SPX Reverses Thursday's Selloff...Closes Higher for the Week at 1,255...

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See Dave on Video in the left hand column under Key Topics.

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All nine sectors moved higher on Friday.  XLI +2.29%, XLE +2.28% and XLF +2.18% were the strongest sectors.

The Euro was up 40 pips to 1.3384 at 5pm EDT on Friday.  TNX was up +0.80 to 20.52.  TLT was down $2.45.  Financials XLF was up 28 cents.

The broad indexes reversed Thursday’s selloff and closed higher Friday on a broad rally with the RUT +3.14%, COMPQ +1.94%, SPX +1.69%, NDX +1.58% and INDU +1.55%.  The broad indexes closed above their 30DMA.  The SPX moved up +20.84 to close at 1,255.19.

 

The broad indexes were each up for the week and approaching their October resistance as seen in the weekly candle chart.  The EU situation that has added to the volatility of the up trend since the first week of October will likely continue to evolve towards solution over the weeks ahead similar to the U.S. situation in 2008 and early 2009.  Keep trend, momentum and volatility in their proper weighting as you make your trading decisions and don't confuse one day selloffs like the market had Thursday with a down trend.  Keep your eye on the chart and see the trend.

 

(click image to enlarge)

SPY moved up +$2.10 on 209 million shares on Friday.

The VIX fell -4.21 to 26.38, its lowest close since Oct 28.  Look for the VIX to drop further going into triple-witching expiration next Friday.

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

Breadth strengthened as advancers led decliners 5.00 to 1 on the NYSE and 4.54 to 1 on the NASDAQ.

Exchange         NYSE        NASDAQ

Advancers        2,176           2,095

Decliners            435              461


Leading stocks > +2% on Friday IL, TSL, FAS, PCX, GRPN, CROX, UAL, SOHU, DECK, RVBD, TBT, JDSU, UCO, ANR, C, FCX, URE, ATI, FFIV, CAT, X, CDE, WLT, RCL, ANF, SLB, HAL, ARUN, AKS, WDC, CRM, NDAQ, A, NKE, F, SWN, VECO, NTES, CLF, CRUS, BAC, COH, DHR, GLW

Losing stocks < -2.0% included FAZ, CSTR, TLT

NDX 100 stocks stronger than the NDX included GMCR, INFY, CELG, FLEX, PCAR, AKAM, CHKP, FFIV, MYL and SYMC.

Stocks weaker than the NDX include SHLD, COST, ILMN, WCRX and XLNX.

Twenty-five NDX stocks including ADBE, BIIB, CELG, CTSH, ESRX, GMCR, INTU, ISRG, LRCX, NVDA, ORCL, QCOM, WFM and YHOO closed above the 30 DMA making 58 NDX stocks above the 30 DMA. 

Stocks to Watch on Monday

Holding Above 30 DMA = 20

NGLS, UCO, CDE, DE, FFIV, NKE, V, WDC, IBM, LDK, TSL, X, ENTR, NTES, SNDK, UAL, CMG, DLR, GS, CSTR

Moving Above 30 DMA = 20

AKS, ATI, C, CAT, CLF, CRUS, F, FAS, FCX, HUM, ICE, IL, NDAQ, NVDA, SLB, SMH, SWK, TBT, UNP, URE

Moving Below 30 DMA = 1

TLT

Staying Below 30 DMA

ANR, DOW, RCL, TSLA, A, COH, DHR, INFA, CHL, CRM, DECK, HAL, HLF, JNPR, RVBD, STI, VECO, ZION, KKD, LVS, SLW, FAZ, GLW, TIF CIEN, JDSU, VMW, ARUN, CF, CREE, SWN, WLT, MOS, PCX, TPX, GES, SOHU, MCP, BAC, CSTR, POT, SINA, SWKS, ZAGG, LNKD, ANF, ESI, CROX, GRPN

Eight Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral

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