Support Bounce Day Two...Indices Form Large White Candles...Steve Jobs Passes Away...

News out this evening that Steve Jobs passed away.  Our sincere condolences to his family, friends and associates at Apple Computer.  The world loses one of its great visionaries and innovators.

All nine sectors moved higher on Tuesday.  XLB +3.98%, XLE +3.68% and XLI +2.12%, were the strongest sectors.

The broad indices all moved higher with the NDX +2.52%, COMPQ +2.32%, SPX +1.79%, RUT +1.46% and INDU +1.21%.  The SPX moved up +20.08 and closed at 1,144.03.  The VIX moved down -3.01 and closed at 37.81..

Breadth strengthened as advancers led decliners 2.69 to 1 on the NYSE and weakened slightly as advancers led 2.09 to 1 on the NASDAQ.

Exchange       NYSE        NASDAQ

Advancers      2,219          1,724

Decliners          820             823          

Leading stocks > +2% on Wednesday TSL, PCX, ANR, LDK, JNPR, ATI, ESI, CF, DOW, CLF, FCX, AKS, SLW, SWKS, FFIV, MOS, ARUN, WDC, CIEN, HAL, UCO, UAL, GLW, POT, ZAGG, WLT, FSLT, SINA, SNDK, SOHU, CDE, X, ANF, CSTR, F, VMW, SWN, CROX, TPX, DE, SLB, VECO, NDAQ, CRUS, A, NVDA, FAS, UNP, JDSU, SMH, SWK, DECK, INFA, RVBD, LVS, NKE, CAT, CREE

Losing stocks < -2.0% included FAZ

NDX 100 stocks stronger than the NDX included RIMM, YHOO, MU, AKAM, APOL, BIIB, JOYG, FFIV, DELL and FSLR.

Stocks weaker than the NDX include SHLD, COST, QGEN, ESRX, GMCR, ORLY, SIRI and CTXS.

Twenty Four NDX stocks including AKAM, AMZN, BRCM, CERN, CSCO, DELL, GILD, GRMN, LLTC, MCHP, MSFT and NTAP moved above their 30 DMA making 42 NDX stocks now above the 30 DMA. 

Stocks to Watch on Thursday

Holding Above 30 DMA = 9

TLT, IBM, ARUN, FAZ, DECK, FFIV, ICE, INFA, SNDK

Moving Above 30 DMA = 5

CRUS, CSTR, F, NDAQ, NKE

Moving Below 30 DMA = 0

Staying Below 30 DMA

UAL, ANF, CMG, ENTR, HLF, HUM, SMH, STI, V, COH, GMCR, TIF, CHL, CRM, CROX, DHR, IL, NVDA, SWKS, TPX,  VMW, JDSU, LVS, NGLS, SLW, SWN, A, CIEN, CREE, DE, RCL, URE, ATI, CF, DOW, GES, KKD, LNKD, MOS, RVBD, SINA, UNP, WDC, CDE, CLF, DLR, FAS, MCP, POT, UCO, WLT, ZION, AKS, CAT, FWLT, PCX, JNPR, NTES, SOHU, ZAGG, GLW, SWK, TSL, BAC, VECO, LDK, HAL, ESI, FCX, GS, SLB, ANR, C, TBT, X

Eight Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Up