on Monday.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -4.32
QCOM +0.81
GOOG +6.57
BIDU -0.63
NDX 100 stocks stronger than the NDX include: APOL, NVDA, XLNX, RIMM, BRCM, NIHD, GILD, NWSA, LLTC, MCHP, DELL, FLEX, DTV, KLAC and ALTR.
Stocks weaker than the NDX: SHLD, AAPL, XRAY, STLD, HSIC, ESRX, BIDU, PDCO, ISRG, CERN COST, WCRX, AKAM, CSCO and RYAAY.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, HSY, BUCY, CAT, CREE, CRM, DLR, FFIV, MA, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT, FAZ
Moving Above 30 DMA = 5
CAM, UCO, USD, USO, VECO
Moving Below 30 DMA = 0
Staying Below 30 DMA
AIV, AMX, ATW, BAC, CHL, CSTR, DOW, FAS, FLS, GES, GR, HLF, MHS, PCP, PNC, SPG, STI, UAUA, UNP, URE, WFMI, WMT, X, ZION, BA, FCX, HAS, SWK, V, WHR, SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Higher Open...
BMO – ES +2.75 and NQ +4.00 futures are higher in pre-market trading pointing to a higher open. In pre-market trading AAPL is +0.07, GOOG +2.27, BIDU -2.19, NFLX -0.63, GS +0.72 and BP -0.82.
Stocks are mostly higher on light volume in pre-market trading this morning. NETL, VECO, ATI and BA are leading each up more that $1 in pre-market trading.
With the VIX relatively strong while the SPX was weak look for potential support bounce entries today even with the short trend down. Tighten stops on bearish trades in case Friday's VIX was giving us clues to an end to the pull back. Watch earnings reaction this week.
Earnings of interest of leading companies include:
Monday – DAL, HAL, HAS, TROW, TXN, ZION
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086, 1,100
Bonds are flat and TLT is down 30 cents in pre-market trading.
The Euro is up 46 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 48 cents and XLF is up 1 cent in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Watch the VIX level on Monday to see if it pulls back and moves below the 25 level.
Stocks are mixed on light volume in pre-market trading.
Trading Down: FFIV, HAS, FLS, NFLX, MOS
Trading Up: NETL, VECO, ATI, BA, MA, GS, CMG, FCX, CLF, DE, X, DECK, CRM, MHS, DOW, V, CAT, PCLN, USO, SNDK, SPG, CRUS, STI, LVS
The short term 3 day trend is down. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Monday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
SNDK –
NTAP -
ILMN –
NFLX –
FFIV –
DECK –
CMG –
VMW –
SKX –
AZO –
LVS –
HSY –
DLR -
CRM –
TIE –
UNG –
UCO -
AAP –
SWN –
ICE –
BA –
CAT –
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Stocks are mostly higher on light volume in pre-market trading this morning. NETL, VECO, ATI and BA are leading each up more that $1 in pre-market trading.
With the VIX relatively strong while the SPX was weak look for potential support bounce entries today even with the short trend down. Tighten stops on bearish trades in case Friday's VIX was giving us clues to an end to the pull back. Watch earnings reaction this week.
Earnings of interest of leading companies include:
Monday – DAL, HAL, HAS, TROW, TXN, ZION
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086, 1,100
Bonds are flat and TLT is down 30 cents in pre-market trading.
The Euro is up 46 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 48 cents and XLF is up 1 cent in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Watch the VIX level on Monday to see if it pulls back and moves below the 25 level.
Stocks are mixed on light volume in pre-market trading.
Trading Down: FFIV, HAS, FLS, NFLX, MOS
Trading Up: NETL, VECO, ATI, BA, MA, GS, CMG, FCX, CLF, DE, X, DECK, CRM, MHS, DOW, V, CAT, PCLN, USO, SNDK, SPG, CRUS, STI, LVS
The short term 3 day trend is down. The intermediate term two month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Monday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
SNDK –
NTAP -
ILMN –
NFLX –
FFIV –
DECK –
CMG –
VMW –
SKX –
AZO –
LVS –
HSY –
DLR -
CRM –
TIE –
UNG –
UCO -
AAP –
SWN –
ICE –
BA –
CAT –
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Friday, July 16, 2010
Yellow Alert Turns to Red...SPX Moves Lower...
