Stocks Take Step Back...But End The Month On A Positive Note...

Tuesday, July 31, 2012

One sector moved higher on Tuesday… XLK, XLU, and XLP were the strongest sectors.

FOMC meeting continues on Wednesday, ECB meeting Thursday and Jobs Report and the Unemployment report are released on Friday.

Breadth weakened as decliners led advancers 1.41 to 1 on the NYSE and 1.43 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     1,233        1,021

Decliners       1,749        1,466

Chart Patterns

Breakout:  X, FSLR

Gap Up:  CRUS

Gap Down:  COH, HUM, TIF, FISV

Breakout: CRUS, MCHP, DHR, V

Breakout Continuation: CIEN, SHW, EXPE, CL, KLAC, HAL, ETN, T, S, BRCM, VMED, AEM, AKAM, SWI, WDC, EXPE, KMB

Breakout Pullback: JNPR, JDSU, HLF, COH, SWK, GS, ALGN, COST, MTW, INFA, BIDU, ALTR, BIIB, LMT, PNRA, BA,

Breakout Setup: EBAY, VMW, AMZN, AVGO, FISV, ADSK, FAS, GES, C, CREE, ANF, SMH, URE, MOS, IBM, ICE, LLTC, NSC, WHR, CAT, POT, VECO, HSY

Earnings of Interest Week July 30 – Aug 3

Tuesday: ADM, BMC, COH, XRAY, DB, FMC, KLIC, LIFE, MDC, VLO,

Wednesday: ICE, MA, WTW, YELP,

Thursday: ATVI, AIG, AVD, APA, DTV, HSIC, KFT, LBTYA, LNKD, MELI, MCHP, UPL, ZAGG,

Friday: AGU, NYX, BID,

Technical Commentary:

SPY traded in a narrow range…on lighter than normal volume 120,500,000…closing down - 0.97…at 137.71

SBUX continues down trend after gap down on Friday…closes at 45.28

down - 1.60...Last time at this price level was Dec 2011/Jan 2012...Volume was double of the normal daily volume at 15,200,000…

SINA reversed to the down losing - 2.91 today or - 6.02%…on higher than normal volume at 3,500,000…

NKE moved away from its high to below its 30 DMA losing - 2.50 or

- 2.61%...

FB closed down - 1.44 continuing its downward trend after last Friday’s

Gap down…closing at an all time low of 21.71…

CRUS gapped up on earnings… + 6.93 closing at 36.77 or + 23.22 %... on

13,900,000 shares…3.5 X’s the daily average volume…

X broke out to up side after a double bottom and on positive earnings report… + 1.73…or 9.14%...volume very heavy…moving above 30 DMA

COH gapped down on earnings…down - 11.25 or - 18.57%...

HUM gapped down on earnings… - 8.95 or 12.69%...volume heavy…

FISV gapped down… below 30 DMA…

ANF broke short term support line… currently at 30 DMA…down - 1.59…

Tuesday Highlights:

The SPX moved down - 5.98 at 1,379.32 closing above its 30 DMA and above the 75% level of its April - July trading range of 1,422 – 1,266. 

The Market Forecast green line is pointed up.

30 of 100 NDX stocks closed higher on Tuesday…

Leading NDX 100 stocks included FSLR, AAPL, AVGO, SMYC, MU, NVDA, EXPE, CMCSA

Lagging NDX stocks included FOSL, SBUX, PCLN, FISV, VRTS, EBAY, BBBY, GOLD, MNST, HSIC, XRAY

Leading stocks > +2% on Tuesday included CRUS, X, HLF AKS, SWKS, CLF, VECO

Losing stocks < -2.0% included COH, HUM, BD, SINA, ANF, UCO, TIF, GRPN

Stocks to Watch on Wednesday

Holding Above 30 DMA = 33

URE, MOS, CHL, SLB, TLT, WDC, UCO, TPX, SWK, TIF, DLR, GS, JNPR, RVBD, SWI, CIEN, CROX, CRUS, DHR, FAS, GES, HLF, IBM, SMH, SWKS, V, VECO, VMW, C, FCX, ZAGG, A, RCL

Moving Above 30 DMA = 1

X

Moving Below 30 DMA = 4

NKE, DE, COH, ANF

Staying Below 30 DMA = CREE, ICE, JDSU, STI, FAZ, LNKD, ATI, CRM, TSLA CMG, DECK, ESI, X, ZION, BAC, UAL, FB, AKS, CSTR, LDK, MCP, CLF, GLW, INFA, NTES, TSL, CDE, SOHU, TBT, HUM, SINA, F, GRPN, ANR, LVS

Eight Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

Stock Futures Rise in Pre-Market...

BMO – ES + 2.00 and NQ  + 9.00  trading higher before the open...

SPY is up 16 cents…

XLF is unchanged…

Euro is up 41 pips…
TLT is up 31 cents…

Continue to follow your rules for entry, exit, adjust stops to protect profits at this time according to your rules...

Quoting Up: AAPL, GOOG, CRTX, GOLD, AMZN, CERN, LRCX, BIDU, TEVA, CRUS, HLF, CMG, SLB, CHL, X, SWKS, UCO, CLF

Quoting Down:  STX, AKAM, MNST, INTU, ESRX, KLAC, DTV, PCAR, COH, HUM, TIF, WDC, NKE, GS, IBM, MOS

SPY, DIA Pause Hold Above Breakout and Friday's S1 Level...

Four of nine sectors moved higher on Monday.  XLV, XLI, and XLK were the strongest sectors.

The SPY +0.00%, holds above horizontal resistance on light volume, modest profit taking, closing near its open and trading above the S1 level of  Friday’s large white candle.

CRUS, FISV and HLF gapped higher in after-hours trading following earnings release on Monday.  STX gapped lower following earnings. 

FOMC meeting Tuesday and Wednesday, ECB meeting Thursday and Jobs Report and the Unemployment report are released on Friday.

Breadth weakened as decliners led advancers 1.04 to 1 on the NYSE and 1.76 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     1,467          884

Decliners       1,529        1,563

The SPX moved down -0.67 at 1,385.30 closing above its 30 DMA and above the 75% level of its April - July trading range of 1,422 – 1,266. 

Chart Patterns

Breakout: CRUS, MCHP, DHR, V

Breakout Continuation: CIEN, SHW, EXPE, CL, KLAC, HAL, ETN, T, S, BRCM, VMED, AEM, AKAM, SWI, WDC, EXPE, KMB

Breakout Pullback: JNPR, JDSU, HLF, COH, SWK, GS, ALGN, COST, MTW, INFA, BIDU, ALTR, BIIB, LMT, PNRA, BA,

Breakout Setup: EBAY, VMW, AMZN, AVGO, FISV, ADSK, FAS, GES, C, CREE, ANF, SMH, URE, MOS, IBM, ICE, LLTC, NSC, WHR, CAT, POT, VECO, HSY,

Earnings of Interest Week July 30 – Aug 3

Monday: CRUS, FISV, HLF, STX,

Tuesday: ADM, BMC, COH, XRAY, DB, FMC, KLIC, LIFE, MDC, VLO,

Wednesday: ICE, MA, WTW, YELP,

Thursday: ATVI, AIG, AVD, APA, DTV, HSIC, KFT, LBTYA, LNKD, MELI, MCHP, UPL, ZAGG,

Friday: AGU, NYX, BID,

Technical Commentary:

SPY and DIA traded above horizontal resistance and QQQ closed at horizontal resistance with a potential breakout setup.  Monday’s price action did pause as we alerted you to watch for on Friday. 

The Euro, interest rates and financial stocks closed lower while the VIX and bonds moved higher.

Monday Highlights:

SPY closes unchanged at 138.68 on 106.8 million shares light profit taking following the heaviest rising volume day in 2012 on Friday, closed above 30 DMA for the third straight day.

The Euro moved down 54 pips, closed at 1.2262

TNX -0.51 at 15.04

VIX up +1.33 at 18.03

XLF down -3 cents at 14.73

AAPL up +9.87 at 595.03 on 16.5 million shares...

