SPY Reverses Thursday's Gains, Consolidating Above Support...AAPL, GOOG Roll Over...

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Blog on vacation next week.

All nine sectors moved down on Friday, XLP, XLY and XLU were the strongest sectors.

Breadth weakened as decliners led advancers 3.19 to 1 on the NYSE and 3.38 to 1 on the NASDAQ.

Exchange NYSE NASDAQ

Advancers 718 565

Decliners 2,294 1,910

SPY fell 1.65 on 169.2 million shares. SPY consolidating and forming potential bear flag or trading range.

GOOGLE drops 26.41 after reporting a 61% increase in Q1 profits on slightly better than expected sales.

CSTR gaps higher and closes up 7.29% after raising its first quarter and 2012 forecasts.

AAPL down 17.54, breaks 620 support, short-term support 594 area.

Earnings will dominate trading next week.

Key Earnings to Watch:

Monday – C

Tuesday – KO, CREE, GS, INTC, IBM, ISRG, JNJ, LLTC, STX, STT, YHOO

Wednesday – AXP, EBAY, FFIV, HAL, LRCX, QCOM, SWK, VMW

Thursday – AMD, ALTR, BAC, DHR, DD, FCX, MSFT, MS, RVBD, SNDK, TPX, TRV, UNP

Friday – GE, GILD, MCD, RCL

New Highs – CMG, BIDU, SBUX

Leading NDX 100 stocks included MNST, VRSN, ADSK, SBUX, STX, AKAM, CTXS, PNRA, DLTR

Lagging NDX stocks included INFY, FSLR, VRTX, GOOG, CTSH, NVDA, RIMM, LRCX, AAPL

Leading stocks > +2% on Friday included CSTR, FAZ, VMW, CROX

Losing stocks < -2.0% included FAS, BAC, LDK, GS, ESI, STI, X,CDE, JNPR, C, AKS, ATI, GRPN, RVBD, TBT, CREE, A, ZION, SLB, SWKS, ANR, CLF, FCX, TSL, CRUS, ANF

Stocks to Watch on Monday

Holding Above 30 DMA = 20

CMG, LNKD, LVS, CRM, VMW, MCP, ZAGG, HUM, TLT, CHL, CIEN, CREE, CROX, NTES, TPX, UAL, CLF, DLR, INFA, V

Moving Above 30 DMA = 2

CSTR, FAZ

Moving Below 30 DMA = 16

AKS, ANR, BAC, CRUS, DHR, ESI, FAS, GLW, IBM, JNPR, SMH, SOHU, STI, URE, X, ZION

Staying Below 30 DMA

NKE, A, DE, HLF, SWK, TBT, ANF, F, JDSU, WDC, C, GS, RVBD, SWI, SWKS, TSLA, COH, RCL, TIF, GRPN, MOS, UCO, VECO, ICE, SINA, TSL, ATI, GES, CDE, LDK, SLB, DECK, FCX, PCX

Six Month Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral