One of nine sectors moved higher on Thursday …XLV,
XLI and XLY
were the strongest sectors while XLU was the weakest sector. Oil futures fell .54 to close at 43.43.
Breadth weakened as decliners led 1.74 to 1
on the NYSE and 1.06 to 1 on the NASDAQ.
Thursday
- weakened, decliners led
Wednesday – weakened, advancers led
Tuesday –
weakened, advancers led
Monday – strengthened, advancers led
Friday – strengthened, advancers led
SPY down
1.13 at 208.97 on 85.6 million shares, 2% below average volume
VIX up .67 at 13.95
TLT down .77
at 128.69…on 11.1 million shares, 64% above average volume
Technical Commentary:
QQQ +0.01%, IWM -0.50%, SPY -0.54%, DIA
-0.58%,
SPY,
DIA and IWM pulled back on Thursday after SPY and DIA made new highs on Thursday. After
a seven day move up and a new high a pull back to a higher low is typical. Perhaps
day one of a bull flag.
Earnings reactions continue to
outperform index movement which is typical during earnings season.
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 94.
44 of 100
NDX stocks closed higher and one was
unchanged on Thursday.
63
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 3
CA, ENDP, VIAB
Moving Below 30 DMA = 10
AAL, AVGO, CHKP, KHC,
LBTYA, LVNTA, MAT, ORLY, SRCL, TRIP
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Neutral
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