FB down -55 cents at 23.15 on volume of 29.3 million shares

KYAK up +51 cents, +1.54% at 33.65 on .164 million shares

FIVE +16 cents at 29./1 on .260 million shares…

The Market Forecast green line is pointed up.

28 of 100 NDX stocks closed higher on Monday…

Leading NDX 100 stocks included EXPE, PCLN, FOSL, AMZN, GILD, VRSN, RIMM, AMGN, PCAR, MU

Lagging NDX stocks included SBUX, CA, CERN, WFM, LRCX, BMC, STX

Leading stocks > +2% on Monday included ZAGG, CRUS, LVS

Losing stocks < -2.0% included TSL, GRPN, ESI, TSLA, TPX, LDK, CSTR, CRM, DECK, INFA, HLF, ANF, VMW, SOHU, COH, RVBD, FB

Stocks to Watch on Tuesday

Holding Above 30 DMA = 35

URE, MOS, CHL, ANF, SLB, TLT, WDC, UCO, TPX, SWK, TIF, DLR, GS, JNPR, RVBD, SWI, CIEN, COH, CROX, CRUS, DHR, FAS, GES, HLF, IBM, NKE, SMH, SWKS, V, VECO, VMW, C, DE, FCX, ZAGG

Moving Above 30 DMA = 8

A, RCL

Moving Below 30 DMA = 4

CREE, ICE, JDSU, STI

Staying Below 30 DMA

FAZ, LNKD, ATI, CRM, TSLA CMG, DECK, ESI, X, ZION, BAC, UAL, FB, AKS, CSTR, LDK, MCP, CLF, GLW, INFA, NTES, TSL, CDE, SOHU, TBT, HUM, SINA, F, GRPN, ANR, LVS

Eight Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

Stocks Consolidating Gains Above Breakout Level...

10:18 am ET – ES + 1.00 and NQ  + 11.00  trading higher shortly after the open... Stocks are mixed this morning after the open with advancers leading decliners 1.27 to 1, consolidating last week’s gains as is typical following a horizontal breakout…

SPY is up 38 cents…

XLF is down 1 cent…

Euro is down 41 pips…
TLT is up 16 cents…

Continue to follow your rules for entry, exit, adjust stops to protect profits at this time according to your rules...

Quoting Up: GMCR, EXPE, AAPL, SPLS, CSCO, WYNN, MXIM, VRTX, LRCX, LVS, MCP, LNKD, V, WDC, DLR, FCX, F, CRUS, CDE, ZAGG, CIEN, SWK, VECO

Quoting Down:  CTXS, MU, FSLR, CHKP, SNDK, NFLX, SYMC, ALTR, GRPN, ANR, ESI, TPX, VMW, CRM, ANF, DECK, INFA, ATI, SINA, GES, CSTR, SOHU

SPY Horizontal Resistance Ascending Triangle Breakout...Wow, Trends Do Persist Through Complex Consolidations...

All nine sectors moved higher on Friday for the second straight day.  XLV, XLI, and XLK were the strongest sectors and each gained more than 2%.  XLV, XLI, XLK, XLY and XLF were stronger than SPY.

The SPY +1.84%, breaks out of its complex consolidation ascending triangle on heavy volume closing near the high of the day.

Breadth strengthened as advancers led decliners 5.15 to 1 on the NYSE and 3.41 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     2,528       1,921

Decliners          490          563

The SPX moved up +25.95 at 1,385.97 closing above its 30 DMA and above the 75% level of its April - July trading range of 1,422 – 1,266. 

Chart Patterns

Breakout: JNPR, HLF, JDSU, COH, SWK, CIEN, GS, VMW, DHR, ALGN, SHW, COST, AMZN, EXPE, CL, VMW, MTW, KLAC,

Breakout Setup: AVGO, FISV, ADSK, CRUS, MCHP, INFA, FAS, GES, C, CREE, CREE, ANF, SMH, URE, V, MOS, IBM, ICE

Chart Patterns to Watch

Earnings Reaction Week July 16 - 20

Stocks Up

BIDU, HAL, ETN, ALTR, T, BIIB, BRCM, JNPR, LLTC, LMT, NSC, PCAR, PNRA, RVBD, TPX, WHR, VMED, AEM, AKAM, BA, BMY, CAT, CROX, DLR, LLY, HES, SWI, V, WDC, WFM, ALXN, MMM, AMZN, AMGN, CELG, CL, DECK, EXPE, GILD, INFA, KMB, KLAC, MXIM, POT, VECO, HSY

Stable

STLD, TXN, VMW, DD, SAVE, SPG, CTXS, COP, DAL, F, LRCX, ALK, XOM, NTGR, RCL, UTX,

Stocks Moving Down

MCD, ZION, AKS, AAPL, CHRW, NFLX, BTU, VMI, CLF, GLW, LVS, ORLY, LCC, ZNGA, TSLA, CA, CERN, CSTR, FB, SBUX, UAL,

Earnings of Interest Next Week July 30 – Aug 3

Monday: CRUS, FISV, HLF, STX,

Tuesday: ADM, BMC, COH, XRAY, DB, FMC, KLIC, LIFE, MDC, VLO,

Wednesday: ICE, MA, WTW, YELP,

Thursday: ATVI, AIG, AVD, APA, DTV, HSIC, KFT, LBTYA, LNKD, MELI, MCHP, UPL, ZAGG,

Friday: AGU, NYX, BID,

Technical Commentary:

SPY and DIA broke out of horizontal resistance and QQQ closed at horizontal resistance.  IWM had the largest broad index gain on Friday and is still below horizontal resistance.  Semiconductor stocks took off this week helping to lead NDX higher.

Look for a potential pause early in the week after Friday’s breakout and a potential return move or test of the break out area.

The Euro, interest rates and financial stocks rose while the VIX and bonds moved lower.

Friday Highlights:

SPY closes up 2.50on 236.4 million shares the heaviest rising volume day in 2012, closed above 30 DMA for the second straight day.

The Euro moved up 36 pips, closed at 1.2216

TNX +1.27 at 15.55

VIX down -0.83 at 16.70

XLF up 28 cents at 14.76

AAPL up +10.28 at 585.16 on 14.4 million shares...

FB down -3.14 at 23.70 on volume of 123.1 million shares, after earnings on Thursday...

KYAK up +54 cents, +1.66% at 33.05 on .276 million shares

FIVE +1.76 at 29.65 on .226 million shares…

The Market Forecast green line is pointed up.

93 of 100 NDX stocks closed higher on Friday…

Leading NDX 100 stocks included EXPE, PCLN, FOSL, AMZN, GILD, VRSN, RIMM, AMGN, PCAR, MU

Lagging NDX stocks included SBUX, CA, CERN, WFM, LRCX, BMC, STX

Leading stocks > +2% on Friday included ANR, GRPN, INFA, AKS, DECK, JNPR, SOHU, FAS, CRM, HLF, GES, TSLA, SINA, ATI, MCP, X, DE, JDSU, TSL, COH, TPX, SWK, C, CIEN, GS, A, CREE, FCX, VMW, HUM, TBT, RVBD, ANF, GLW, SWKS, LNKD, CRUS, TIF, ZAGG, SMH, SLB, URE, VECO, ZION, DLR, CMG, CLF

Losing stocks < -2.0% included CSTR, FB, FAZ, CROX

Stocks to Watch on Monday

Holding Above 30 DMA = 31

URE, MOS, CHL, ANF, SLB, TLT, WDC, UCO, TPX, SWK, TIF, DLR, GS, JNPR, RVBD, SWI, CIEN, COH, CROX, CRUS, DHR, FAS, GES, HLF, IBM, NKE, SMH, SWKS, V, VECO, VMW

Moving Above 30 DMA = 8

C, CREE, DE, FCX, ICE, JDSU, STI, ZAGG

Moving Below 30 DMA = 0

Staying Below 30 DMA

FAZ, LNKD, ATI, CRM, TSLA CMG, DECK, ESI, RCL, X, ZION, BAC, UAL, FB, AKS, CSTR, LDK, MCP, CLF, GLW, INFA, NTES, TSL, A, CDE, SOHU, TBT, HUM, SINA, F, GRPN, ANR, LVS

Seven Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

Stock Futures Rise in Pre-Market...GDP Shows Better Than Expected Growth...FB And SBUX Slide...

BMO – ES + 6.50  and NQ  + 16.75  points to a higher open...

SPY is up 56 cents…

XLF is up 4 cents…

Euro is up 12 pips…
TLT is down 1.09…

GDP report shows better than expected growth at 1.5%...still an indication of a slowdown…Stock Futures rise in Pre-market…

SBUX slide after earning report…as does FB…

Continue to follow your rules for entry, exit, adjust stops to protect profits at this time according to your rules...

Quoting Up: PCLN, EXPE, AMZN, AMGN, GOOG, VRTX, GILD, FOSL, BIDU, GOLD, NFLX, CELG, DECK, INFA, FAS, CRM, VMW

Quoting Down:  SBUX, CERN, DTV, CA, KLAC, PNRA, AAPL, GMCR, CSTR, FB, LNKD, FAZ

SPY, AKAM, WDC, CROX, VECO, SWI, EXPE, DECK Soar...CERN, CSTR, FB, SBUX, ZNGA Fall...

All nine sectors moved higher on Thursday.  XLE, XLP, and XLY were the strongest sectors.

Breadth strengthened as advancers led decliners 2.72 to 1 on the NYSE and 1.89 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     2,223       1,615

Decliners          817          852

The SPX moved up +22.13 at 1,360.02 closing above its 30 DMA and above the mid-section of its April-July trading range of 1,422 – 1,266. 

Earnings of Interest Week July 23 - 27

Thursday: MMM, ALK, AMZN, AMGN, CA, CELG, CERN, CSTR, CL, DECK, EXPE, XOM, FB, GILD, INFA, KMB, KLAC, MXIM, NTGR, POT, RCL, SBUX, UAL, UTX, VECO, HSY

Friday:

Technical Commentary:

SPY, DIA and QQQ gapped higher following comments from the ECB that they were committed to the success of the EU and Euro.

Look for earnings reactions to continue after AMZN, DECK, EXPE, CL, MMM and VECO moved higher and CERN, CSTR, FB, SBUX, and UAL moved lower after releasing earnings on Thursday. 

    

The Euro, interest rates and financial stocks rose while the VIX and bonds moved lower.

Thursday Highlights:

SPY closes up 2.21 on 156.4 million shares, closed above 30 DMA

The Euro moved up 126 pips, closed at 1.2280

TNX +0.22 at 14.28

VIX down -1.81 at 17.53

XLF up 21 cents at 14.48

AAPL down -0.09 at 574.88 on 14.5 million shares...

FB down -2.49 at 26.85 on volume of 63.8 million shares, falls another 2.87 after earnings on Thursday...

KYAK up +35 cents, +1.09% at 32.51 on .150 million shares

FIVE +84 cents at 27.89 on ..294 million shares…

The Market Forecast green line is pointed down below 80.

86 of 100 NDX stocks closed higher on Thursday…

 Leading NDX 100 stocks included AKAM, STX, WFM, FOSL, MYL, ADSK, MRVL, SNDK, SBUX, BIDU

Lagging NDX stocks included NFLX, CHRW, PCLN, EXPE, AAPL, EXPD, AMZN, CTXS, RIMM, SPLS

Leading stocks > +2% on Thursday included WDC, CROX, VECO, SWI, HLF, VMW, CRUS, LDK, CIEN, SLB, FAS, GES, JDSU, COH, INFA, V, DECK, NKE, ATI, SWK, STI, FCX, TIF, SWKS, GS, SMH, JNPR

Losing stocks < -2.0% included ESI, GRPN, FB, CLF, UAL, FAZ, LVS, TSLA, RVBD, HUM, CMG, ANR

