WFC releases earnings Friday morning and MS on Monday.
All nine sectors moved higher on Thursday… XLF, XLE and XLV were the strongest sectors. XLU was
the weakest sector.
Breadth weakened on Thursday as advancers
led decliners…1.85 to 1 on the NYSE and
1.39 to 1 on the NASDAQ…Breadth
strengthens as advancers
increase and or decliners decrease. Breadth weakens as advancers
decrease and or decliners increase.
Thursday – weakened,
advancers led
Wednesday –
strengthened, advancers led
Tuesday – strengthened, decliners
led
Monday – weakened, decliners led
Friday – strengthened,
advancers led
The SPY broke out of
resistance and formed a new high close on the strength of the financial sector
and rising interest rates. The breakout
was by only 47 cents so traders should continue to watch
closely if prices rollover and
be prepared to protect profits, However it appears that the uptrend is
more likely to continue.
As earnings season
begins look for stock selectivity to increase as stocks with good earnings and
guidance will likely rise and those with either weak earnings or guidance likely to fall in
price. This selectivity may keep the SPY
in a narrow range for the next several days.
SPY up 1.16 at 147.08...volume 130.7 million
shares…
VIX down 32 cents at 13.49…
TNX up 0.42 at 18.94…
TNX up 0.42 at 18.94…
TLT down 33 cents at 118.79…
XLF up 22 cents at 17.15…volume 61.3 million shares
XLF up 22 cents at 17.15…volume 61.3 million shares
AAPL up 6.41 at 523.51…volume 21.4 million
shares …
FB up 71 cents at`31.30…on volume of 95.2 million shares…
__________________
Technical Commentary:
The SPY formed a potential
hanging man as it broke through horizontal resistance and formed a new high
close. The SPY +0.79% led the broad ETFs and IWM
+0.23% was the weakest. CRUS,
EXPD, LMCA, VIAB and FAS broke through resistance on Thursday, while a large number of stocks
bounced off support and gave fresh entry signals. FB continued to climb from its recent
breakout.
Trade what you see on the
chart of your position. If it is
breaking out of resistance take the trade or stay with the uptrend according to
your rules. If the stock begins to
rollover protect your profits.
The Euro had a mega-bounce up 234 pips to close at 1.3267 on
Thursday.
Disk storage stocks WDC +0.82% and STX +0.60% continued to rise. Coal
stocks ANR and ACI pulled back slightly while BTU, CNX, JRCC and WLT
all rose. Chinese solar stocks TSL and LDK paused forming a doji in their
multi-week uptrend.
The Market
Forecast Green Line is in the upper reversal zone.
____________________
Setups
Breakout: NUAN, CRM,
QCOM, ADSK, IWM, CTRP, BRCM, RCL, NKE, EBAY, WDC,
REGN, ADBE
Bull Flag: GLW, ACI, BTU, JRCC, TRIP, NFLX, CERN, ANR, ROST,
FFIV, CIEN, IBM, DECK, FSLR, GMCR, CTSH, COST, ZION,
Moves
Breakout: CRUS, SPY, EXPD, LMCA, VIAB, FAS,
CTXS, JOY, STX, FOSL, GILD, LIFE, FB,
AMZN, TRIP, WAG, EQIX, GOOG, SNDK
Bounce: YELP, SINA, NTES, WLT,
SBAC, JNPR, ADI, PCAR, TXN
____________________
72 of 100 NDX stocks
closed higher on Thursday…
Leading NDX 100 stocks included: BIDU, CELG,
GOLD, FB, ALXN, NWSA, AVGO, SYMC, MCHP, ALTR
Lagging NDX stocks included: MNST, VRTX, FAST, YHOO,
EXPE, AMGN, MSFT, MXIM, ORLY, WFM
Leading stocks> +2% on Thursday included: YELP, SINA, CDE, CRUS, NTES, SMH, LNKD, RIMM, HUM, FAS, BAC, GRPN, TPX, F, SOHU, CHL, DECK, ANF, FB, GS, NFLX,
Lagging stocks < -2.0% included: MCP,
TIF, VECO, SSYS, FAZ
Stocks to Watch on Friday…
Holding Above 30 DMA = 80
SBUX, CSCO, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, ADBE, GOOG, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, MXIM, MYL, SRCL, SYMC, VRTX, WYNN, XRAY, PRGO, FB, ALXN, CA, CELG, CERN, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, VOD, BMC, ESRX, MAT, REGN
SBUX, CSCO, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, ADBE, GOOG, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, MXIM, MYL, SRCL, SYMC, VRTX, WYNN, XRAY, PRGO, FB, ALXN, CA, CELG, CERN, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, VOD, BMC, ESRX, MAT, REGN
Moving Above 30 DMA =1
AVGO
Moving Below 30 DMA = 2
AKAM, AMGN
Staying Below 30 DMA
GRMN, NVDA, YHOO, ATVI, NTAP, SHLD, ORLY, PAYX, WFM, MNST, MSFT, AAPL,
BIIB, DLTR, BBBY, ISRG, GOLD
Eight Week Intermediate
Term Market Trend: Up
Short Term Market Trend: Up
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