Friday, October 21, 2011

SPX, INDU Close Above Horizontal Resistance as XLF Rises...

Check out Tom and Dave at the 17:00 minute mark, click here:  https://www.tastytrade.com/#/


All nine sectors moved higher on Friday. XLY +2.77%, XLB +2.65% and XLF +2.58% were the strongest sectors.

On Friday the Euro was up 114 pips to 1.3893 at 5 pm EDT. TNX closed up +0.23 at 22.03. TLT was down -1.21. Financials XLF was up 33 cents.

Earnings season continues on Monday.

The broad indices moved higher with the INDU +2.31%, RUT +2.30%, SPX +1.88%, COMPQ +1.49% and NDX +1.29%. The SPX broke out of horizontal resistance up +22.86 to close at 1,238.25. The VIX moved down -3.46 to 31.32.

AMZN, GOOG PCLN and QCOM moved higher on Friday. AAPL and BIDU moved lower.

Friday was a horizontal breakout day for both the SPX and INDU and a bull flag breakout for the NDX and COMPQ.  The SPX charts indicates a 1,363 price target within 8 to 10 weeks.  Potential resistance areas are at 1,260 and 1,313.


(click image to enlarge)

Look at the weekly candles of the past three weeks compared to the past eleven weeks.

(click image to enlarge)



Twenty one of the twenty eight NDX 100 bull flag setups on Thursday gave entry signals on Friday:  AKAM, SIRI, ADSK, NWSA, FLEX, INTU, GOOG, ADBE, CSCO, SBUX, MAT, JOYG, DTV, MXIM, BBBY, INFY, AMAT, LLTC, NTAP, INTC, LRCX

Flag Pattern Setups waiting for entry signal: MU, MSFT, AAPL, APOL, EBAY, NVDA, DELL

Breadth strengthened as advancers led decliners 6.78 to 1 on the NYSE and 3.48 to 1 on the NASDAQ.

Exchange       NYSE        NASDAQ
Advancers       2,631           1,953
Decliners           388              561          

Leading stocks > +2% on Friday SNDK, CMG, ENTR, FAS, TPX, URE, MOS, FCX, F, ATI, FWLT, ARUN, A, DE, GLW, CF, ANR, IL, CAT, GES, RCL, DHR, ESI, DOW, SWK, TIF, ICE, UCO, CSTR, SMH, JNPR, HUM, NKE, X, COH, FFIV, UNP, IBM, NTES, SLW, CRUS, ZION, CIEN, DLR, V, HLF, TBT, KKD

Losing stocks < -2.0% included FAZ, INFA, LDK, STI, HAL, TSL, VECO

NDX 100 stocks stronger than the NDX included STX, ALTR, SNDK, FLEX, BIIB, URBN, JOYG, LIFE, NFLX and ADBE.

Stocks weaker than the NDX include FLIR, WYNN, MU, BIDU, MRVL, VRTX, ISRG, AAPL, CHKP and ORLY.

Six NDX stocks ALTR, DELL, LIFE, MCHP, NIHD and URBN moved above their 30 DMA making 80 NDX stocks above the 30 DMA. 

Stocks to Watch on Monday
Holding Above 30 DMA = 52
IBM, ARUN, DECK, FFIV, ICE, INFA, SNDK, 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, GLW, GS, TBT, ZION, A, BAC, CIEN, URE
Moving Above 30 DMA = 10
ATI, CF, CMG, DE, ESI, FCX, FWLT, GES, HUM, POT
Moving Below 30 DMA = 3
STI
Staying Below 30 DMA
CRUS, LVS, CROX, CREE, HAL, SINA, WDC, TLT, FAZ, GMCR, CHL, IL, JDSU, SLW, KKD, MOS, CDE, CLF,  MCP, PCX, SOHU, TSL, BAC, VECO, LDK, ANR,  X

Eleven Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up

5 comments:

John H said...

Happy Birthday, Dave!

Thanks for your ongoing efforts to help me and many others become great traders.

rob said...

HAPPY BIRTHDAY DAVE !!!

you looked good on tastytrade!!!
great interview!!!

Thanks for the guidance over the last few years, It has made a tremendous difference in my life!!!

A grateful Trader/Student
Rob G Tucson, AZ

Anonymous said...

I know I'm the only one but doesn't Tom's trio on TastyTrade resemble Howard, Robin & Fred?

dennis the menance said...

I think this recent rally has legs I believe we can go another 100 points from here.

Scott Avery said...

Happy birthday Dave, I checked out the tastytrade show. You guys were just great. It's one thing to have such accurate insight into the markets year after year, but to be presenting it as cool as you all do...! Reminds me of a handful of those one of a kind radio shows that really "WORKED" through the years day based on their chemistry.