SPY, DIA New All-time Closing High...Earnings INTC, LLTC, YHOO, AXP, CTXS Rise...KO, CHK, MAT, QCOM Fall...

Five of nine sectors moved higher on Wednesday …XLE, XLF and XLV were the strongest sectors while XLU was the weakest sector.  Oil futures rose 1.55 to close at 43.97. 

Breadth weakened as advancers led 1.33 to 1 on the NYSE and 1.21 to 1 on the NASDAQ.

Wednesday – weakened, advancers led

Tuesday – weakened, advancers led

Monday – strengthened, advancers led

Friday – strengthened, advancers led

Thursday - weakened, decliners led

SPY up .20 at 210.10 on 81.1 million shares, 7% below average volume

VIX up .04 at 13.28…

TLT down 1.44 at 129.46…on 10.9 million shares, 64% above average volume

Technical Commentary:

DIA +0.24%, IWM +0.15%, SPY +0.10%, QQQ +0.08%,

Both DIA and SPY make a new all-time closing high. 

SPY rose 210.92 intra-day before closing at 210.10.  SPY short-term price target of 211.19.  SPY closed above its intermediate-term resistance at 209.75. 

As we have been pointing out since last week, Wednesday’s breakout suggests that a dividend adjusted new all-time high is achievable and that has now occurred.

NDX +3.35 edged higher led by gains in AMZN, INTC, YHOO, GILD, ISRG, ESRX, TXN and VIAB.  In addition to INTC and TXN, semiconductors AVGO, NXPI, LLTC, MXIM, XLNX and SWKS moved higher.

Earnings reactions continue to outperform index movement which is typical during earnings season. 

Today:

VMW +7.07, +13.74% on a positive earnings reaction.
INTC +0.40, +1.27% on a positive earnings reaction.

LLTC +1.75, +3.95% on a positive earnings reaction.

YHOO +1.51, +4.16% on a positive earnings reaction.

CHKP -2.82, -3.17% on a negative earnings reaction.

KO -2.23, -4.79% on a negative earnings reaction

After hours:

AXP +2.56, +3.94% on a positive earnings reaction.

CTXS +6.56, +8.15% on a positive earnings reaction.

QCOM -1.69, -3.24% on a negative earnings reaction

MAT -2.36, -7.14% on a negative earnings reaction

Earnings this week:

Monday – HAS, IBM, NFLX,

Tuesday – GS, HOG, INTC, JNJ, LLTC, UNH, YHOO, VMW

Wednesday – KO, AXP, CHKP, CTXS, DISH, LRCX, MAT, QCOM

Thursday –MSFT, TRV, VZ, BIIB, GOOGL, MXIM, SBUX

Friday- GE, AAL

Technical analysis based trades should be closed before earnings.

Trade what you see, not…

Stocks below support should generally be traded bearishly until a reversal pattern forms.

                                                                                                                                    

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 at 96. 

57 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

70 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

AVGO, INTC

Moving Below 30 DMA = 4

CHTR, COST, FISV, PAYX

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up