Stock Streak Continues...

Five of nine sectors moved higher on Thursday… XLE, XLB, and XLK were the strongest sectors.

Breadth weakened as advancers led decliners 1.22 to 1 on the NYSE and strengthened on Nasdaq 1.25 to 1…

Exchange      NYSE    NASDAQ

Advancers     1,645       1,369

Decliners       1,343       1,095

Thursday Highlights:

SPY + .12 at 140.61 on 90 million shares, a bull flag bounce past T1 a recent new high close, above 30 DMA…

TNX up + .48 at 16.88…

VIX down .04 cents at 15.28…

XLF down .01 at 14.93…

AAPL up + 3.52 at 620.73 on 9.27 million shares...

FB up + 29 cents…volume was 15.6 million shares…

The Market Forecast green line is pointed up.

Technical Commentary:

The SPY again continues its bull flag climb…closing at a new high of 140.61…continues to move higher towards it flagpole target of 143.88…

MNST gaps down and closes down - 6.57 or 9.69%...after earnings report and concerns over sales growth…

CSCO gaps up but closes as 17.70…up .54 cents…

VMW closes up +4.17 at 97.74…or 4.46%...

Chart Signals looks for the nine week up trend to continue following Monday’s through Thursday’s continuation of Friday’s SPY bounce and breakout. 

Chart Target Insight: 

SPY = 141.66 Fib extension 161.8, 143.10 S&R Measuring

ES = 1,411 Fib extension 161.8, 1,425.75 S&R Measuring

Chart Patterns

Horizontal or Diagonal Breakout: TPX, TIF, GS, RVBD, BECO, CIEN, CROX, X, JDSU, LNKD, CDE, TSLA, STX, SIRI, MVDA, CELF, LIFE, XRAY, EA, BMC, NUAN…

            New breakouts on Tuesday:  DECK, NTAP, ALTR, FLEX, WYNN

            New breakouts on Wednesday:  DLTR, RIMM

            New breakouts on Thursday:  VMW, TEVA, CSCO

           

Bull Flag Bounce: SPY, DIA, QQQ, AAPL, ADP, ADSK, AKAM, ALXN, AMZN, BIIB, CELG, COST, DTV, EXPE, GOOG, LLTC, MAT, MCHP, MRVL, NWSA, ORCL, QCOM, VMED, VRSN, CIEN, CROX, CRUS, GS, HLF, IBM, JDSU, NKE, RVBD, SLB, SWK, V, VMW, WDC…

Pennant Breakout:  

                        New on Tuesday:  CSTR, GLW, HUM, YHOO, AMAT, FFIV,                                                LRCX

                        New on Wednesday: HUM

GAP Up:        New on Tuesday:  AKS, FOSL, MU

                        New On Wednesday:  ESRX

                        New on Thursday:  CSCO

GAP Down:  New on Wednesday:  PCLN

                        New on Thursday:  MNST

Stocks at Support or Resistance:

                        New on  Thursday:  MOS, ANR, DTV, PCAR, MYL, PAYX, UAL,                                        GMCR, MU

                       

Double Bottom Bounce: IWM, DLTR, ISRG, MNST, ROST, SIAL, BAC, TBT

Setups:

Earnings Reaction Week August 6

Earnings of Interest Aug 6 - 9

Monday: CTSH, SOHU

Tuesday: ESRX, EXPD, FOSL, PCLN, SIRI

Wednesday: LINTA, MNST, NUAN, NWSA

Thursday: NVDA

46 of 100 NDX stocks closed higher on Thursday…

Leading NDX 100 stocks included: WCRX, GOLD, NVDA, CSCO, CTXS, ESRX, RIMM, TEVA, FFIV, EA, VRTX, FSLR, STX, DTV, BRCM, MRVL

Lagging NDX stocks included:  MNST, SHLD, SIRI, NTAP, DLTR, NUAN, LINTA, ORLY, VMED, EBAY, BIIBM MU, WYNN, VOD, ALXN, YHOO

Leading stocks > +2% on Thursday included: ANR, SINA, VMW, TSL, ANF, CREE, CDE, LDK, JNPR, MCP WDC, AKS, INFA

Losing stocks < -2.0% on Thursday included:  GRPN, UAL, COH, V

Stocks to Watch on Thursday…

Holding Above 30 DMA = 46

MOS, CHL, SLB, WDC, UCO, TPX, SWK, TIF, JNPR, RVBD, SWI, CIEN, CROX, CRUS, DHR, GS, SWKS, HLF, IBM SMH, V, VECO, X, CREE, A, FAS, GES, JDSU, LNKD, RCL, STI, TBT, ATI, C, CDE, CRM, DE, FCX, NKE, SINA, SOHU, VMW, BAC, F, ZION, AKS

Moving Above 30 DMA = 3

INFA, DECK, CLF

Moving Below 30 DMA = 1

LVS

Staying Below 30 DMA

NTES, URE, DLR, ANF, ZAGG, COH, ICE, FAZ, TSLA, CMG, DECK, ESI, UAL, FB, AKS, CSTR, LDK, MCP, CLF, GLW, INFA, NTES, TSL, CDE, HUM, F, GRPN, ANR

Nine Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up