Wednesday, October 5, 2011

Futures Slightly Higher...Stocks More Flat...

11:28 am EDT - TNX +1.05...TLT -0.98...VIX -1.75...SPY +0.73...XLF -0.07...interest rates remain strong...SPY on the rise...Yesterday CTSH, FFIV, INTC, LRCX, SNDK and YHOO crossed above their 30 DMA and each are stronger than the broad market this morning...leading stocks...This morning AKAM, DELL, NTAP, LLTC, MSFT and CHRW are crossing above their 30 DMA...BIIB, CERN, QCOM and MCHP are near their 30 DMA, this is a cross watch alert...




9:40 am EDT - Stocks are softer than futures were in the pre-market...TNX +0.76 is higher...TLT -0.55 is lower...XLF -0.14 is lower...if interest rates stay higher look for XLF to mover higher which would lift SPY...VIX is flat another positive sign...if the SPY pull back persists watch Tuesday's S1 level as key short term support...SNDK is on the move and DLTR is moving above the high of the low day...


BMO – ES +3.75 and NQ +4.75 futures are higher about 15 minutes before the open in pre-market trading and point to a higher open…futures appear to be ahead of stock prices in the pre-market…volume is moderate for pre-market with more stocks quoting down than up…Financial stocks, XLF is down 11 cents on 103,900 shares in pre-market at this time…

TLT is down 24 cents and the Euro is down 11 pips in overnight trading …Watch for bounce continuation in the Euro which might occur today to follow Tuesday’s bounce…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower

Dave’s Insight for Wednesday:  Slightly lower Euro…slightly weaker bonds…Financials lower…resulting in a flat open…With the SPX at support, watch for bounce continuation…Wait for your entry signals before taking new trades this morning which there may be a good number since Tuesday had a large number of low days and bullish engulfing, piercing line and hammer patterns…Watch XLF, volume and breadth as key factors in any SPX move…move stops on profitable trades

SPX
Resistance: 1,134, 1,146, 1,160
Support: 1,121, 1,114, 1,103

Quoting DownGOOG, AAPL, PCLN, BIDU, AMZN, CRM, NGLS, HLF, GMCR, FFIV, ATI, GS, SINA, DHR, STI, MCP, FWLT, DECK, V, CLF, SNDK, ARUN, IBM, FCX, CREE, CSTR, C, TLT, MOS, CAT, RVBD, SHLD, COST, DLTR, EXPD, FFIV, CERN, INFY, FAST, ADP, ADSK

Quoting UpFAZ, APOL, LLTC, AKAM, RIMM, BIIB, FSLR

4 comments:

Anonymous said...

Really appreciate the intra day postings of the last few days; very educational.

Thank You!

Anonymous said...

Dave, I did a comparison chart of TNX and IEF (7-10 year bond fund ETF) thinking that it would (literally) "mirror" one another. But the TLT appears to "mirror" the TNX better than IEF on the prophet comparison chart. Is that accurate? Why would a 20 year Bond Fund ETF do that better for a 10 year treasury yield? Am I comparing apples and oranges? Why does Tom always look at the "long" (TLT) Bond rather than a shorter (IEF) Bond??

Steven R.

TDanna said...

Also really appreciate the intraday postings to watch stocks breaking their 30dma.. I did get into CERN and am looking at others.. NVDA looks really appealing as well. May be approaching the 50% Fib retracement from high on 9.16 but hasn't broken through the 30dma yet.. Thanks for your insight and continued education Dave.. Really do appreciate it.

Dave Johnson said...

Steven,

10 year is closer to 20 than 7.

As Lao Tsu said, "a man with one watch knows exactly what time it is, a man with two is never quite sure."

Traders do what works.

Once a person has a watch that works why would the continue to look for other watches?

Dave