Stocks to Watch on Friday

Holding Above 30 DMA = 16

URE, MOS, CHL, ANF, SLB, TLT, WDC, UCO, TPX, SWK, TIF, DLR, GS, JNPR, RVBD, SWI

Moving Above 30 DMA = 5

CIEN, COH, CROX, CRUS, DHR, FAS, GES, HLF, IBM, NKE, SMH, SWKS, V, VECO, VMW

Moving Below 30 DMA = 2

FAZ, ZAGG

Staying Below 30 DMA

LNKD, ATI, CRM, FCX, STI, TSLA CMG, CREE, DECK, ESI, ICE, RCL, X, ZION, BAC, C, DE, UAL, FB, AKS, CSTR, JDSU, LDK, MCP, CLF, GLW, INFA, NTES, TSL, A, CDE, SOHU, TBT, HUM, SINA, F, GRPN, ANR, LVS

Seven Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

Futures React Positively In Pre-Market After European Central Bank Announces Intention To Preserve Euro...Weekley Jobless Claims Down...

BMO – ES + 15.50  and NQ  + 33.00  points to a higher open...

SPY is up.1.69…

XLF is up 21 cents…

Euro is up 152 pips…
TLT is down 80 cents…

European Central Bank chief prepared to preserve Euro…street reacts positively…

Weekly Jobless claims lowered to 353,000…

Continue to follow your rules for entry, exit, adjust stops to protect profits at this time according to your rules...

Quoting Up: ISRG, WFM, PCLN, GOOG, AKAM, STX, AAPL, CELG, AMZN, BIDU, GOLD, QCOM, BRCM, BOD, SNDK, WDC, FAS, CMG, CRM, V, COH, VMW, GS, SLB, IBM

Quoting Down:  ORLY, APOL, CTXS, LRCX, FB, LVS, FAZ

Support Holds Following AAPL, NFLX Drop, WFM, WDC, AKAM Gap Up After the Close...

SWI +8.00, ALXN +7.51, BA +2.00, HES +1.53 and CAT +1.17 moved higher after releasing earnings BMO.  WFM +9.82, WDC +6.33, AKAM +4.85 rose in after-hours trading while ZNGA -1.95 and CTXS -2.89 fell after reporting earnings following the close Wednesday afternoon.  AAPL -25.95 and NFLX -20.11 finished lower and PNRA +11.45, RVBD +3.77, ALTR +3.74 and BRCM +2.21 closed higher following reporting earnings after the close on Tuesday.

Varied reactions indicate that selectivity is still functional and a key factor during this earnings season.

The AAPL miss did not lead to the market breaking below its July 12 support and buyers took advantage of AAPL at the 570 level.

Five of nine sectors moved higher on Wednesday and one sector XLB closed unchanged.  XLV, XLF, and XLI were the strongest sectors.

Breadth strengthened as advancers led decliners 1.16 to 1 on the NYSE and 1.42 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     1,613       1,434

Decliners       1,382       1,003

The SPX moved up -0.42 at 1,337.89 closing below its 30 DMA for the second straight day and just below the mid-section of its April-July trading range of 1,422 – 1,266. 

Earnings of Interest Week July 23 - 27

Monday: BIDU, HAL, MCD, STLD, TXN, VMW, ZION

Tuesday: AKS, ALTR, AAPL, T, BIIB, BRCM, CHRW, DD, JNPR, LLTC, LMT, NFLX, NSC, PCAR, PNRA, BTU, RVBD, SAVE, SPG, TPX, VMI, WHR, VMED,

 Wednesday: AEM, AKAM, BA, BMY, CAT, CTXS, CLF, COP, GLW, CROX, DAL, DLR, LLY,  F, HES, LRCX, LVS, ORLY, SWI, LCC, V, WDC, WFM, ZNGA, ALXN, TSLA

Thursday: MMM, ALK, AMZN, AMGN, CA, CELG, CERN, CSTR, CL, DECK, EXPE, XOM, FB, GILD, INFA, KMB, KLAC, MXIM, NTGR, POT, RCL, SBUX, UAL, UTX, VECO, HSY

Friday:

Technical Commentary:

DIA, IWM and SPY closed higher forming a bullish harami pattern and QQQ closed lower forming a spinning top following AAPL negative earnings reaction.  

Look for earnings reactions to continue this week.

    

The Euro and financial stocks rose while interest rates closed just above even.  The VIX moved lower while gold rose and suggesting a stable level of fear on Wednesday even after negative reactions to AAPL and NFLX.

