Semiconductors Make New High on Volume Headed into the Thanksgiving Day Holiday...

Have a Happy Thanksgiving as you spend time with loved ones, family and friends tomorrow and give thanks for the many blessings we each enjoy.   

Six of nine sectors moved higher on Wednesday…XLK, XLV and XLP were the strongest sectors while XLE was again the weakest.

 

Breadth strengthened as advancers led decliners…1.64 to 1 on the NYSE and 1.57 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led

Tuesday – weakened, mixed

Monday – mixed, advancers led

Friday – strengthened, advancers led

Thursday – strengthened, advancers led

SPY up .53 at 207.64 on 61.9 million shares, below average volume

VIX down .18 at 12.07…

TNX down .26 at 22.34…

TLT up .33 at 121.53...

XLF up .03 at 24.38 on 8.7 million shares

AAPL up 1.40 at 119.00 on 40.6 million shares

FB up 1.99 at 77.62…on 32.7 million shares, below average volume

Technical Commentary:

QQQ +0.65%, IWM +0.33%, SPY +0.26%, DIA + 0.03%.

The tech sector leads stocks higher as QQQ, SPY and DIA make new closing highs again.

                   (click image to enlarge)

Tech stocks were strong on the strength of semis as eight of the top 10 NDX gainers were semiconductor stocks.  ADI +2.85, +5.51% on a positive earnings reaction leads the SOX +2.11%, as 29 of the 30 semiconductor stock rise.  Other leading semiconductor stocks included: FSL, SWKS, TXN, AVGO, AMAT, LLTC, XLNX, MXIM, MU, ALTR, NXPI, BRCM and INTC.

                   (click image to enlarge)

FB +1.99, +2.63% made a large move for the second straight day and broke through horizontal resistance and into its earnings gap.  Breakout chart target 81.25.  GPRO +4.34, +5.81% gained on news of a new product line of camera drones as early as 2015.  AMBA +3.66, +7.15% chip provider to GPRO jumped.  HPQ +1.53, +4.07% gained on a positive earning reaction.

Trade with the trend of the chart you are trading and continue to move your profit protection stops.  Continue to follow your rules.

Short-term Chart Targets:

SPY = 207.33, 209.06, 210.49...

QQQ = 106.94…

IWM = 118.25, 119.37, 121.27…

Support Levels

SPY = 205.71, 203.13, 201.90...

QQQ = 102.42, 101.38, 100.56…

IWM = 115.04, 114.37, 113.35...

Q3 Earnings Reactions

Positive Reactions – ADI, PANW, QIHU, ADSK, JASO, ROST, SPLK, GOGO, RAX, NTES, XONE, YOKU, VJET, BABA, MNST, WFM, ABC, ACI, AMGN, BIDU, BWLD, CBOE, CLF, CLX, CNX, EA, ESRX, EQIX, EXPE, FISV, GLW, GPRO, GRPN, GT, HSY, JCI, JDSU, LNKD, LVLT, MA, MAR, MO, MTW, MYL, PCAR, FE, SCHN, STX, SWI, SWKS, TASR, V, WY, X, WHR,  AAPL, ALK, ALXN, APOL, BMY, BRCM, CAT, CELG, CERN, CHKP, CMCSA, CNI, EMC, EW, GD, HAL, HAS, HOG, ILMN, IM, KLAC, KMB, LLY, LRCX, LXK, MMM, MXIM, MSFT, N, ORLY, PG, RMD, STLD, STT, SWK, TRV, TSCO, TXN, UNP, VRSN, WOOF, YHOO, YNDX, ZION, AMD, C, CSX, DAL, GE, HON, LVS, MS, SCHW, SLB, STI, URI, XLNX, COST, BBBY, BBRY, MU, NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,

More than 10% - GOGO, RAX, WFM, GPRO, GPRN, LNKD, BWLD, SWI, N, EW, TSCO, NKE, ULTA, LULU, PANW, MFRM,

Negative Reactions – CRM, JD, MBLY, SINA, YY, SWKS, FEYE, FSLR, PCLN, QCOM, TRIP, SCTY, SSYS, SUNE, UBNT, Z, ZU, AEM, CHRW, COH, FB, GRMN, KRFT, MDC, MRK, NEM, PNRA, RGR, SLCA, TPX, TWTR, ALTR, AMZN, BA, BTU, CMG, CREE, DECK, DNKN, DOW, EAT, F, GM, IBM, JNPR, KO, LMT, LUV, NDAQ, P, UA, VMW, XRX, YELP, AXP, BAC, COF, EBAY, GOOGL, INTC, JNJ, JPM, KEY, MAT, NFLX, WFC, AZO, ADBE, KKD, CIEN,

