SPX, AAPL Move Lower as ISRG, APOL and INTC Move Higher...

Dave is traveling to Chicago to speak Thursday evening with Tom Sosnoff in the Tom and Dave show and Friday morning on Trading the Trend, Know When to Exit at the Chicago World Money Show. Attendance is free. So come join us if you are in the area.


Eight of nine sectors moved lower on Wednesday. XLU +0.09%, XLV -0.18% and XLP -0.29% were the strongest sectors.

On Wednesday the Euro after reaching as high as 1.3870 was up 7 pips to 1.3758 at 5 pm EDT. TNX closed up +0.08 at 21.59. TLT was down -4 cents. Financials XLF was down -18 cents.

AAPL -23.62, -5.59% fell after earnings of 7.05 vs. estimates of 7.39 which were up 54% from a year earlier, revenues of $28.27 billion vs. estimates of 29.7 billion were affected by iPhone sales below expectations.

INTC +0.84, +3.59% reported 65 cents vs. estimates of 61 cents on record revenues, strong growth rates and raised Q4 guidance.

APOL and TRV closed higher following earnings.

After the close CRUS, EBAY, LRCX, WDC and WYNN were lower after reporting earnings. RVBD was higher

Oct 17 – 21 Earnings Highlights of Interest:
Monday – C, HAL, HAS, IBM, SWK, STLD, VMW, WFC
Tuesday – AAPL, BAC, CHKP, CREE, CSX, INTC, ISRG, JNJ, JNPR, LLTC, STT
Wednesday – AXP, AMR, APOL, CRUS, EBAY, FCX, LRCX, RVBD, TRV, UTX, WDC, WYNN, XLNX
Thursday – ALXN, ALTR, T, CY, FLEX, INFA, ESI, KELY, MXIM, MSFT, PCX, SNDK, ST, TPX
Friday – MCD, SLB, STI, VZ

The broad indices moved lower with the RUT -2.11%, NDX -2.03%, COMPQ -2.01%, SPX -1.26% and INDU -0.63%. The SPX moved down -15.50 and closed at 1,209.88. The VIX moved up +2.88 to 34.44.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM all moved lower on Wednesday.

With the intra-day reversal in the Euro and interest rates the SPX could not overcome sellers and weakness in AAPL and moved down while staying inside its six day trading range between 1,200 – 1,225.

Breadth weakened as decliners led advancers 2.61 to 1 on the NYSE and 3.13 to 1 on the NASDAQ.

Exchange     NYSE      NASDAQ
Advancers       837            619
Decliners      2,190         1,942

Leading stocks > +2% on Wednesday FAZ

Losing stocks < -2.0% included GMCR, CREE, WDC, TSL, SLW, CLF, ARUN, X, PCX, JNPR, CRUS, CDE, SWKS, ENTR, UCO, CROX, MCP, FAS, ZAGG, JDSU, AKS, DOW, CIEN, LVS, V, HAL, ANR, ATI, IL, SNDK, MOS, POT, KKD, BAC, LDK, CF, ZION, RCL, SINA, VMW, STI, CMG, SLB, FWLT, RVBD, FCX, COH, GLW, SOHU, DECK, URE, ANF, FFIV, DHR, UAL, INFA, TPX, NVDA

NDX 100 stocks stronger than the NDX included ISRG, APOL, INTC, YHOO, WFM, LIFE, WCRX, QGEN, XRAY and ROST.

Stocks weaker than the NDX include GMCR, FSLR, MRVL, AAPL, WYNN, FLEX, AMZN, ALTR, BIDU and MU.

Four NDX stocks ALTR, BIDU, ESRX and XLNX moved below their 30 DMA leaving 75 NDX stocks above the 30 DMA.

Stocks to Watch on Thursday
Holding Above 30 DMA = 51
IBM, ARUN, DECK, FFIV, ICE, INFA, SNDK, CRUS, CSTR, F, NDAQ, NKE, ANF, COH, ENTR, NVDA, UNP, CRM, DHR, DOW, SMH, SWK, TIF, TPX, UAL, V, VMW, C, JNPR, NGLS, RCL, ZAGG, CAT, DLR, HLF, LNKD, SWKS, SWN, NTES, WLT, RVBD, SLB, UCO, AKS, FAS, FWLT, GLW, GS, STI, TBT, ZION
Moving Above 30 DMA = 1
ESI
Moving Below 30 DMA = 7
A, BAC, CIEN, CMG, GES, LVS, URE
Staying Below 30 DMA
CROX, CREE, HAL, HUM, POT, SINA, WDC, TLT, FAZ, GMCR, CHL, IL, JDSU, SLW, DE, ATI, CF, KKD, MOS, CDE, CLF, MCP, PCX, SOHU, TSL, BAC, VECO, LDK, FCX, ANR, X

Ten Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral