All nine sectors moved lower on Wednesday… however…XLF, XLV and XLK were
the strongest sectors…XLU was the
weakest sector.
Breadth weakened
as decliners
led advancers 3.02 to
1 on the NYSE and 1.82 to
1 on the NASDAQ.
Wednesday – weakened, decliners led
Tuesday – strengthened,
advancers led
Monday – strengthened,
advancers led
Friday – strengthened,
advancers led
Thursday – weakened,
decliners led
SPY down 1.00 at 186.66 on 176 million shares, above average volume
VIX up .60 at 15.12…
TNX up .91 at 27.72…
TLT down .84 at 107.26...
XLF down .01 at 22.13 on 56.7 million shares
AAPL down .14 at 531.26 on 8 million shares
FB down .95 at 68.24…on 43.9
million shares
Technical
Commentary:
DIA – 0.67%,
IWM – 0.65%, QQQ –
0.54%, SPY – 0.53%.
The first FOMC announcement under new chairwoman
Janet Yellen as expected was volatile sending stocks down, up, down, up, down,
up with stocks finally finishing lower for the day. Of particular influence on last hour of
trading was the indication that after the Fed completes its taper near the end
of the year it would be about six months before the Fed to raise interest rates. The reaction to that comment in press
conference sent the SPX down about 17 points in ten minutes. The SPX regained about 12 of those
points over the next 30 minutes before finishing down 11 points for the
day.
On the positive side TNX rose +0.91 to 27.72 while bonds fell. The Euro fell and the dollar gained in
the last hour of stock trading. XLU
utilities and GLD gold fell on Wednesday. XLF financial was the strongest sector
and many individual financial stocks rose including SCHW, GNW, FR, FII, BK,
CMA, ZION, C, KEY, LNC, BAC, MET, STT, ETFC, PRU, STI, MS and JPM.
FSLR +11.84,
+20.57% reached its
highest levels since 2011 on strong earnings forecast and efforts to develop
with GE a more cost-effective photovoltaics power plant design. Other solar stocks gained including GTAT,
TSL, AEIS, SPWR and CSIQ.
KBH +1.04,
+5.88% gapped
higher on a strong earnings reaction. Gainers included SHLD, LNG, BBRY, JNPR, LEN
and SBUX.
Trade with the trend of the chart
you are trading and continue
to move your protective stops. Continue to follow your rules.
Short-term
up trend Chart Targets:
SPY = 187.15, 189.25,
190.55…
QQQ = 90.96, 92.25, 93.05…
IWM = 118.71, 120.64,
121.84…
Support Levels
SPY = 183.75, 182.60
QQQ = 88.87, 87.35,
86.49
IWM = 115.58
Q4 Earnings Reactions
Positive Reactions – KKD, MFRM, KKD,
BIG, FL, JOY, DRYS, TSL, DDD, MNST, ROST, YOKU, CRM, SHLD, ANF, TGT,
DLTR, LOW, HD, M, SCTY, ZU, PCLN, DISH, INTU, AEE, MDRX, ALEX, DTV,
TSLA, GRMN, SWY, KRFT, AMAT, CTRP, NVDA, SPWR, TRIP, REGN, CBOE,
MCO, ATVI, AKAM, EXPE, GMCR, NXPI, ONNN, ORLY, SCSS, SWI, TWX, DIS, YELP, AGNC,
KORS, KEYW, IDXX, XYL, YUM, NOV, SPG, TSN, ZNGA, ALXN, BRCM, BX, CMG,
GOOG, JDSU, MTW, PHM, RYL, UA, VIAB, V, BA, DOW, FB, LVS, QCOM, VLO, AKS, AAL,