Wednesday Highlights:

SPY closes up 3 cents on 129.1 million shares, below 30 DMA

The Euro moved up 93 pips, closed at 1.2154

TNX +0.02 at 14.06

VIX down -1.13 at 19.34

XLF up 6 cents at 14.27

AAPL down -25.95 at 574.97 on 31.3 million shares...

FB up 89 cents at 29.34 on volume of 17.1 million shares, reports earnings on Thursday AMC...

KYAK -49 cents, -1.50% at 32.16 on .250 million shares

FIVE -55 cents at 27.05 on ..426 million shares…

The Market Forecast green line is pointed down below 80.

64 of 100 NDX stocks closed higher on Wednesday…

Leading NDX 100 stocks included SYMC, ALTR, PNRA, ALXN, BRCM, GOLD, LLTC, FLEX, BIIB, FFIV

Lagging NDX stocks included NFLX, CHRW, PCLN, EXPE, AAPL, EXPD, AMZN, CTXS, RIMM, SPLS

Leading stocks > +2% on Wednesday included RVBD, SWI, JNPR, TPX, CDE, FB, JDSU, CIEN, WDC, C, SMH

Losing stocks < -2.0% included GLW, ESI, DECK, ANR, CLF, AKS, TSLA, HUM, ATI, LVS, CSTR, MCP

Stocks to Watch on Thursday

Holding Above 30 DMA = 13

URE, MOS, CHL, ANF, SLB, TLT, WDC, UCO, TPX, SWK, TIF, ZAGG, FAZ

Moving Above 30 DMA = 5

DLR, GS, JNPR, RVBD, SWI

Moving Below 30 DMA = 2

HLF, VMW

Staying Below 30 DMA

LNKD, SWKS, V, ATI, CRM, FCX, IBM, STI, TSLA CIEN, CMG, COH, CREE, CRUS, DECK, ESI, FAS, GES, ICE, RCL, SMH, X, ZION, DHR, BAC, C, DE, UAL, FB, VECO, AKS, CSTR, JDSU, LDK, MCP, CLF, CROX, GLW, INFA, NTES, TSL, A, CDE, SOHU, TBT, HUM, SINA, F, GRPN, NKE, ANR, LVS

Seven Week Intermediate Term Market Trend: Up

Short Term Market Trend: Down

Stock Futures Up in Pre-Market Open...AAPL Earnings Disappoint...RVBD And PNRA Up After Earnings...

BMO – ES + 5.00  and NQ  - 10.75 points to a mixed open...SPY is up .13 cents…

XLF is up 3 cents…

Euro is up 67 pips…
TLT is down 47 cents…

AAPL is down 28.27 in pre-market after earnings disappoint…

RVBD is up 3.76 after positive earnings report…

PNRA is up 9.59 after earnings report…

Continue to follow your rules for entry, exit, adjust stops to protect profits at this time according to your rules...

Quoting Up: PNRA, ISRG, ALXN, ALTR, BRCM, GOLD, BIDU, BBBY, SYMC, XLNX, AMGN, SBUX, VOD, RVBD, CMG, TPX, CRM, SWI

Quoting Down:  AAPL, NFLX, PCLN, GOOG, AMZN,

Earnings: AAPL, NFLX Fall...PNRA, RVBD Rise in After-hours Trading...

Before the open on Tuesday, VMED +0.72, +2.85%, WHR -5.06, -7.52% and DD -0.97, -1.99% reported earnings.  After the close AAPL -33.12, -5.51% missed and NFLX -13.39, -16.66% expect to miss subscriber 2012 goal, reported earnings with negative reactions.  PNRA +10.02, +7.06% and RVBD +3.42, +23.51% also reported earnings with positive reactions.  Varied reactions indicate that selectivity is still functional and a key factor during this earnings season.

The AAPL miss could lead to a weaker multi-week trend as NQ futures are near its July 12 low in after-hours trading.

All nine sectors moved lower on Tuesday.  XLF, XLP, and XLY were the strongest sectors.

