Monday, July 23, 2012

SPY, Euro, TNX, XLF Move Lower as Bonds, VIX Rise...


All nine sectors moved lower on Monday.  XLI, XLU, and XLF were the strongest sectors.


Breadth weakened as decliners led advancers 3.24 to 1 on the NYSE and 3.77 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ
Advancers        712          525
Decliners       2,307       1,982

SPY moved down 1.26 to 135.09 on 145.1 million shares, closing above its 30 DMA for the nineteenth consecutive day.  The SPX moved up -12.14 at 1,350.52. 

The Market Forecast green line is in the upper reversal zone.

AAPL down -47 cents at 603.83 on 17.4 million shares, reports earnings AMC Tuesday...

FB down -1 cent at 28.75 on volume of 12.4 million shares, reports earnings on Thursday AMC...

FIVE +28 cents at 27.55 on .233 million shares…

KYAK -1.63, -4.91% at 31.55 on .779 million share



Chart Patterns
Daily Bull Flags Setups: SWKS, MOS, VMI, LLTC, HSY, MLNX, POT, FMC, WFC, HIBB, COP, SPY, DIS, DIA, QQQ, URE, V, ESRX, ROST, KMB, SAVE, UCO, COF

Flag Bounce Continuation: GE, ZAGG, PCLN,

Breakout Continuation: GOOG, EBAY


Breakout Setup: AVGO, ALGN, SHW, COST, AMZN, EXPE, NFLX, GOLD, VMED, CL, FISV, VMW, MTW, ADSK, CRM, CRUS, KLAC, CTXS, MCHP

At Support: SPG, ADP, MU, DE, VRSN, TSLA, MCD, MSFT, ALXN, FAS, C, LNG, LEN, DKS, VECO, X, AKS, AKAM, TFM, ODFL, SWI, INFA, GLW, GMCR, CSTR, A, AMAT, F


Break of Support: GOLD, MCP, SBUX, MNST, SHLD, CMG, ULTA, APOL

Bear Flag: JDSU, MRVL,


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 second straight forming a potential ascending triangle after reaching horizontal resistance on Thursday.  Strength going into the close suggests potential bounce on TuesdayLook for a potential move above the high of the low day on Tuesday.

The Euro led interest rates and financial stocks lower.  The VIX rose but remains relatively low, gold remains stable and neither suggests high levels of fear.

Look for earnings reactions to continue this week after MCD, ETN, HAL, BIDU and VMW released earnings on Monday.  A large number of companies releasing earnings including AAPL on Tuesday.


Monday Highlights:
SPY closes down -1.38
The Euro moved down -40 pips, closed at 1.2115
TNX -0.25 at 14.35 a new closing low
VIX gained +2.35 at 18.62
XLF down -12 cents at 14.26


11 of 100 NDX stocks closed higher on Monday…


Leading NDX 100 stocks included SNDK, MNST, PCAR, NVDA, RIMM, BBBY, GOOG, EXPD, VMED, FAST

Lagging NDX stocks included NUAN, ISRG, AKAM, FSLR, CTXS, MU, SHLD, CHKP, VRTX, BIDU

Leading stocks > +2% on Monday included ANR, FAZ

Losing stocks < -2.0% included MCP, UCO, DECK, LDK, CROX, JDSU, AKS, SOHU, RVBD, LVS, ATI, CLF, SWKS, TSLA, CREE, CMG, FCX, CDE, CRM, VECO, TSL, JNPR, STI, CIEN, FAS, A, SWK, INFA, C, ANF

Stocks to Watch on Tuesday

Holding Above 30 DMA = 17
HLF, URE, MOS, V, CHL, ANF, SLB, TLT, WDC, LNKD, UCO, TPX, SWK, TIF, VMW, SWKS, ZAGG

Moving Above 30 DMA = 1
FAZ

Moving Below 30 DMA = 6
ATI, CRM, FCX, IBM, STI, TSLA

Staying Below 30 DMA
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

Six Week Intermediate Term Market Trend: Up
Short Term Market Trend: Down

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