DJIA 10,097.90 -2.61.41 -2.52%
SP500 1,064.88 -31.60 -2.88%
COMPQ 2,179.05 -70.03 -3.11%
Russell 2000 610.39 -24.23 -3.82%
Exchange NYSE NASD
Advancing 613 325
Declining 2,434 2,355
Oil $76.27 -0.26
Gold $1,188.00 -20.10
SOX 349.16 -11.93
VIX 26.25 +1.11
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Friday included FAZ, MOS, TSL, GS
The SPX broke the low of the high day on Friday as our Yellow Alert turned Red. Traders who use and intraday exit were likely stopped out on Thursday. Traders using and end of day exit may have exited near the close on Friday.
The YTD weekly candles show a clear picture of the sideways trading range on the broad indexes.
The first week of earnings season has come and gone and results were mixed with some excellent reports and some disappointments. AA and INTC reporting better than expected earnings and GE, BAC and C missing revenue expectations on Friday. I have clearly stated that earnings, revenues and Q3 guidance that meets or exceeds expectations increases the probability of a positive stock reaction. When any of the three elements is a negative surprise it increases the probability of a negative stock reaction.
There are 12 Dow and 122 S&P companies reporting this next week. Earnings will continue to be a major factor driving the buying and selling of individual stocks.
Earnings of interest of leading companies include:
Monday – DAL, HAL, HAS, TROW, TXN, ZION
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
The inside day on the SPX on Wednesday did make an end of day confirmation on Friday.
Guidance:
SPX breaks and closes below the low of the high day.
The SPX closed below its 30 DMA.
The VIX did confirm the lower close in the SPX.
The magnitude of the lower VIX did not confirm the magnitude of the lower SPX.
The VIX closed well below its high while the SPX closed near its low. The VIX closed at 22% of its daily range while the SPX closed at 95% of its daily range.
Breadth was weak as decliners led advancers 4 to 1 on the NYSE.
Trade strong stocks up if a support bounce and break above the high of the low day occurs.
Weak stocks gave an intraday entry on Thursday and an end of day entry on Friday. Trade weak stocks down.
The VIX rose +1.11 and closed at 26.25. Volatility closed above the important 25 level on Friday, but not as high as would be expected given the magnitude of the move in the SPX.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.55
QCOM -0.92
GOOG -34.41
BIDU -2.11
NDX 100 stocks stronger than the NDX include: APOL, JBHT, WCRX, RTAAY, NTAP, AAPL, NIHD, AMGN, LINTA, ESRX, CHKP, INFY, MXIM, ATVI and FLIR.
Stocks weaker than the NDX: GILD, GOOG, NVDA, RIMM, CERN, NWSA, CSCO, SPLS, LRCX, BBBY, SHLD, ERTS, EBAY, PCAR and FAST.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, HSY, BUCY, CAT, CREE, CRM, DLR, FFIV, HLF, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT
Moving Above 30 DMA = 1
FAZ
Moving Below 30 DMA = 29
AIV, AMX, ATW, BAC, CAM, CHL, CSTR, DOW, FAS, FLS, GES, GR, MA, MHS, PCP, PNC, SPG, STI, UAUA, UCO, UNP, USD, URE, USO, VECO, WFMI, WMT, X, ZION
Staying Below 30 DMA
BA, FCX, HAS, SWK, V, WHR, SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,064.88 -31.60 -2.88%
COMPQ 2,179.05 -70.03 -3.11%
Russell 2000 610.39 -24.23 -3.82%
Exchange NYSE NASD
Advancing 613 325
Declining 2,434 2,355
Oil $76.27 -0.26
Gold $1,188.00 -20.10
SOX 349.16 -11.93
VIX 26.25 +1.11
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Friday included FAZ, MOS, TSL, GS
The SPX broke the low of the high day on Friday as our Yellow Alert turned Red. Traders who use and intraday exit were likely stopped out on Thursday. Traders using and end of day exit may have exited near the close on Friday.
Check out these Charts
(click image to enlarge)
Check out these Charts
(click image to enlarge)
There are 12 Dow and 122 S&P companies reporting this next week. Earnings will continue to be a major factor driving the buying and selling of individual stocks.
