Friday, January 29, 2016

Stocks Soar...BOJ Follows ECB and Lowers Key Rate to Negative...MSFT, QCOM, INTC, AAPL, CSCO, FB Lead Tech Sector...

All nine sectors moved higher on FridayXLK, XLE and XLB were the strongest sectors while XLY was the weakest sector.  Oil rose 2 cents to close at 33.74.
                         
Breadth strengthened as advancers led decliners led 8.08 to 1 on the NYSE and 3.86 to 1 on the NASDAQ.

Friday – strengthened, advancers led
Thursday- strengthened, advancers led
Wednesday – weakened, decliners led
Tuesday – strengthened, advancers led
Monday – weakened, decliners led


SPY up 4.61 at 193.72 on 210.5 million shares, 35% above average volume
VIX down 2.22 at 20.20…
TNX down .54 at 19.31…
TLT up 1.07 at 127.30…on 13.1 million shares, 44% above average volume
XLF up .59 at 21.72…on 81.6 million shares, 42% above average volume

AAPL up 3.25 at 94.09 on 64.4 million shares, 14% above average volume
FB up 3.10 at 112.21 on 62.7 million shares, 95% above average volume

Technical Commentary:
IWM +3.28%, SPY +2.44%, DIA +2.40%, QQQ +2.09%.


BOJ lowered the rate that banks receive to -0.10%, joining the ECB with negative rates.  This was a move to stimulate the Japanese economy by encouraging banks to loan money to businesses and individuals instead of the government.


Stocks had their best day in 2016 and tech stocks led behind the strength of MSFT, QCOM, INTC, AAPL and FB.


YTD:
SPX Leaders:  SWN, RRC, EQT, COG, M, SE, COH, NEM, VIAB, SNI (126)
SPX Losers: ESV, URI, BWA, FCX, VRTX, ADS, AN, CF, AA, OI

NDX Leaders:  VIAB, DISCK, KHC, FB, XLNX, CTSH, DLTR, ROST, PCAR, FISV (17)
NDX Losers: INCY, BMRN, VRTX, ALXN, ADSK, REGN, NCLH, MU, TRIP, STX

DJI Leaders:  WMT, VZ, MCD, PG, JNJ, MMM
DJI Losers: AXP, DD, BA, CSCO, GS, INTC, JPM, IBM, DIS, UTX


Remember:  “It’s a market of stocks, not just a stock market.”

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

The SPX MFC green line is pointed up at 32. 



__________________

Setups
Horizontal Breakout: JNJ, MMM, XLNX, DLTR, CMCSA, SWN, MXIM, MU, NXPI, QRVO, LLTC, LRCX, MCHP
Bull Flag: M
  
Moves
New Highs: MCD, PG, FB, COH, ROST, XLNX, VZ
H Breakout: WMT, PG, FB, ROST, CTSH, SBUX, ADI, INTC
Bull Flag Bounce: MYL
Bounce: NVDA
Gap Up: MSFT, AVGO, SWKS
Gap Down:  AMZN

______________________

93 of 100 NDX stocks closed higher on Friday.

32 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 15
ADI, ADP, CMCSA, FOXA, GOOG, INTU, KLAC, LLTC, MDLZ, MSFT, MYL, SRCL, TMUS, TXN, VOD

Moving Below 30 DMA = 2
AMZN, EA

6-month Intermediate Term Market Trend: Neutral
3-day Short Term Market Trend: Up

1 comment:

Michael Hayes said...

Dave
I hope your O.K. no update on the Blog,hopefully just a little jet lag from DC
Mike