SPX spinning top, new high close
INDU white candle, new high close
COMPQ doji, new high close
RUT potential hanging man, new high close
Breadth weakened on Friday as advancers led decliners 1.35 to 1 on the NYSE and 1.05 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,736 1,360
Decliners 1,277 1,288
Index Chg. Close Direction Confirmation
VIX -0.16 16.43 Down Yes – SPX
SOX -1.76 471.46 Up Yes – COMPQ
The broad indexes rose on Friday each making a new high close except the NDX which closed lower for the second straight day as AAPL, AMZN, BIDU, NFLX and PCLN closed lower.
Positives – INDU, VIX, GOOG, TNX, Bonds, Euro
Negatives – NDX, AAPL, AMZN, BIDU, PCLN, breadth weakened
Interest rates closed higher on Friday and bond ETF TLT was down 28 cents. The Euro rose 84 pips to 1.3691 at 5 pm ET.
Seven of nine sectors rose on Friday with Consumer Discretionary XLY +0.53% and Energy XLE +0.42% leading all sectors. Materials XLB -1.11% was the weakest sector.
Flag Bounce – NDAQ, XL, GLW
Setups
Bull Flag – NFLX, SINA, JDSU, CIEN, DE, ZION, WFC, SWKS, AAPL, AMZN, BIDU, PCLN, CLF, LULU, RVBD, CMG, OPEN, ARMH
Breakout – SLW, SMH, FWLT, NVDA, CRUS, AKS, ATI, BAC, GLW, JNPR, LDK
SPX
Resistance: 1,338, 1,345, 1,352
Support: 1,330, 1,321, 1,311
The short term 3 day trend is up.
The six-month trend is up.
The twelve-month trend is up.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -7.74 – large black candle moves to horizontal support
AMZN -1.26 – potential bullish harami in flag pattern below horizontal resistance
NFLX -0.12 – hammer day four bull flag
QCOM +0.19 – white spinning top, new high close
GOOG +4.82 – white candle bull flag support bounce
BIDU -1.74 – red candle day five in bull flag
NDX 100 stocks stronger than the NDX include INTU, APOL, BBBY, CHKP, MXIM, QGEN, LRCX, ORCL, JOYG, CMCSA, NWSA, SBUX, XRAY, SRCL and LIFE.
Stocks weaker than the NDX include NTAP, AKAM, NIHD, AAPL, VRTX, FFIV, CTRP, WCRX, FSLR, PCLN, BIDU, GRMN, MAT, MYL and CA.
Stocks to Watch on Tuesday
Holding Above 30 DMA
NDAQ, SMH, VLO, FWLT, CLF, JDSU, CRUS, DE, FAS, GLW, JEC, ACN, NYX, ATI, URE, DISH, POT, BA, TSL, DLR, HANS, HUM, LDK, NTES, CAM, SLB, TIE, MA, SPG, STI, CAT, DOW, MOS, NETL, SOHU, SWKS, ATW, SWK, TBT, ICE, JNPR, PCP, AGU, AMD, BAC, DHR, IPI, LXK, PNC, V, ARUN, CIEN, CMG, HSY, DECK, GMCR, TIF, UAL, GES, RVBD, SLW, VECO, UNP, AKS, CRM, ESI, FDX, SNDK, X, LVS, A, MHS, NVDA, CSTR, HAS, HLF
Holding Above 30 DMA
NDAQ, SMH, VLO, FWLT, CLF, JDSU, CRUS, DE, FAS, GLW, JEC, ACN, NYX, ATI, URE, DISH, POT, BA, TSL, DLR, HANS, HUM, LDK, NTES, CAM, SLB, TIE, MA, SPG, STI, CAT, DOW, MOS, NETL, SOHU, SWKS, ATW, SWK, TBT, ICE, JNPR, PCP, AGU, AMD, BAC, DHR, IPI, LXK, PNC, V, ARUN, CIEN, CMG, HSY, DECK, GMCR, TIF, UAL, GES, RVBD, SLW, VECO, UNP, AKS, CRM, ESI, FDX, SNDK, X, LVS, A, MHS, NVDA, CSTR, HAS, HLF
Moving Above 30 DMA = 1
GS
Moving Below 30 DMA = 6
CF, PCX, SINA, SKX, WLT, ZION
Staying Below 30 DMA
VMW, MCP, SWN, AIV, UCO, UNG, WHR, F, LCC, TLT, CHL, FCX, CREE, GME, FAZ
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
Making 2011 the best year ever!
