SPX Closes Higher as Euro Rises...Financials Fall Following C and WFC Earnings

Seven of nine sectors moved higher on Tuesday, XLE, XLV and XLB were the strongest sectors.

Money Flow

Euro       +56 pips   1.2735

TNX      -0.03            18.50

TLT     +0.56           121.44

XLF      -0.10            13.71

SPX     +4.58       1,293.67

VIX      +1.31            22.22

INDU +0.48%

NDX +0.90%

SPX +0.35%

COMPQ +0.64%

RUT +0.17%

Money Flow did follow the Euro higher early.  However just after the open TNX began to reverse and closed slightly lower.  Around 9:50 am ET bonds began to rise, XLF began to fall and the SPX pulled back from its high.  At the end of the day the Euro was higher, TNX flat, bonds higher, XLF lower and the SPX higher. 

The VIX did NOT confirm the rising SPX today.  The SPY gapped above last week’s high or resistance of 127.90 but closed under that high.

Tuesday Earnings of Interest

C miss

WFC beat

CHKP beat

CREE miss

LLTC beat

 (click image to enlarge)

Earnings start in number this week with EBAY, FFIV, FAST, GS, STT, XLNX, AMD, BAC, FLEX, FCX, GOOG, INTC, IBM, ISRG, MSFT, MS, SWKS, UNP, UNH, GE, STI and SLB reporting Tuesday through Friday.

 (click image to enlarge)

SPY moved up 50 cents on volume of 131.8 million shares.

Breadth strengthened as advancers led decliners 1.59 to 1 on the NYSE and 1.16 to 1 on the NASDAQ.

Exchange        NYSE        NASDAQ

Advancers       1,841          1,365

Decliners         1,151           1,170

AAPL, ORCL, AMZN, CSCO, GILD, QCOM, GOOG, CHKP, PCLN, NSWA and RIMM led the NDX higher on Tuesday.

Leading stocks > +2% on Tuesday TSLA, CRUS, SWKS, UCO, SOHU, JDSU, WLT, FCX, A, SINA

Losing stocks < -2.0% included C, PCX, RCL, ANR, ICE, KKD

NDX 100 stocks stronger than the NDX included SHLD, GMCR, RIMM, CHKP, WFM, LRCX, WYNN, MNST, EXPE and ALXN.

Stocks weaker than the NDX include CTRP, MRVL, ATVI, NUAN, EA, NVDA, CERN, MU, VRTX and NTAP.

Five NDX stocks CHKP, CTXS, GMCR, LRCX and WYNN closed above the 30 DMA and one ATVI closed below the 30 DMA leaving 80 NDX stocks above their 30 DMA. 

Stocks to Watch on Wednesday

Holding Above 30 DMA = 61

V, WDC, LDK, DLR, IL, URE, CMG, DE, DOW, ENTR, FAS, HUM, SWK, UNP, F, NKE, ATI, CIEN, CRUS, SMH, SWKS, ZION, JDSU, NGLS, AKS, BAC, CF, CHL, DHR, STI, X, A, C, CAT, CLF, FCX, MOS, POT, TPX, ESI, RVBD, SNDK, GLW, KKD, CREE, GS, JNPR, CROX, HLF, LNKD, LVS, RCL, SLW, SOHU, TSL, CSTR, SINA, TLT, VECO, COH, MCP

Moving Above 30 DMA = 1

UCO

Moving Below 30 DMA = 1

GES

Staying Below 30 DMA

ANR, ARUN, CDE, FFIV, HAL, NDAQ, NVDA, SLB, TBT, TIF, PCX, ANF, IBM, ICE, GRPN, NTES, FAZ, TSLA, INFA, CRM, DECK, VMW, SWN, WLT, ZAGG

Fifteen Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral