Tuesday, March 12, 2013

SPY, Euro, Financials Pause...STX, WDC Rally...AAPL Drops...


Three of nine sectors moved higher on Tuesday…  XLV, XLE and XLB were the strongest sectors …XLI was the weakest sector…. 

Breadth weakened… decliners led advancers 1.42 to 1 on the NYSE and 1.42 to 1 on the NASDAQ…

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


SPY down 35 cents at 5.68...volume 105.7 million shares…
VIX up 0.71 at 12.27
TNX down 0.33 at 20.23…
TLT up 83 cents at 115.69…
XLF
down 10 cents at 18.28 volume 32.7 million shares

AAPL down -9.44 at 428.43…volume 16.6 million shares…
FB down 31 cents at`27.83…volume 27.5 million shares…



Technical Commentary:
The SPY traded lower on Tuesday and began to rally around 2 pm and closed slightly down for the day.  TNX fell and TLT bonds rallied. 

Stock futures primary trade rolled on Friday from March H to June M:  ESH3 to ESM3 

DIA +0.03% moved high while SPY -0.22%, QQQ -0.36% and IWM -0.20% moved lower. 

AAPL -9.44 closed near its low of the day holding at its short-term support.   FB down 31 cents continued forming a pennant price pattern just below its 30 DMA and is a setup for a potential C Pattern Entry.  On Friday MS reiterated its overweight rating on FB.

STX +4.83% and WDC +4.12% led the NDX on Tuesday.  STX had announced reaching the 2 billion hard disks shipped milestone. 

The Euro was down 19 pips  and closed at 1.3026 on Tuesday.

Trade what you see on the chart of your position. The trend is in consolidation and traders should lock in profits when targets are reached. As always look for re-entry according to your rules.

The SPY’s trend continued higher.  Seven of nine sector ETFs including XLP, XLU, XLV, XLY, XLK, XLF, XLI are now positive XLB and XLE continued neutral.


The Market Forecast Green Line is in the upper reversal zone. 

____________________


Setups
Breakout:  WHR, STI, MTW, PMCS, JDSU, AVX, SPLK, UNG, ESRX, MON, MDRX, TSCO, CBOE, CLB, JRCC, BTU

Diagonal Breakout:  URI, CRR, ANR, MNST, MCHP, FAST, SINA,

Bull Flag: ICE, CTSH, ORCL, AMGN, MBI, AL, CRM, YELP, QCOM, STZ, PM, CREE, ASNA, CIEN, P,

Potential Bullish Divergence:  EBAY, HRS, ROST, IPI

Gap Up:

Gap Down:

Bear Flag: DKS, KORS, JCP, ACI, BTU, DNDN, GRMN, DDS, HSP

Break of Support:  GES


Moves
Highlights: NFLX, NTES, TPX, CREE, SSYS, ANGI, Z, BBRY

Gap Up:  NAV, HRB, TPX

Gap DownRHT, FL

Breakout: STX, SNDK, GME, LIFE, NBR, WDC, POT, PBI, PRGO, BMC, CSTR, VECO, HPQ,TXN, ZION,IBM,  AIZ, BBRY, DE, LVS, CNX, CBG, EQIX, SHLD, CHK, MWV, TW, PPO, AVGO, MOS, TRIP, RF, ANGI, ATVI, STRZA, Z, JPM, NDSN, FIVE, ILMN, ORLY, TPX, CBS, VMI, CTXS,  AWAY, LNKD, COG, HES, DECK
 
Bounce:  SLM, BBRY, CLR, AVP, SPWR, CNW, SHLD, NTES, TEX, IM, FTNT, AOL, ADM, PCLN, GNC, ZNGA, NFLX, HLF, BPOP, FAST, PTEN, XRX, FTI

MACD Divergence Bounce:  CORN, SLB, SWKS, FB

Bear Flag: AGU, PTEM, INT, OC, A, DDD, CLF, WLT, RAX, CCL, CTL, ULTA, EXPD, MGM

Support Break:  AKAM, RCL, MJN, TFM, FFIV

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40 of 100 NDX stocks closed higher on Tuesday…


Leading NDX 100 stocks included:  STX, WDC, LIFE, BRCM, SNDK, GOLD, CELG, COST, BIIB, AMZN

Lagging NDX stocks included:  AKAM, AAPL, SHLD, CTRX, NTAP, MNST, VRSK, BIDU, FFIV, PCAR

Leading stocks> +2% on Tuesday included: LDK, WDC, CSTR, ESI

Lagging stocks < -2.0% included:  YELP, GES, GRPN, AKS, BBRY, SINA, CRM, CRUS, MCP, UAL, HLF

Stocks to Watch on Wednesday…
Holding Above 30 DMA = 73
VMED, ADI, LLTC, DELL, NWSA, MCHP, SNDK, STRZA, ADP, SYMC,GILD, HSIC, ATVI, CERN, GOOG, ORLY, BIIB, MAT, PAYX, PRGO, YHOO, ALTR, DLTR, ESRX,
MNST, AMGN, DISCA, MU, SBAC, TXN, ADBE, CELG, CMCSA, FISV, INTU, NVDA, QCOM, MSFT, MYL, SRCL, VRTX, MDLZ, LBTYA, VRSK, SIAL, CTSH, CTXS, PCLN, REGN, VIAB, ADSK, AMZN, INTC, ORCL, SBUX, SIRI, BMC, CA, CSCO, MXIM, PCAR, VOD, ALXN, AVGO, BBBY, XLNX, XRAY, LINTA, SHLD, COST, WDC, BRCM, DTV, EXPE

Moving Above 30 DMA =2
LIFE, STX

Moving Below 30 DMA =5
AMAT, CTRX, EQIX, FAST, FOSL                                                  

Staying Below 30 DMA
CHKP, MNST, ROST, KLAC, SPLS, ISRG, EBAY, FFIV, NTAP, GRMN, WYNN, WFM, EXPD, NUAN, AKAM, GOLD, CHRW, BIDU, FB, AAPL

Ten Week Intermediate Term Market Trend: Up
Short Term Market Trend: Up

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