Eight of nine
sectors
moved higher on Tuesday…XLV, XLF and XLI were the strongest sectors…while
XLK was the weakest sector.
Breadth strengthened as decliners
led advancers 2.98 to
1 on the NYSE and 2.05 to
1 on the NASDAQ.
Tuesday – Strengthened, advancers led
Monday – strengthened,
decliners led
Friday – weakened,
decliners led
Thursday – weakened,
decliners led
Wednesday – weakened
slightly, advancers led
SPY up 1.06 at 179.07 volume 109.8 million shares
VIX down 1.62 at 15.80…
TNX down .20 at 27.46…
TLT up .26 at 106.99...
XLF up .28 at 21.26 volume 35.3
million shares
AAPL down 44.00 at 506.50 volume 38 million shares
FB up 1.59 at 55.14…volume 48.2 million shares
Technical
Commentary:
IWM +
1.06%, SPY + 0.60%, DIA + 0.58%, QQQ – 0.06%.
Stocks
rebounded on Tuesday’s trading session breaking a multi-day loss streak. The DJIA gained 90.68 closing
at 15,929 while the S&P 500 gained 10.94
points to close at 1,792…the Nasdaq Composite added 14.35 point to close at 4,097.
AAPL experienced its worst day of the
year so far…after posting their earnings report after Monday’s trading session…with
disappointing earnings outlook…AAPL gapped down and closed down 44.00 losing 7.99% in Tuesday’s trading session on volume of
38.1 million shares.
YHOO closed up to 4.28% but
after posting disappointing earnings…with revenues slipping…after today’s
session…YHOO is down 1.02 or 2.67%.
NFLX continued its up-trend with
volume of 6.2 million shares…NFLX closed up 25.54 or 6.70%...and
is up in after hours trading.
In after hours trading IWM, SPY,
DIA, and QQQ are all up…continuing the up trend of today’s trading session.
While we have pointed out for weeks
to move stops up and protect profits and that should have led to positions
closing out with profits on Thursday and Friday. Now it’s
time to be defensive. The markets shifted to down in the short-term and
neutral in a six-week time frame this week, while the twelve-week intermediate
term and long-term trends are still up.
Monday kicks off a huge week for
earnings AAPL, CAT, RCL, STX, X, and ZION
just on Monday. On Tuesday CMCSA, DD,
F, ILMN, VMW and YHOO. On Wednesday FB, BA and QCOM report and Thursday releases MMM,
AMZN, CELG, CMG, GOOG
and V. The week wraps with BIDU, CVX and MA on Friday.
Trade with the trend of the chart you are trading and move your
protective stops. Continue to follow your rules.
Remember it is big money
that creates and sustains the trend. As Granville wrote,
“technical analysis is the art of tracking the market, following the
footsteps of the ‘smart money’ crowd.
The ‘smart money crowd’ is no mysterious ‘THEY.’ It is simply a collection of people who are reading the market correctly,
seeing through the maze, unconfused by this hall of mirrors.”
Short-term
up trend Chart Targets:
SPY = 181.34, 183.40, 184.69…
QQQ = 88.18, 89.00…
IWM = 114.48, 116.70…
Support Levels
SPY = 179.12, 177.74,
176.36
QQQ = 86.38, 85.67
IWM = 113.26, 112.14,
110.71
Q4 earnings season continues into the third full week…
Monday – AAPL, CAT,
RMBS, RCL, STX, X, ZION
Tuesday – AKS, AAL,
AMGN, CHKP, CRUS, CMCSA, GLW, DD, EA, F, ILMN, LXK, NUE, OI, VMW, YHOO
Wednesday – BIIB, BA, CTXS, DOW, EMC, FB, LRCX, LVS, PSX, QCOM,
TSCO, VLO
Thursday – MMM, ALXN,
AMZN, BZH, BRCM, CELG, CMG, CL, LLY, XOM, GOOG, HOG, JDSU, MTW, OSTK, BTU, POT,
PHM, RVBD, RYL, SHW, BX, TWC, UPS, VIAB, V, WHR,
Friday – BIDU, CVX, CNX,
MA, MAT, NOV, PCAR, SPG, TSN
Q4 Earnings Reactions
Positive Reactions – DD,
F, CAT, RCL, JNPR, MSFT, KMB, PG, MXIM, SBUX, NFLX, FFIV, URI, UNP, EBAY, MCD,
CREE, TXN, UTX, NUAN, XLNX, BHI, DAL, RF, MS, SLB, STI, AXP, SWKS, BAC, LLTC,
WEN, MON, MU, STZ, APOL
Negative Reactions – ILMN,
VMW, YHOO, HON, KSU, SWK, STT, ALTR, ISRG, KLAC, KEY, JCI, LMT, WDC, ABT, BAX,
ATI, COH, FCX, AMD, IBM, HAL, JNJ, TRV, VZ, GE, COF, INTC, UNH, C, GS, CSX, FAST,
AA, FDO, BBBY, SCHN,
Reversal of Initial
Reaction – FAST, FDO, AA
The Market Forecast Green Line is below 80 and is pointed down.
____________________
Setups
H Breakout: QIHU,
RCL, UNG,
Diagonal Breakout: COST, WFM,
Bull Flag: ESI, JNPR, MFRM, TLT, DTV, GMCR,
NTAP, WDC, XLNX,
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: TPX,
C- Pattern:
Moves
New Highs:
Gap Up: SINA, SPWR,
Gap Down: GLW, SWKS, AAPL, STX,
H Breakout: FFIV, NFLX,
Diagonal Breakout:
Breakout Test:
Bounce: ATI, BAC, BBRY, C, CREE, CRM, CSIQ, DDD, FAS,
GRPN, LVS, NKE, NTES, P, SCTY, SFUN, SOHU, SPLK, SPY, SSYS, SWI, UAL, V, YELP,
YOKU, Z, ADBE, ADSK, AMZN, BIDU, CELG, CMCSA, ESRX, FB, GOOG, GRMN, INTC, MNST,
TSLA, WYNN, YHOO,
MACD Divergence
Bounce: CIEN, DRYS, FSLR, KKD, LNKD,
RAX, WLT,
Bear Flag:
Support Break: QCOM,
______________________
78 out of 100 NDX
stocks closed higher on Wednesday.
Leading NDX 100 stocks included: NFLX, TSLA, MXIM,
YHOO, CHKP, BIDU, ILMN, FFIV, FB, REGN, WYNN
Lagging NDX stocks included: VIP, STX, AAPL,
QCOM, WDC
Leading stocks > +2% on Tuesday
included: Z, CSIQ, SCTY, KKD, GRPN, YELP, SPWR, QIHU, TWTR
Lagging stocks < -2.0% included: GLW, ESI, GME, TPX
Stocks to Watch on Wednesday
Holding Above 30 DMA= 28
ILMN, ADSK,
ESRX, MNST, CMCSA, AVGO, EQIX, ORLY, AKAM, FFIV, VRTX, XLNX, CTRX, SBAC, SIRI,
AMGN, ISRG, MU, MYL, BIIB, GILD, MXIM, NXPI, TSLA, NTAP, GOLD, NFLX, CHTR
Moving Above 30 DMA = 7
ALTR, ALXN, CHKP, GOOG, REGN, SYMC, WYNN
Moving Below 30 DMA = 6
BRCM, CSCO, DTV, GMCR,
STX, WDC
Staying Below 30 DMA
EBAY, HSIC, MSFT, PCLN, QCOM, SRCL, AAPL, ADBE, AMAT, AMZN, CA, CELG,
CERN, CHRW, CTSH, EXPD, FAST, FB, FIXV, KLAC, LLTC, NVDA, PCAR, SIAL, SNDK,
TXN, VIP, VOD, ADI, ADP, BIDU, CTXS, DISH, GRMN, KRFT, EXPE, INTC, INTU, LBTYA,
MDLZ, TRIP, VIAB, YHOO, LINTA, TSCO, ATVI, PAYX, ROST, DLTR, BBBY, FOXA, SPLS,
DISCA, MAT, WFM, VRSK, COST, LMCA, SBUX
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Down
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