CHKP, EA, F, ILMN, LXK, 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 – GOGO, CIEN,
COST, CSIQ, HOV, MCP, SSYS, ADSK, CRM, FSLR, SINA, ESRX, GRPN, YNDX, KO,
A, GNC, WTW, VFC, WFM, ANGI, CSCO, DISCA, NTAP, RAX, CI, LNKD, TPX, VRSN,
ADP, CTSH, HUM, MDC, P, TSO, TWTR, ADM, BWLD, CERN, CHRW, DDD, SFLY, GILD, CVX,
MA, MAT, PCAR, AMZN, MMM, CELG, CL, XOM, ESI, HOG, OSTK, POT, SHW, WHR, BA,
CTXS, EMC, TSCO, CRUS, GLW, DD, F, VMW, YHOO, AAPL, STX, ZION, 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
(104)
Reversal in progress
–ADSK, A, CSX, CVX, GS, COF, GOGO, JNJ, IBM, JCI, KO, LNKD, MA, RAX, STX, WFM (16, 16%)
Reversal of Initial
Reaction – FSLR, AA, AAPL, ABT, ADP, ADM, ALTR, ATI, BAX, BWLD, DISCA, CELG, CERN, CL,
CSCO, CTSH, CTXS, CRUS, DD, DDD, EMC, ESRX, FAST, FDO, FSLR, GILD, GLW, HAL, HOG,
HON, HUM, ISRG, KEY, KLAC, LMT, MDC, MMM, P, PCAR, POT, SFLY, SHW, SINA, SWK, TPX,
TSCO, TSO, UNH, VZ, VFC, VMW, VRSN, WDC,
WHR, XOM, YHOO, ZION (58, 55%)
The Market Forecast Green Line closed at 81.
____________________
Setups
H Breakout: ATI, CREE, HOG, IWM, RCL, SPY, STI, TPX, V,
ADBE, FFIV, GRMN, SBUX, YHOO,
Diagonal Breakout: AAL, BAC, BBRY, C, DAL, ESI, QIHU, X,
XONE, AAPL, FB, GILD, STX,
Bull Flag: DTV, ANF
One Day:
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: LVS, TWTR,
COST,
C- Pattern:
Moves
New Highs: FSLR, SWKS, ZION, SNDK, SCHW, ETFC
Gap Up: JNPR, LNDK,
Gap Down: GLD,
H Breakout: FSLR, INTC,
Diagonal Breakout:
Breakout Test:
Bull Flag Bounce: BAC, MS, ESRX, SBUX, BIG,
Bounce:
MACD Divergence Bounce:
Bear Flag:
Support Break: CTSH,
______________________
25 of 100 NDX stocks
closed higher and two
were unchanged on Wednesday.
Leading NDX 100 stocks included: FFIV, SBUX, NVDA,
LMCA, ISRG, SNDK, VIP, AVGO
Lagging NDX stocks included: CTSH, ALXN, ADSK,
WYNN, BIDU, EXPE, YHOO, MU, MNST
Leading stocks > +2% on Wednesday
included: FSLR, BBRY, XONE, TSL, SCHW, Z, JNPR, LNKD
Lagging stocks < -2.0% included: SCTY, SFUN, NTES, YOKU, YELP, SPLK,
CTRP
Stocks to Watch on Thursday
Holding Above 30 DMA= 63
BIIB,
MXIM, TSLA, NXPI, ALTR, ALXN, REGN, FB, ADBE, DISH, EBAY, AKAM, AVGO, DTV,
PCAR, AMGN, ATVI, MSFT, MYL, NVDA, TRIP, XLNX, MAR, AMAT, KLAC, TXN, GRMN,
HSIC, LINTA, LLTC, VIAB, KRFT, MDLZ, FISV, DISCA, CTXS, FAST, INTU, WFM, BBBY,
DLTR, ROST, SIAL, ADP, TSCO, ESRX, PAYX, AMZN, MAT, SBUX, CHKP, LMCA, GMCR,
BRCM, CERN, INTC, QCOM, SNDK, STX, YHOO, ADI, AAPL, FOXA
Moving Above 30 DMA = 1
FFIV
Moving Below 30 DMA = 6
CTSH, EXPE, GOOG, PCLN,
WDC, WYNN
Staying Below 30 DMA
LBTYA, SBAC, COST, BIDU, ISRG, MNST, MU, ORLY, SRCL, EQIX, NFLX, ILMN,
CA, VRSK, ADSK, VOD, CELG, GILD, SPLS, VRTX, SIRI, CTRX, CMCSA, CSCO, NTAP,
CHTR, CHRW, SYMC, EXPD, VIP
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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