All nine sectors moved lower on Thursday…XLY,
XLK and XLe were the
strongest sectors while XLF was the weakest sector. Oil fell $0.03 to
close at 27.30. after falling as low as 26.05. Oil rallied after a report indicated that
the UAE energy minister said that OPEC was ready to cooperate on a reduction in
oil production.
Breadth weakened as advancers led decliners 4.31 to 1
on the NYSE and decliners led 2.24 to 1 on the NASDAQ.
Thursday-
weakened, decliners led
Wednesday – strengthened, advancers led on the NYSE
Tuesday –
strengthened, decliners led
Monday – mixed, decliners led
Friday – weakened, decliners led
SPY down 2.41 at 182.86 on 219 million shares, 28% above average volume
VIX up 1.85
at 28.14…
TNX down .61 at 16.44…
TLT up .93 at 133.72…on 21.6 million shares, 103% above average volume
XLF down .62 at 19.66…on
126.2 million shares, 76% above average volume
AAPL down .57 at 93.70 on 50 million shares, 12% below average volume
FB up .91 at 101.91 on 43.6
million shares, 1% above average volume
Technical Commentary:
QQQ -0.14%, IWM -1.09%, SPY
-1.30%, DIA -1.62%.
Once
again futures sink overnight and the broad indexes open significantly lower on
Thursday.
Weekly
jobless claims dropped to 269K, better than expected, vs. a
forecast of 281K.
The
NDX -0.10% and QQQ -0.14%
was strengthened by positive earning reactions on TRIP, CSCO, EXPE, ORLY
and TSLA. An impressive 31 NDX
stocks rose on a weak market day. Fourteen of those gained 2.18% or more.
Stocks below support should generally be traded bearishly until a reversal pattern forms.
Only
three Dow stocks CSCO, DIS and XOM rose
on Thursday.
Positive Earning Reactions included: TRIP, CTL, CSRA, CSCO, EXPE, O, MOS,
ORLY, NLSN, K, ALLE, TSLA
YTD:
SPX Leaders: NEM, KORS, O, SE, SWN, TSN, COG, ED, CHRW,
MAT (80)
SPX Losers: CHK, WMB,
ESV, MRO, MPC, URI, LNC, VRTX, LM, ADS
NDX Leaders: MAT, FAST, PCAR, XLNX, FISV (5)
NDX Losers: INCY, TSLA, VRTX,
BMRN, NCLH, WDC, REGN, MU, ALXN, JD
DJI Leaders: VZ, WMT, XOM, PG, MMM
DJI Losers: AXP, BA, GS, JPM,
INTC, DD, IBM, HD, 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 down at 15.
31 of 100
NDX stocks closed higher on Thursday.
13
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 5
CHKP, CSCO, FB, LLTC, ORLY
Moving Below 30 DMA = 1
CA
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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