Three of nine sectors moved higher on Wednesday… XLE, XLK and XLF were the strongest sectors. XLB was
the weakest sector.
Breadth weakened on Wednesday as
decliners led advancers…1.19 to 1 on the NYSE and
1.44 to
1 on the NASDAQ…
Breadth strengthens as advancers increase and
or decliners decrease. Breadth
weakens as advancers decrease and or decliners increase.
Wednesday – weakened, decliners led
Tuesday – strengthened, advancers
led
Monday – weakened, decliners led
Friday – weakened,
advancers led
Thursday – weakened,
advancers led
The SPY stayed above
resistance again on Wednesday essentially unchanged. Volume was again light as all eyes seem to be waiting for more
earning releases.
Thursday’s SPY 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.
SPY down .02 cents at 147.05...volume 104.8 million
shares…
VIX down .13 at 13.42…
TNX down - .07 at 18.24…
TNX down - .07 at 18.24…
TLT up25 cents at 120.32…
XLF up .01 cent at 17.14…volume 58.2 million shares
XLF up .01 cent at 17.14…volume 58.2 million shares
AAPL up 20.17 at 506.09…volume 24.6 million shares…leads NDX
FB down .25 cents at`29.85…on volume of 75.3 million shares…EPS Jan 30…bull flag
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 and the
typical pause waiting for EPS announcements has so far kept the SPY in a
narrow range and may continue to do so for the next several days.
Earnings to Watch this
Week:
Tuesday – LEN
Wednesday – EBAY, GS, JPM, USB
Thursday – AXP, BAC,
COF, C, FAST, INTC, UNH, XLNX
Friday – GE, JCI, SLB,
STT, STI
GS +5.50, +4.06% beats EPS
JPM +0.47, +1.01% beats EPS
EBAY beats EPS gains 69 cents after the close.
__________________
Technical Commentary:
The SPY continues to
form a series of spinning tops in five day narrow range as it stays above horizontal resistance
for the fifth straight day. QQQ +0.41% led as AAPL shares rebounded. BAC, BRCM, CRUS bounce as RCL
and SHLD breakout. FB formed a small
spinning top in its bull flag pattern.
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 down 16 pips to close at 1.3289 on
Wednesday forming a bull flag patter in an strong uptrend.
Disk storage stocks WDC +1.05% and STX -0.46% continue their strong trends.
Coal stocks ANR, ACI, BTU, CNX and WLT hold support and appear
ready to bounce after a 5-day slide. Chinese solar stocks TSL and LDK are
forming bull flag patterns in their multi-week uptrend.
The Market
Forecast Green Line is in the upper reversal zone.
____________________
Setups
Breakout: TIF, NTAP, SINA, NUAN, ADSK
Diagonal Breakout: DECK, FFIV, SBAC,
Bull Flag: FB, NFLX, CTXS, GOOG, AMZN, ANR, ATI, X, AKS,
CRM, VMW, PHM, LEN, ADBE, CTSH, NTES, SPY, LVS, C, EBAY, REGN, JOY, GILD, LIFE,
EQIX, TRIP, CERN, FSLR, ADI, GMCR, IBM, VIAB,
YELP, TSL, EXPE
Moves
Breakout: RCL, SHLD, JNPR,
WDC, NKE, ANF, CTRP, UNG, COH, STRZA, EXPD, STX, FOSL, WAG,
SNDK, F, GES
Bounce: BAC, BRCM, CRUS, QCOM,
RIMM, TXN, COST, STI, ZION, JDSU, FAS, ROST,
FAST, TOL, IWM, GLW, APOL, MGM, PCAR,
____________________
40 of 100 NDX stocks
closed higher and two were unchanged on Wednesday…
LMCA spin off Liberty Media
resulting in symbols STRZA and LMCAD.
NDX listed symbol is STRZA.
Leading NDX 100 stocks included: AAPL, MXIM,
SHLD, YHOO, ALTR, BRCM, NTAP, VMED, AVGO, CA
Lagging NDX stocks included: DELL, STRZA, REGN,
VOD, VRSK, CERN, ORLY, CTRX, BIDU, GOOG
Leading stocks> +2% on Wednesday included: CRUS, GS, SWKS, CIEN, LDK, RVBD, MCP
Lagging stocks < -2.0% included: CROX, TSL, CMG, DECK, ATI, NFLX, GRPN, VECO,
CRM, VMW, CLF, HLF, SINA
Stocks to Watch on Thursday…
Holding Above 30 DMA = 79
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, STRZA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, SRCL, SYMC, VRTX, WYNN, FB, ALXN, CA, CELG, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, BMC, AVGO, ATVI, SHLD, YHOO,MAT, MSFT, MYL, NTAP
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, STRZA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, SRCL, SYMC, VRTX, WYNN, FB, ALXN, CA, CELG, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, BMC, AVGO, ATVI, SHLD, YHOO,MAT, MSFT, MYL, NTAP
Moving Above 30 DMA =1
MXIM
Moving Below 30 DMA =3
CERN, PRGO, VOD
Staying Below 30 DMA
AKAM, ESRX, ISRG, PAYX, REGN, XRAY, AMGN, GRMN, NVDA, ORLY, WFM, MNST, AAPL,
BIIB, DLTR, BBBY, GOLD
Eight Week Intermediate
Term Market Trend: Up
Short Term Market Trend: Up
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