More than -10% - GME, CSIQ, FSLR, UBNT, ZU, AEM, P, TPX,

Reversal in progress – P, PCLN, TPX, NFLX, COH, GRMN, KO, MDC, VMW,

Reversal of Initial Reaction – AMZN, FEYE, SWKS, Z, BA, BAC, CHRW, CMG, COF, CREE, DECK, DNKN, DOW, EAT, EBAY, F, GM, GOOGL, INTC, JNJ, JNPR, JPM, KEY, LMT, LUV, MAT, NDAQ, UA, WFC, XRX, ADBE, ALTR, ALTR, AXP, AZO, BTU, K, KKD, KRFT, MRK, PNRA,

The SPY Market Forecast is at 97.

___________________

Setups

Horizontal Breakout: AAL, C, CIEN, CREE, CRM, DGLY, ETFC, IWM, JCP, MFRM, MTW, SOHU, STI, SUNE, TSL, AKAM, CMCSA, MAR, PCLN, TRIP, WFM,

Diagonal Breakout: BABA, BAC, CSIQ, FEYE, GPRO, LNKD, MS, SCSS, SCTY, SFUN, SPWR, TPX, XONE, ZION, GILD, GOOGL, NTAP, TSLA, YHOO

Bull Flag: AIG, EMC, HOG, LVS, NKE, RCL, SCHW, UAL, ADSK, AMZN, EBAY, EXPE, GRMN, MSFT, SBUX,  

Potential Bullish Divergence: NFLX, WYNN,

Bear Flag: FSLR, GLD, UBNT,

At Support: GOGO, JD,

C- Pattern: X,

Moves

New Highs: SPY, AMBA, FAS, GLW, HPQ, KKD, NTES, PANW, SWI, SWKS, V, AAPL, AVGO, BRCM, CELG, ESRX, INTC, MU, MYL, ROST, SNDK, TXN, WDC,

H Breakout: AA, QIHU, UA, ADBE, FB, MU, QCOM, SNDK, WDC, XLNX,  

D Breakout: TRIP,   

Bull Flag Bounce: DAL, P, SPLK, Z,  

Bounce: GPRO, SOHU, TSL, YY, GMCR,

MACD Divergence Bounce: TWTR,   

Gap Down: CTRP,

C- Pattern: FB,

Bear Flag: LOCO,  

Support Break: CMGE 

______________________

67 of 100 NDX stocks closed higher and two were unchanged on Wednesday.

Leading NDX 100 stocks included: MYL, ADI, TXN, AVGO, AMAT, NXPI, LLTC, FB, XLNX, MXIM

Lagging NDX stocks included: VIP, PCLN, SPLS, NTAP, PCAR, FFIV, GILD, BBBY, FOXA, SBUX

Leading stocks > +2% on Wednesday: AMBA, GPRO, DGLY, HPQ, Z, SWKS, SPLK, TWTR, SOHU, JASO, AAL, YY

Lagging stocks < -2.0% included: CTRP, CMGE, LOCO, SSYS, CAR, UNG

Stocks to Watch on Friday

Holding Above 30 DMA= 89

ROST, CHRW, GRMN, MYL, SRCL, DLTR, ISRG, MNST, PAYX, REGN, ADP, ALXN, BIDU, COST, ORLY, TSCO, VRTX, XLNX, AAPL, AMGN, BBBY, CELG, ESRX, FISV, HSIC, ILMN, KRFT, MAR, PCAR, SPLS, SYMC, TXN, BRCM, YHOO, CA, CERN, CHKP, CTSH, EXPD, INTU, LBTYA, NVDA, SBAC, SBUX, STX, ADBE, ADSK,  KLAC, LMCA, MDLZ, MSFT, AMAT, LMCK, MU, WFM, AVGO, FFIV, NTAP, NXPI, VOD, WDC, AKAM, BIIB, CTRX, DISH, EQIX, SIRI, ADI, ALTR, CSCO, DTV, EBAY, EXPE, FAST, INTC, LLTC, MAT, MXIM, SNDK, FOXA, QCOM, TSLA, PCLN, SIAL, AMZN, CHTR, VIAB, ATVI, CTXS, DISCA

Moving Above 30 DMA = 1

FB

Moving Below 30 DMA = 2

GOOG, VRSK

                                                                                       

Staying Below 30 DMA

VIP, GMCR, WYNN, BIIB, GILD, QCOM, TRIP, NFLX

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up