All nine sectors moved higher on Tuesday. XLF +4.75%, XLE +3.21% and XLI +2.88% were the strongest sectors.
On Tuesday the Euro was up 13 pips to 1.3751. TNX rallied from its low and closed down -0.04 at 21.51. TLT was down 72 cents. Financials XLF soared 58 cents.
AAPL -28.19, -6.68% after-hours, announced earnings after the close on Tuesday of 7.05 vs. estimates of 7.39 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 +1.04, +4.44% after-hours after reported 65 cents vs. estimates of 61 cents on record revenues, strong growth rates and raised Q4 guidance.
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, UAL, UTX, WDC, WYNN, XLNX
Thursday – ALXN, ALTR, T, CY, FLEX, INFA, ESI, KELY, MXIM, MSFT, PCX, SNDK, ST, TPX
Friday – MCD, SLB, STI, VZ
AAPL, AMZN, GOOG, PCLN and QCOM all moved higher on Tuesday. BIDU moved lower.
AAPL, AMZN, GOOG, PCLN and QCOM all moved higher on Tuesday. BIDU moved lower.
The broad indices moved higher with the RUT +3.01%, SPX +2.04%, COMPQ +1.63, INDU +1.58%, and NDX +1.31%. The SPX moved up +24.52 and closed at 1,225.38. The VIX moved down -1.83 to 31.56.
The SPX has spent five days at 1,200 - 1,225 horizontal resistance area, the longest time in the past 10 weeks. To breakout the SPX will need the support of the financials, which it had today.
(click image to enlarge)
Many stocks that on Monday broke the low of the high day rallied above their Friday close, reversing, at least temporarily the short term bearish entry. Wednesday will be an interesting day to see how traders trade the broad indexes after AAPL disappoints and INTC beats.
Many of the bear flag entry signals that occurred on Monday reversed and created a low day on Tuesday that could reverse into a potential higher low bull flag signal on Wednesday. Monday’s list: ANR, ATI, CDE, DF, CHL, CIEN , IL
Many of the potential bull flag setups from Monday made either a new low day in the flag pull back or reversed and moved above Monday’s pull back high. Monday’s list included: CRUS, CSTR , DE
Breadth strengthened as advancers led decliners 5.26 to 1 on the NYSE and 3.33 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 2,562 1,982
Decliners 487 595
Leading stocks > +2% on Tuesday FAS, AKS, TSL, BAC, SWK, VMW, STI, ZION, C, MCP, URE, GS, ZAGG, ANR, ENTR, RCL, JNPR, DOW, JDSU, CREE,DLR, UCO, CIEN, GLW, WLT, CAT, ESI, NVDA, SLB, ATI, UNP, X, F, FWLT, KKD, VECO, SWN, SWKS, LNKD, V, CRUS, WDC, DHR, ANF, HAL, CF, CRM, RVBD, SNDK
Losing stocks < -2.0% included CROX, FAZ, IBM, SOHU, LDK, SINA, CSTR
NDX 100 stocks stronger than the NDX included STX, MU, FSLR, JOYG, WCRX, NIHD, PCAR, FLIR, CTXS and NTAP.
Stocks weaker than the NDX include NFLX, CTRP, BIDU, AKAM, YHOO, QGEN, ISRG, ILMN, GMCR and CERN.
Four NDX stocks including ALTR and ESRX moved above their 30 DMA making 77 NDX stocks above the 30 DMA.
Stocks to Watch on Wednesday
Holding Above 30 DMA = 45
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, CMG, DLR, GES, HLF, LNKD, SWKS, SWN, NTES, WLT, RVBD, SLB, UCO
Moving Above 30 DMA = 12
A, AKS, CIEN, FAS, FWLT, GLW, GS, LVS, STI, TBT, URE, ZION
Moving Below 30 DMA = 1
CROX
Staying Below 30 DMA
CREE, ESI, 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
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