Wednesday, January 2, 2013

SPY New High Close as Stocks Gap Up Following Tax Vote...


All nine sectors moved higher on WednesdayXLE, XLK, and XLF were the strongest sectors.   XLU was the weakest sector. 

Breadth strengthened on Wednesday as advancers led decliners…10.00 to 1 on the NYSE and 6.54 to 1 on the NASDAQ…

Wednesday – strengthened, advancers led
Monday- strengthened, advancers led
Friday – weakened, decliners led
Thursday – strengthened, decliners led
Wednesday – weakened, decliners led

Many stocks gave entry signals on Monday and Wednesday.  Now manage the trades according to your rules


SPY up 3.65 at 146.06...volume 191.9 million shares…
VIX down -3.34 at 14.68
TNX up 0.83 at 18.39…
TLT down -1.62 at 119.56…
XLF
up 47 cents at 16.86…volume 70 million shares

AAPL up 16.86 at 549.03…volume 20 million shares …
FB up 1.38 at`28.00…on volume of 69.8 million shares…

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Technical Commentary:

The futures traded higher Tuesday evening following passage of the tax plan by Congress, the SPY gapped open and made a new high close at 146.06. 

Once again the weight of the evidence correctly indicates trend direction.

The Euro closed down 13 pips at 1.3182 on Wednesday.

Disk storage stocks WDC +2.24% and STX +5.03% moved higher with the broad market on Wednesday.  Coal stocks ANR, ACI, BTU, CNX, JRCC and WLT were mixed at the close.


The Market Forecast Green Line is pointed up. 

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Setups:
Breakout:  ADBE, ADSK, BRCM, CERN, CTXS, FB, FOSL, GOOG, MSFT, NTAP, PCLN, QCOM, SBUX, SNDK

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98 of 100 NDX stocks closed higher on Wednesday…


Leading NDX 100 stocks included:  REGN, ALXN, VIAB, VRSK, DELL, EQIX, FB, EBAY, STX, WYNN

Lagging NDX stocks included:  DLTR, CHRW

Leading stocks> +2% on Wednesday included:  MCP, LDK, X, FAS, TPX, RVBD, SWKS, JNPR, VECO, LVS, TRIP, URI, GMCR, UAL, CIEN, YELP, TSLA, C, RCL, SINA, SMH, ATI, SWI, JDSU, FIVE, RAX, FSLR, BAC, AKS, TSL, GS, STI, GLW, URE, SLB, CRUS, XLF, FCX, TIF, ZION, UCO, TBT, IBM, V, CDE, PHM, A, WDC, CHL, CREE, GRPN

Lagging stocks < -2.0% included:  FAZ, DECK, UNG, HLF


Stocks to Watch on Thursday…
Holding Above 30 DMA = 69
YHOO, SBUX, CSCO, NTAP, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, MNST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, ESRX, EXPE, FB, LINTA, MU, MXIM, MYL, NVDA, PRGO, SRCL, SYMC, VRTX, WFM, WYNN, XRAY

Moving Above 30 DMA =20
AAPL, ALXN, AMGN, BIIB, BMC, CA, CELG, CERN, CTRX, GILD, HSIC, INTU, LIFE, MAT, MDLZ, MSFT, PCLN, QCOM, REGN, VOD

Moving Below 30 DMA = 1
DLTR

Staying Below 30 DMA
ORLY, PAYX, SPLS, BBBY, ISRG, ATVI, AVGO, SHLD, GOLD, ROST

Fifteen Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up

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