Wednesday, March 6, 2013

XLB, Steel, Coal Lead as DJIA Makes New All-time High Close Again...


Four out of nine sectors moved higher on Wednesday… and one remained the same…  XLB, XLF and XLV were the strongest sectors …XLP was the weakest sector…. 

Breadth weakened however advancers still led decliners…1.25 to 1 on the NYSE and 1.21 to 1 on the NASDAQ…

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


SPY up 21 cents at 154.50...volume 94.4 million shares…
VIX up .05 at 13.53
TNX up .44 at 19.38…
TLT down 1.07 at 116.86…
XLF
up 12 cents at 18.06 volume 56 million shares

AAPL down -5.48 at 425.66…volume 16.4 million shares…
FB down 7 cents  at`27.45on volume on 33.5 million shares…


Technical Commentary:
Stock futures moved higher overnight but traded in a range on Wednesday and the DJIA closed at a new all-time high.  GOOG, CERN and AMZN paused in their uptrends.  EBAY below its 30 DMA gave a bear flag entry.

DIA +0.35%, IWM +0.26%, SPY +0.14%, and QQQ -0.25%, were mixed.  DIA and SPY moved to a New High Close, IWM moved within 12 cents of its all-time high and QQQ pulled back on weakness in AAPL.

AAPL -5.48 gave back half of Tuesday’s gains.   FB slipped 7 cents.

The Euro fell 85 pips and closed at 1.2965 on Wednesday in its multi-month 1.29 support area.

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 inched higher.  XLB shifted neutral and XLE, XLI continued neutral.   with XLP, XLU, XLV, XLY and XLK are positive. XLF broke out and has shifted from neutral to positive.


The Market Forecast Green Line is pointed up and is nearing the upper reversal zone. 

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Setups
Breakout:  WDC, URI, BMC, TRIP, MON, RF, ANGI, MDRX, TSCO, CRR, CBOE, MWV, ATVI, TW, CLB, CBG

Diagonal Breakout:  MCHP, FAST, P, CSTR, BBRY, GME, SINA,

Bull Flag:  QCOM, CHKP, MNST, STZ, PM, JDSU, GES, AVX, SPLK

Potential Bullish Divergence: 

Gap Up:

Gap Down:

Bear Flag:  DE, ULTA, LVS, CTL, RAX, PPO, AVGO, ROST, STX, DNDN, A, LIFE, GRMN, DDS, MOS, AGU, CORN, DE, CCL, STI, EXPD, WFM

Break of Support:  HSP, OC


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

Gap Up:  TIPX, PAY, CREE, ASNA

Gap Down:  AEO, TFM, SPLS, HRS

Breakout:  STRZA, Z, JPM, CTSH, ORCL, NDSN, VECO, FIVE, HPQ,TXN, ILMN, AIZ, ORLY, TPX, CBS, ICE, VMI, CTXS, WHR, AWAY, AMGN, MBI, LNKD, PBI, YELP, AL, SLM, COG, HES, DECK, CRM,

 
Bounce:  BBRY, CLR, AVP, MJN, SPWR, JRCC, ANR, ACI, WLT, BTU, CNW, MTW, SHLD, NTES, EQIX, TEX, IM, FTNT, AOL, KORS, ADM, ZION, PCLN, IBM, PRGO, GNC, ZNGA, NFLX, HLF, BPOP, FAST, PTEN, XRX, FTI, PMCS


MACD Divergence Bounce:  EQIX, BBRY, FB, STX

Bear Flag:  CORN, RCL, GRPN, DDD, NBR, MGM, POT, SLB, SWKS, AKAM

Support Break:  IPI, CNX, TFM, FFIV, CLF, INT, JCP

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49 of 100 NDX stocks closed higher on Wednesday…


Leading NDX 100 stocks included:  GOLD, VRTX, ALXN, CSCO, STX, STRZA, DELL, ADSK, CELG, PRGO, SYMC, BBBY, VOD, NTAP

Lagging NDX stocks included:  SPLS, EBAY, LIFE, DISCA, BIDU, QCOM, CERN, EXPE, AAPL, CTRX, FOSL, EXPD, DLTR

Leading stocks> +2% on Wednesday included: ANR, MCP, AKS, BBRY, CDE, FCX, X, CLF, ATI, BAC, CREE, CROX, TSLA, LVS, LDK, ZION, RVBD, C, VECO

Lagging stocks < -2.0% included:  SOHU, GRPN, SINA, CRUS


Stocks to Watch on Thursday…
Holding Above 30 DMA = 71
VMED, ADI, LLTC, DELL, NWSA, AMAT, CHKP, FAST, MCHP, SNDK, STRZA, ADP, SYMC,GILD, HSIC, ATVI, CERN, GOOG, ORLY, BIIB, MAT, PAYX, PRGO, YHOO, ALTR, DLTR, CTRX, ESRX,
MNST, AMGN, DISCA, MU, SBAC, TXN, ADBE, CELG, CMCSA, FISV, INTU, NVDA, QCOM, MSFT, MYL, SRCL, VRTX, MDLZ, LBTYA, VRSK, WDC, SIAL, CTSH, CTXS, PCLN, REGN, VIAB, ADSK, AMZN, COST, INTC, ORCL, SBUX, SIRI, BMC, CA, CSCO, EXPE, MXIM, PCAR, ROST, VOD, EQIX

Moving Above 30 DMA =5
ALXN, AVGO, BBBY, XLNX, XRAY
           
Moving Below 30 DMA = 5
FOXL, KLAC LIFE, LINTA, SPLS 

                                                                            
Staying Below 30 DMA
BRCM, ISRG, SHLD, EBAY, FFIV, NTAP, XRAY, AVGO, BBBY, GRMN, WYNN,  STX, WFM, EXPD, DTV, NUAN, AKAM, GOLD, CHRW, BIDU, ALXN, FB, AAPL

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

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