Week 7 is done. Just 45 weeks left to go as we move towards our objective to make 2011our best year ever. How did you do?
Again evaluate your trades for the week. Did you buy, hold and sell where you were supposed to according to your rules?
Give yourself an A+ or 10 for each trade that you did follow your rules.
How is your portfolio doing YTD compared with the following indexes? If you outperformed the SOX give yourself an A+, the INDU, NDX or SPX give yourself an A.
Week 7 YTD
SPX 1.04% 6.79%
NDX 0.56% 7.87%
SOX 1.87% 14.48%
INDU 0.96% 7.03%
Take your annual goal that you sent in to Chart Signals and divide that goal by 52 weeks and multiply by 7. How does your week 7 results compare to your goal? If you are at the goal or higher give yourself and A+.
Short Term Market Trend: Up
Making 2011 the best year ever!
Week 7 is done. Just 45 weeks left to go as we move towards our objective to make 2011our best year ever. How did you do?
Again evaluate your trades for the week. Did you buy, hold and sell where you were supposed to according to your rules?
Give yourself an A+ or 10 for each trade that you did follow your rules.
How is your portfolio doing YTD compared with the following indexes? If you outperformed the SOX give yourself an A+, the INDU, NDX or SPX give yourself an A.
Week 7 YTD
SPX 1.04% 6.79%
NDX 0.56% 7.87%
SOX 1.87% 14.48%
INDU 0.96% 7.03%
Take your annual goal that you sent in to Chart Signals and divide that goal by 52 weeks and multiply by 7. How does your week 7 results compare to your goal? If you are at the goal or higher give yourself and A+.
5 comments:
Dave
Working on my weekly review.
Broke a couple rules this week-but fewer than before-but not to standard.
Thanks for the blog and rule(s) reminders
Gratefully,
Robert
CANI_212
Hello Dave,
That was an absolutely awesome Wall St Wrap-up! The explaination of the difference between tape traders(Tom) and technicians, was supurb. THANKS!
I also want to thank you for the daily information, tools, and rules to use that information. It is working! Daily insight really helps. I also like to see if the setups I identify make your setup lists.
My 5.6% YTD return in this recent market move I grade a C/C+. Which leaves me plenty of room for improvement. Which really is my goal, continue to improve and become the best trader I can be. With your help I,m striving toward that end.
Thanks again, enjoy your weekend.
A grateful student/trader
P.S. would you please post the complete, watch list for chart signals.
Curious to see what affect the Libyan unrest will have on the markets tomorrow. I adjusted my stops and will strap in.
Thanks Dave for all the awesome mentoring
Mike
Dave,
Week 7 and I give myself a C+ at best. I underperformed all the indices by a fraction (largely in part to big sell-offs in MOS, VMW, FFIV and AAPL. In addition, I did not sell NFLX at the target and gave back 2/3 of profits before finally getting out. On the other hand, I took lots of profits Friday and shut down or lightened up on the majority of my positions due to vacation plans this week when I knew I'd have trouble keeping up. So getting better on being practical about my trading. Looking forward to the 4-day live in March!
Thanks.
Dave,
Currently for the year my Portfolio is up 28% which is good, my goal is to increase it 5% a month. I do however give my self a D, because I missed several opportunities on a few stock I was watching. I have much apprehension on buying in because I don't want to lose money. I'm tired of losing. I want to be a winner. I was actually up more than 28% and didn't get out of those stocks I was in which resulted in a lower ROI. Thank you for your insight and patience with us. Michael
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