All nine sectors moved
higher on Friday…XLB, XLY and XLV were the strongest sectors and XLE
was the weakest.
Breadth strengthened as advancers led decliners 1.55
to 1 on the NYSE and 1.51 to 1 on
the NASDAQ.
Friday – strengthened,
advancers led
Thursday – weakened, decliners led
Wednesday – weakened,
decliners led
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
SPY up 2.11 at 208.46 on 103.3 million shares,
11% above average volume
VIX down 1.85 at 12.70…
TNX up .71 at 21.17…
TLT down 1.69 at 124.00…
XLF up .21 at 24.34 on 18.3 million shares, -25% below average volume
AAPL up 3.80 at 128.95 on 58.5 million shares, 28% above average volume
FB up .22 at 78.99
on 24.1 million shares,
-7% below average volume
Technical Commentary:
QQQ +1.32%,
SPY +1.06%, DIA +0.97%, IWM +0.65%.
Earnings season continued this past week with more
big positive moves from GPRO, OCN, MRC, TER, AMZN,
MSFT, ATI and HAS and big drops
from LNKD, YELP, TWTR, X and WYNN.
This is the tale of earnings season: new information coming into to the
market and big money making big moves based on better or worse than expected
fundamental developments.
This week we saw the
reversal breakout of the two month double bottom on the Euro following a one year
down trend. It is reminiscent of the
change in trend in oil that has been developing over the past four months. This has led to a rally in interest rates TNX
and a drop in bonds TLT this week.
Financial stocks, XLF, have traded in a
remarkably tight range during the past four weeks. Look at JPM, MS, GS, AIG, ETFC, BAC,
C, WFC, ZION and STI among others that looked poised to go higher. If the Euro continues
higher look for financials to move higher and most likely be a catalyst
for the broad market SPX/SPY, which bounced in a bull flag pattern on
Friday, to move to new highs potentially as soon as next week.
The other big development this week
was the strength in the semiconductor industry after a sideways channel
over the past five weeks. The news of a
standstill agreement expiration of June 1 between ALTR and INTC sent
both stocks higher. TER and SWKS
gapped higher on positive earnings reactions. These positive
developments led to strong moves in NXPI, AVGO, FSL, MU, ADI, SNDK, KLAC and
LRCX.
Look for semis to potentially
rise next week and be a catalyst for the NDX/QQQ to bounce in its current bull flag pattern.
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 = 210.33, 210.70,
211.40...
QQQ = 109.17…
IWM = 123.44, 125.55,
127.13…
Support Levels
SPY = 207.01, 205.39...
QQQ = 105.55, 104.50…
IWM = 120.66...
Earnings Week of April 6 – AA, BBBY, WBA, STZ
Earnings Week of April 13 – JNJ, JPM, FAST, WFC, INTC, BAC, CSX, DAL, LLTC, SNDK, NFLX, GS,
C, AMD, AXP, CE, MAT, NOW
Earnings Week of April 20 – CHKP, HAL, HAS, MS, RCL, STI, IBM, LRCX, ZION, ARMH, ATI,
BHI, DD, HOG, LMT, PCAR, TRV, UA, VZ, AMGN, BRCM, CMG, CREE, ILMN, ISRG, URI,
UTX, YHOO, YUM, ABT, BA, EMC, KO, MCD, CTXS, EBAY, FB, FFIV, ORLY, QCOM, T,
TSCO, TXN, XLNX, ABBV, ALXN, BAX, CAM, CAT, DHR, DOW, DPS, FCX, HP, HSY, LLY, LUV, MMM, MO, NDAQ, PEP, PG, SWK, UNP, ALTR, AMZN, ETFC, GOOGL, HBI, JNPR, KLAC, MSFT, SBUX, SRCL, SWN, AAL, BIIB, STT
Earnings Week of April 27 – AAPL, CHRW, AET, COH, F, GLW, PFE, UPS, VLO, AKAM, ESRX,
VRSK, WDC, WHR, WYNN, GPRO, GRMN,