Breadth strengthened slightly as decliners led advancers 2.91 to 1 on the NYSE and 2.55 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers        768          690

Decliners       2,240       1,761

The SPX moved up -12.21 at 1,338.31 closing below its 30 DMA and just below the mid-section of its April-July trading range of 1,422 – 1,266. 

Earnings of Interest Week July 23 - 27

Monday: BIDU, HAL, MCD, STLD, TXN, VMW, ZION

Tuesday: AKS, ALTR, AAPL, T, BIIB, BRCM, CHRW, DD, JNPR, LLTC, LMT, NFLX, NSC, PCAR, PNRA, BTU, RVBD, SAVE, SPG, TPX, VMI, WHR, VMED,

Wednesday: AEM, AKAM, BA, BMY, CAT, CTXS, CLF, COP, GLW, CROX, DAL, DLR, LLY, DAVE, F, HES, LRCX, LVS, ORLY, SWI, LCC, V, WDC, WFM, ZNGA, ALXN, TSLA

Thursday: MMM, ALK, AMZN, AMGN, CA, CELG, CERN, CSTR, CL, DECK, EXPE, XOM, FB, GILD, INFA, KMB, KLAC, MXIM, NTGR, POT, RCL, SBUX, UAL, UTX, VECO, HSY

Friday:

Technical Commentary:

SPY, DIA and QQQ pulled back for a third straight day and fell further in after-hours trading following AAPL earnings.  AAPL as all are aware is an important company and reaction during earnings season is an important factor whether the broad indexes will hold July 12 support or not.   

Look for earnings reactions to continue this week after VMED, WHR, DD, AAPL, NFLX, PNRA and RVBD released earnings on Tuesday.  Will AAPL trade down on Wednesday or hold its after-hours close at 567.

     

The Euro led interest rates and financial stocks lower.  The VIX rose while gold remains stable and suggesting a rising level of fear on Tuesday.

Tuesday Highlights:

SPY closes down -1.16 on 173.1 million shares, closed below 30 DMA

The Euro moved down -54 pips, closed at 1.2061

TNX -0.31 at 14.04 a new closing low

VIX gained +1.85 at 20.47

XLF down -4 cents at 14.21

AAPL down -2.91 at 600.92 on 17.4 million shares, down -33.12 after reporting earnings, expected move  ...

FB down -30 cents at 28.45 on volume of 11.5 million shares, reports earnings on Thursday AMC...

KYAK +1.10, +3.49% at 32.65 on .642 million shares

FIVE +5 cents at 27.60 on .343 million shares…

The Market Forecast green line is pointed down below 80.

14 of 100 NDX stocks closed higher on Tuesday…

Leading NDX 100 stocks included BIDU, GRMN, VMED, NTAP, MU, RIMM, LINTA, PCAR, NFLX, GMCR

Lagging NDX stocks included CSCO, FFIV, APOL, SIAL, ATVI, VRTX, FAST, NUAN, CELG, SHLD

Leading stocks > +2% on Tuesday included SINA

Losing stocks < -2.0% included ANR, ESI, LDK, TSL, UAL, MCP, CMG, CLF, SWKS, INFA, ATI, ZION, CRM, A, FCX, ANF, TSLA, JNPR, ZAGG, SLB, CROX, DECK, CRUS, AKS, X

Stocks to Watch on Wednesday

Holding Above 30 DMA = 15

HLF, URE, MOS, CHL, ANF, SLB, TLT, WDC, UCO, TPX, SWK, TIF, VMW, ZAGG, FAZ

Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

LNKD, SWKS, V

Staying Below 30 DMA

ATI, CRM, FCX, IBM, STI, TSLA CIEN, CMG, COH, CREE, CRUS, DECK, ESI, FAS, GES, GS, ICE, JNPR, RCL, RVBD, SMH, X, ZION, DHR, DLR, BAC, C, DE, UAL, FB, VECO, AKS, CSTR, JDSU, LDK, MCP, CLF, CROX, GLW, INFA, NTES, SWI, TSL, A, CDE, SOHU, TBT, HUM, SINA, F, GRPN, NKE, ANR, LVS

Seven Week Intermediate Term Market Trend: Up

Short Term Market Trend: Down