Earnings of interest of leading companies include:
Monday – DAL, HAL, HAS, TROW, TXN, ZION
Tuesday – ALTR, AAPL, BIIB, CRUS, GILD, JNJ, LLTC, MICC, BTU, PEP, STLD, UAUA, UNH, WHR, YHOO
Wednesday – ALGT, AMR, AMLN, BIDU, CA, CHKP, KO, EBAY, FFIV, FCX, GENZ, NFLX, QCOM, SWK, SBUX, LCC, UTX, WFC, WDC, XLNX
Thursday – MMM, ALK, AMZN, AMX, AXP, T, BUCY, CAT, CMG, CAL, DHR, DECK, FLEX, FLIR, HSY, ESI, KEY, MHS, MSFT, MOS, NUE, PNC, PCP, SNDK, SIAL, STI, TRV, UNP, UPS
Friday – DLR, F, HON, MCD, OSTK, SLB, SKX, VZ
The inside day on the SPX on Wednesday did make an end of day confirmation on Friday.
Guidance:
SPX breaks and closes below the low of the high day.
The SPX closed below its 30 DMA.
The VIX did confirm the lower close in the SPX.
The magnitude of the lower VIX did not confirm the magnitude of the lower SPX.
The VIX closed well below its high while the SPX closed near its low. The VIX closed at 22% of its daily range while the SPX closed at 95% of its daily range.
Breadth was weak as decliners led advancers 4 to 1 on the NYSE.
Trade strong stocks up if a support bounce and break above the high of the low day occurs.
Weak stocks gave an intraday entry on Thursday and an end of day entry on Friday. Trade weak stocks down.
The VIX rose +1.11 and closed at 26.25. Volatility closed above the important 25 level on Friday, but not as high as would be expected given the magnitude of the move in the SPX.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.55
QCOM -0.92
GOOG -34.41
BIDU -2.11
NDX 100 stocks stronger than the NDX include: APOL, JBHT, WCRX, RTAAY, NTAP, AAPL, NIHD, AMGN, LINTA, ESRX, CHKP, INFY, MXIM, ATVI and FLIR.
Stocks weaker than the NDX: GILD, GOOG, NVDA, RIMM, CERN, NWSA, CSCO, SPLS, LRCX, BBBY, SHLD, ERTS, EBAY, PCAR and FAST.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CRUS, GMCR, HANS, TSL, ACN, HSY, BUCY, CAT, CREE, CRM, DLR, FFIV, HLF, NETL, NFLX, PCLN, TIE, VMW, AGU, MCD, NTRI, DE, GS, IPI, AKS, MOS, POT
Moving Above 30 DMA = 1
FAZ
Moving Below 30 DMA = 29
AIV, AMX, ATW, BAC, CAM, CHL, CSTR, DOW, FAS, FLS, GES, GR, MA, MHS, PCP, PNC, SPG, STI, UAUA, UCO, UNP, USD, URE, USO, VECO, WFMI, WMT, X, ZION
Staying Below 30 DMA
BA, FCX, HAS, SWK, V, WHR, SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Lower Open...
BMO – ES -4.00 and NQ -3.25 futures are lower in pre-market trading pointing to a lower open. In pre-market trading AAPL is +0.85, GOOG -26.52, BIDU -0.98, NFLX -0.56.
GS +5.93 and BP -0.50
Today is July options expiration. Stocks are mixed on light volume in pre-market trading this morning.
There is still a Yellow Alert to watch for price to drop and stay below the low of the high day.
The short term 3 day trend is neutral. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Friday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
SNDK –
NTAP -
ILMN –
NFLX –
FFIV –
DECK –
CMG –
VMW –
SKX –
AZO –
LVS –
HSY –
DLR -
CRM –
TIE –
UNG –
UCO -
AAP –
SWN –
ICE –
BA –
CAT –
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
GS +5.93 and BP -0.50
Today is July options expiration. Stocks are mixed on light volume in pre-market trading this morning.
There is still a Yellow Alert to watch for price to drop and stay below the low of the high day.
The short term 3 day trend is neutral. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Friday
SPY –
QQQQ -
FAS -
TLT –
AAPL –
CRUS –
BRCM -
BIDU –
AKAM –
SNDK –
NTAP -
ILMN –
NFLX –
FFIV –
DECK –
CMG –
VMW –
SKX –
AZO –
LVS –
HSY –
DLR -
CRM –
TIE –
UNG –
UCO -
AAP –
SWN –
ICE –
BA –
CAT –
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Thursday, July 15, 2010
SPX Rallies From Pull Back...Closer Slightly Higher...
DJIA 10,359.31 -7.41 -0.07%
SP500 1,096.48 +1.31 +0.12%
COMPQ 2,249.08 -0.76 -0.03%
Russell 2000 634.62 -5.54 -0.87%
Exchange NYSE NASD
Advancing 1,462 886
Declining 1,537 1,759
Oil $76.27 +0.18
Gold $1,208.10 -5.20
SOX 361.09 -0.77
VIX 25.14 +0.25
Index Direction Confirmation
VIX Up No – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included PCLN, UNG, GMCR, POT, AGU, GS, IPI, WFMI, PCLN, MOST DE HLF, NTRI.
Wednesday's inside day potential reversal did confirm on an intraday basis on Thursday, but a rally did reverse the pull back and by the end of the day the SPX was higher.
Earnings of interest in leading companies:
BAC, C, GE
Guidance:
SPX formed a potential hanging man with its highest close since June 22. Yellow Alert.
The SPX closed above its 30 DMA for the fifth time since June 21.
The VIX did NOT confirm the higher close in the SPX.
The VIX moved modestly higher for the third day in a row.
Breadth was strong as decliner led advancers 1.1 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down.
The VIX rose 0.25 and closed at 25.14. Volatility closed above the important 25 level on Thursday.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.27
QCOM -0.02
GOOG +2.68
BIDU +0.61
NDX 100 stocks stronger than the NDX include: PCLN, NIHD, CEPH, SHLD, CELG, EXPE, LOGI, CMCSA, ORLY, PPDI, RIMM, SPLS, BBBY and CTXS.
Stocks weaker than the NDX: NVDA, FAST, MXIM, FWLT, STX, FSLR, JOYG, ESRX, AMZN, LINTA, VRTX, FLEX, MRVL, PDCO and VRSN.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CREE, CRM, DLR, FFIV, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, BA, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, UAUA, UNP, USD, AIV, AMX, BAC, FLS, GES, GR, IPI, PCP, SPG, UCO, URE, USO, WMT, X, AKS,
Moving Above 30 DMA = 5
CSTR, MHS, MOS, POT, WFMI
Moving Below 30 DMA = 6
BA, FCX, HAS, SWK, V, WHR,
Staying Below 30 DMA
SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,096.48 +1.31 +0.12%
COMPQ 2,249.08 -0.76 -0.03%
Russell 2000 634.62 -5.54 -0.87%
Exchange NYSE NASD
Advancing 1,462 886
Declining 1,537 1,759
Oil $76.27 +0.18
Gold $1,208.10 -5.20
SOX 361.09 -0.77
VIX 25.14 +0.25
Index Direction Confirmation
VIX Up No – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included PCLN, UNG, GMCR, POT, AGU, GS, IPI, WFMI, PCLN, MOST DE HLF, NTRI.
Wednesday's inside day potential reversal did confirm on an intraday basis on Thursday, but a rally did reverse the pull back and by the end of the day the SPX was higher.
Earnings of interest in leading companies:
BAC, C, GE
Guidance:
SPX formed a potential hanging man with its highest close since June 22. Yellow Alert.
The SPX closed above its 30 DMA for the fifth time since June 21.
The VIX did NOT confirm the higher close in the SPX.
The VIX moved modestly higher for the third day in a row.
Breadth was strong as decliner led advancers 1.1 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down.
The VIX rose 0.25 and closed at 25.14. Volatility closed above the important 25 level on Thursday.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.27
QCOM -0.02
GOOG +2.68
BIDU +0.61
NDX 100 stocks stronger than the NDX include: PCLN, NIHD, CEPH, SHLD, CELG, EXPE, LOGI, CMCSA, ORLY, PPDI, RIMM, SPLS, BBBY and CTXS.
Stocks weaker than the NDX: NVDA, FAST, MXIM, FWLT, STX, FSLR, JOYG, ESRX, AMZN, LINTA, VRTX, FLEX, MRVL, PDCO and VRSN.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CREE, CRM, DLR, FFIV, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, BA, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, UAUA, UNP, USD, AIV, AMX, BAC, FLS, GES, GR, IPI, PCP, SPG, UCO, URE, USO, WMT, X, AKS,
Moving Above 30 DMA = 5
CSTR, MHS, MOS, POT, WFMI
Moving Below 30 DMA = 6
BA, FCX, HAS, SWK, V, WHR,
Staying Below 30 DMA
SNDK, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, WLT, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Wednesday, July 14, 2010
SPX Holds After INTC Pulls Back...
Dave will be traveling Thursday morning...
DJIA 10,216.27 + 3.70 +0.04%
SP500 1,095.34 - 0.17 -0.02%
COMPQ 2,249.84 +7.81 +0.35%
Russell 2000 640.16 -2.66 -0.41%
Exchange NYSE NASD
Advancing 1,336 1,105
Declining 1,639 1,516
Oil $77.04 -0.11
Gold $1,213.30 -6.50
SOX 361.86 -0.97
VIX 24.89 +0.33
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down No – COMPQ
Leading stocks on Wednesday included AKS, TSL, VMW, CRM, CSTR, FAZ, NFLX, LVS, X and NTRI
MAR reports 31 cents vs 28 cents est.
FAST reports 47 cents vs 44 cents est.
INTC reports 51 cents vs 43 cents est.
AA reports 13 cents vs 12 cents est.
CSX reports 1.07 vs 98 cents est.
NVLS reports 66 cents vs 60 cents est.
Earnings of interest of leading companies include:
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX forms inside day...Yellow Alert.
The SPX closed above its 30 DMA for the fourth straight day.
The VIX did confirm the lower close in the SPX.
Breadth was weak as decliners led advancers 1.2 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX rose +0.33 and closed at 24.89.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +0.92
QCOM +0.95
GOOG +2.13
BIDU +0.65
NDX 100 stocks stronger than the NDX include: EXPD, STX, FLEX, EXPE, CSCO, QCOM, WYNN, ISRG, DELL, LIFE, FSLR, NTAP, TEVA, APOL and INTC.
Stocks weaker than the NDX: BBBY, KLAC, DISH, URBN, DTV, LBTYA, XLNX, FWLT, ALTR, RIMM, XRAY, SPLS, GILD, YHOO, ATVI and STLD.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, UAUA, UNP, USD, AIV, AMX, BAC, FCX, FLS, GES, GR, IPI, PCP, SPG, SWK, UCO, URE, USO, WMT, X
Moving Above 30 DMA = 3
AKS, BA, WHR
Moving Below 30 DMA = 1
SNDK
Staying Below 30 DMA
MOS, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, MHS, WLT, POT, WFMI, CSTR, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
DJIA 10,216.27 + 3.70 +0.04%
SP500 1,095.34 - 0.17 -0.02%
COMPQ 2,249.84 +7.81 +0.35%
Russell 2000 640.16 -2.66 -0.41%
Exchange NYSE NASD
Advancing 1,336 1,105
Declining 1,639 1,516
Oil $77.04 -0.11
Gold $1,213.30 -6.50
SOX 361.86 -0.97
VIX 24.89 +0.33
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down No – COMPQ
Leading stocks on Wednesday included AKS, TSL, VMW, CRM, CSTR, FAZ, NFLX, LVS, X and NTRI
MAR reports 31 cents vs 28 cents est.
FAST reports 47 cents vs 44 cents est.
INTC reports 51 cents vs 43 cents est.
AA reports 13 cents vs 12 cents est.
CSX reports 1.07 vs 98 cents est.
NVLS reports 66 cents vs 60 cents est.
Earnings of interest of leading companies include:
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX forms inside day...Yellow Alert.
The SPX closed above its 30 DMA for the fourth straight day.
The VIX did confirm the lower close in the SPX.
Breadth was weak as decliners led advancers 1.2 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX rose +0.33 and closed at 24.89.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +0.92
QCOM +0.95
GOOG +2.13
BIDU +0.65
NDX 100 stocks stronger than the NDX include: EXPD, STX, FLEX, EXPE, CSCO, QCOM, WYNN, ISRG, DELL, LIFE, FSLR, NTAP, TEVA, APOL and INTC.
Stocks weaker than the NDX: BBBY, KLAC, DISH, URBN, DTV, LBTYA, XLNX, FWLT, ALTR, RIMM, XRAY, SPLS, GILD, YHOO, ATVI and STLD.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, UAUA, UNP, USD, AIV, AMX, BAC, FCX, FLS, GES, GR, IPI, PCP, SPG, SWK, UCO, URE, USO, WMT, X
Moving Above 30 DMA = 3
AKS, BA, WHR
Moving Below 30 DMA = 1
SNDK
Staying Below 30 DMA
MOS, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, MHS, WLT, POT, WFMI, CSTR, ESI, BYI, JEC, GME
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Subscribe to:
Posts (Atom)
