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Dave will be on TastyTrade.com Wednesday morning at 9 am CST.
Stocks were mixed, following Monday’s large gains, in a lighter volume trading day indicating a consolidation on some short term profit taking. Many stocks continued Monday’s support bounce with moves to the upside including HD, LOW, PRGO, PM, CMG, COG, APA, STX, WDC and others. AMR stock fell -83.95% to 26 cents after filing for bankruptcy protection and UAL rose +6.3%.
Many tech stocks and financial stocks failed to follow Monday’s bounce and pulled back. S&P lowered credit ratings on 15 global banks including JPM, BAC, C, WFC, GS and MS.
Seven of nine sectors moved higher on Tuesday. XLE +1.43%, XLU +1.09% and XLP +1.04% were the strongest sectors.
The Euro was down 4 pips to 1.3314 at 5pm EDT on Tuesday. TNX was up +0.38 to 19.96. TLT was down 99 cents. Financials XLF was down 6 cents.
The broad indexes were mixed after Monday’s strong support bounce and paused at their short-term resistance of the 10 DMA with the INDU +0.28%, SPX +0.22%, COMPQ -0.47%, NDX -0.58% and RUT -1.80%. The SPX moved up +2.64 to close at 1,195.19.
(click image to enlarge)
SPY traded 199 million shares.
The VIX moved down -1.49 to 30.64.
AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Tuesday.
Breadth weakened as decliners led advancers 1.05 to 1 on the NYSE and 1.62 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 1,469 966
Decliners 1,548 1,566
Leading stocks > +2% on Tuesday UAL, GRPN, SINA, CRUS, UCO, WDC, ANR, HAL, SLB
Losing stocks < -2.0% included GLW, TIF, CROX, TSL, SNDK, BAC, GES, COH, LVS, SLW, IL, TSLA, CREE, VMW, X, RVBD
NDX 100 stocks stronger than the NDX included RIMM, STX, DLTR, APOL, YHOO, ROST, QGEN, EXPE, VMED and COST.
Stocks weaker than the NDX include GMCR, WYNN, NFLX, SNDK, EBAY, CTXS, CTRP, AMZN, SYMC and BRCM.
Six NDX stocks including APOL, COST, DLTR and MAT closed above the 30 DMA while four closed below, making 15 NDX stocks above the 30 DMA.
Stocks to Watch on Wednesday
Holding Above 30 DMA = 14
TSLA, NGLS, UCO, TLT, FAZ, DLR, CDE , DE
Moving Above 30 DMA = 0
Moving Below 30 DMA = 2
ATI, GLW
Staying Below 30 DMA
FFIV, CAT, A, AKS, CHL, CLF, IBM, INFA, NDAQ, NTES, RVBD, SWK, TIF, X, CIEN, HAL, JDSU, JNPR, LVS, SLB, SNDK, VMW, ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, SLW, SMH, SWN, URE, WLT, CMG, DECK, DOW, HLF, ICE, MOS, PCX, TPX, C, GES, LDK, RCL, VECO, ENTR, FAS, GS, SOHU, STI, ZION, MCP, BAC, F, TSL, CSTR, IL, POT, SINA, SWKS, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, GRPN
Eight Week Intermediate Term Market Trend: Up
Short Term Market Trend: Up
3 comments:
Thanks Dave.
I will be watching.
My belated Thanksgiving reply is that I am thankful for the health of my family and myself. I am also thankful that we have access to health care. Without health it is difficult to be thankful for anything else.
Your student
Paula
Paula,
Thank you for sharing and I totally agree with good health and competent health care.
May your family be continued to be blessed.
Dave
Markets move in patterns
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