Wednesday, November 7, 2012

Euro Falls on Slowing German Growth Comments...U.S. Stock Futures Follow...


All nine sectors moved lower on WednesdayXLY, XLP and XLB were the strongest sectors.

Breadth
weakened on Wednesday as decliners led advancers…4.46 to 1 on the NYSE and 5.64 to 1 on the NASDAQ…

Exchange      NYSE     NASDAQ
Advancers     1,216        1,032
Decliners       1,739        1,407

SPY down -3.24 at 139.72...volume 263.1 million shares
VIX +1.50 at 19.08
TNX -1.10 at 16.32…
TLT up +2.21 at 124.00…
XLF
down 54 cents at 15.61…volume 116.9 million shares

AAPL down -22.20 at 558.00volume 28.3 million shares
FB down 70 cents at`20.47…volume 33.4 million shares…

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Technical Commentary:
The Euro collapsed before the open dragging futures lower following comments regarding slowing growth in Germany and closed down 43 pips at 1.2770 below its six-week support of 1.2800. Eight week support is at 1.2750.  TNX, interest rates fell and TLT, bonds jumped. 

Coal stocks ACI, ANR, BTU, CNX, JRCC and WLT were among the weakest stocks following Mitt Romney’s loss in the presidential election.

XLF was down 54 cents and was the weakest sector and closed near its low.

The SPY opened down -1.30 and didn’t find support for two hours until it hit 139.06, breaking below both its 141 and 139.40 support levels.   The VIX moved higher and did confirm the SPY movedown.

ES broke its 1,400 support level and fell to 1,384 before closing at 1,390.  NQ fell to 2,599 and bounced closing at 2,613.

The Market Forecast Green Line turned down.

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Chart Targets:
SPY = 143.70 short-term resistance
ES =
1,430.00 short-term resistance
EUR/USD = 1.2876, 1.3020 short-term resistance

Short-term support at
1.2750, 1.2693 = Euro
138.60 = SPY
81.00, 79.44 = SPXL
1,390, 1,380 = ES
2,599, 2,583 = NQ

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94 of 100 NDX stocks closed lower on Wednesday…


Leading NDX 100 stocks included: NFLX, NWSA, HSIC, WCRX, FFIV, SBUX

Lagging NDX stocks included: RIMM, APOL, GOLD, AMAT, NUAN, KLAC, LRCX, ALTR, SHLD, AAPL

Leading stocks > +2% on Wednesday included: CIEN, FAZ, CDE, JDSU

Lagging stocks < -2.0% included: ANR, FAS, MCP, UCO, HUM, BAC, GS, ESI, C, DECK, ZION, GRPN, WDC, CLF, ATI, STI, AKS, RVBD, TIF, SINA, SWKS, TBT, ANG, ZAGG, FB, GLW, F, X, SWK, CRUS, GES, INFA, VMW, LNKD, FCX, MOS, SMH, CMG, VECO, DE


Stocks to Watch on Thursday…
Holding Above 30 DMA = 37
VMED, CMCSA, LINTA, SHLD, ISRG, ADBE, LRCX, MAT, YHOO, MYL, ORLY, PCAR, SRCL, SYMC, TXN, WYNN, CERN, CHRW, EXPD, EXPE, MXIM, NFLX, RIMM, AVGO, GMCR, INTU, KLAC, LLTC, XRAY, EA, PCLN, SBUX, MU, SPLS, XLNX, HSIC, STX

Moving Above 30 DMA = 1
NWSA

Moving Below 30 DMA = 20
ADSK, AKAM, AMAT, AMGN, ATVI, COST, EBAY, FISV, FLEX, GOLD, LIFE, MCHP, MSFT, NVDA, ORCL, PAYX, PNRA, SIRI, SNDK, WFM

Staying Below 30 DMA
FOSL, ADP, FAST, INTC, BIDU, GILD, EXPD, CTSH, PCAR, SIAL, VIAB, ALXN, CELG, ESRX, MNST, TXN, VRSN, BIIB, GOOG, MYL, CHKP,  APOL, INFY, ORLY, VRTX, AMZN, BMC, FFIV, GRMN, VOD, WCRX, DLTR, DTV, NUAN, QCOM, AAPL, BRCM, CA, NTAP, CTXS, SYMC, CSCO, ALTR, BBBY, KLAC, ROST, DELL, MRVL, KRFT


Twelve Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down

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