MDLZ, SLCA, SWI, TPX, X, BIDU, MAR, NXPI, VRTX, CAH, LLL, XOM, YELP, ADP, CELG, TASR, VIAB, UPL, AIG, CME, EXPE, FEYE, FSLR, LNKD, SWKS, V, GILD, CVX, MCO, WY
Earnings Week of May 4 – CMCSA, CTSH, DO,
HSIC, APC, DVA, EOG, XEC, ADM, CAR, DISCA,
DTV, HCA, ICE, K, NBL, SFUN, ALL, CTRP, DIS, DVN, EA, FISV, FOSL, FTR, LC, NFX,
NWSA, PXD, SCTY, Z, CHK, DDD, EXPD, ATVI, CF, FOXA, GMCR, MET, MRO, PRU, RIG,
TSLA, WFM, APA, BDX, GOGO, PCLN, REGN, SIAL, SUNE, CA, CBS, CERN, CSIQ, CYBR, LBTYA,
MCHP, MNST, NVDA, SPWR, UBNT, ZNGA, JD, LMCA
Q1 Earnings Reaction
Positive Reactions – OCN, MRC, SWKS, TER, EXPE, TASR, AET, AIG,
CME, F, FEYE, GILD, LEG, LYV, MDLZ, NXPI,
SLCA, TWTR, TDS, TPX, UPL, UPS, VRSK, WY, AMZN, MSFT, JNPR, SBUX, GOOGL, CVX, AAL,
CTXS, CAM, EBAY, FFIV, ORLY, SWK, T, ALTR, BAX, BRCM, DOW, EMC, HP, ILMN, KO,
MCD, NDAQ, YUM, ABT, ATI, LRCX, PCAR, ARMH, AMGN, HAS, CHKP, HAL, MS, STI, NFLX,
CE, MAT, C, DAL, FAST, INTC, JPM, LLTC, STZ, WBA, KMX, DGLY, CTRP,
JUNO, KBH, MFRM, NKE,
More than 10% - GPRO, OCN, MRC, TER, AMZN, MSFT, ATI, HAS, NFLX, CE, DGLY,
CTRP, JUNO,
Negative Reactions – AAPL, AKAM, ATHN, BIDU, CAH, CELG,
CHRW, COH, ESRX, FSLR, GLW, GRMN, LLL, MAR, PFE, SWI, V, VIAB, VLO, WDC, WHR, HBI, BIIB, STT, TXN,
XLNX, MMM, SRCL, SWN, ALXN, CMG, CREE, DHR, FB, FCX, HSY, ISRG, KLAC, PEP, PG,
BA, HOG, TRV, UA, UNP, URI, YHOO, DD, BHI, RCL, AXP, BAC, GS, JNJ, SNDK,
AA, BBBY, MU, GME, YOKU, XONE,
More than -10% - LNKD, YELP, TWTR, X, WYNN, NOW, AMD, YOKU,
Reversal in progress –
AA, GS,
Reversal of Initial
Reaction – WDC, FCX,
GME, MU, YOKU, XONE
The SPX Market Forecast is pointed down at 74.
___________________
Setups
Horizontal Breakout:
C, DGLY, FEYE, HPQ, MS, UPL, ZION,
Diagonal Breakout:
AMBA,
Bull Flag: GPRO, QQQ, ATI, BBRY, CIEN, CMGE, DAL, GME,
IBM, JASO, JCP, MBLY, PANW, QIHU, RAX, SPLK, TSL, VSLR,
Potential Bullish
Divergence: CREE
At Support: BABA, BBY, CCL, IWM, MFRM, SPWR, SWI, TLT, UA, V, VXX, X,
XONE
Moves
New Highs: CRM,
H Breakout: AA, BAC, ETFC,
SWKS, UNG
Bull Flag Bounce: SPY,
SVXY,
Bounce: SCSS
Gap Up: AIG, EXPE,
FEYE,
Gap Down: LNKD, FSLR
Support Break: CREE
Support Break: CREE
______________________
89 of 100
NDX stocks closed higher on Friday.
Leading NDX 100 stocks included: ALTR, NXPI, AVGO, GILD, LVNTA, ILMN, BIIB, MU,
AAPL, REGN
Lagging NDX stocks included: VIP, VOD, MAT, SIRI, VIAB, DTV, CTXS, YHOO,
GMCR, KRFT
Leading stocks > +2% on Friday:
DGLY, EXPE, SWKS, FEYE, JUNO, SCSS, UPL, AMBA, SOHU, JASO, UAL, SCTY, AIG, HPQ,
GLW, CSIQ, LC, TSL, DAL, CAR, PANW, FAS
Lagging stocks < -2.0% included: LNKD,
VXX, FSLR, SSYS, X, TWTR, VJET
Stocks to Watch on
Monday
Holding Above 30 DMA = 41
SIAL, ORLY, VRSK, XLNX, CTRX, MDLZ, VIP, CTXS, TSLA,
MYL, DTV, NFLX, PCLN, SBUX, PCAR, STX, VOD, MAT, AKAM, CSCO, INTC, MU, SYMC,
AMZN, EA, MSFT, SIRI, BRCM, LRCX, FAST, INTU, NTAP, ADBE, EBAY, LBTYA, NVDA, ALTR,
ESRX, GMCR, SPLS, WDC
Moving Above 30 DMA =
17
AAPL, ADI, ADP, ATVI, CMCSA, DISCA, FOXA, GILD,
ILMN, KLAC, LLTC, LVNTA, MAR, MNST, NXPI, REGN, VRTX
Moving Below 30 DMA = 3
KRFT, VIAB, VIP
Staying Below 30 DMA
BIDU, CA, CHKP, CHTR, GOOG, LMCA, QCOM, TSCO, AAL, CERN, CMCSA, FISV,
GRMN, WYNN, ADSK, AMGN,
CELG, HSIC, SBAC, SPLS, ALXN, BIIB, FB, SRCL, AVGO, ISRG, TXN, YHOO, WBA, CTSH,
DLTR, BBBY, COST, EXPD, ROST, PAYX, CHRW, SNDK, TRIP, AMAT, DISH, WFM
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Neutral
