DJIA, RUT All-time New High Close as NDX Drops -143 Points…Dramatic Selloff as Semiconductor Stocks follow NDVA Lower…Financials Rise as FOMC Meets Next Week…

NDX, tech and semiconductors stocks on Friday had a dramatic selloff following GS comments on “valuation air pocket” on FB, AAPL, AMZN, MSFT and GOOGL and a well-known short-seller’s comments on NVDA.

Look for opportunities to be defensive based on the chart of your stock.

DIA and IWM closed higher on Friday making an all-time new high.

Six sectors were positive, led by energy XLE and financials XLF.

SPY down -.37 at 243.41 on 132.2 million shares, 92% above average.

VIX up .54 to 10.70.

Oil rises +0.19 to 45.90

TLT down -.19 at 124.40…on 5.1 million shares, 30% below average.

PFE +3.21% and JPM +2.37% lead the DJIA.

KSS +7.22%, HP +5.69% and JWN +5.67% led the SPX.

TSCO +4.74%, FOXA +2.77%, FAST +2.59% and ALXN +2.39% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is neutral.

Up: IWM, DIA,

Down: SPY, QQQ,

Uptrend sectors:  XLY, XLP, XLV, XLI, XLU, XLK, XLRE, XLB

Breadth was mixed as advancers led 1,841 to 1,090 on the NYSE and decliners led 1,435 to 1,405 on the NASDAQ.

The SPY MFC green line is pointed down in its upper zone at 90, bullish.

Look for a potential bounce in: TLT, MCD, V, MNST, WMT, BBRY, XLY, CSX, WYN, MAR, CC, TLT, HD, HUN, ADBE, EA, WB, MOMO, KWEB, JD, BBY,

One Day Pullback: BABA, NVDA, AMZN, TSLA, SQ, EXPE, SHOP, LRCX, RACE, SWKS, EBAY, PYPL, ANET MCHP, AMAT, AVGO, KLAC, NFLX, QQQ, ATVI, YHOO, XLNX, AMD, FB, RCL, DDD

Bounces included:

Break of short-term support: BIDU, AAPL, WDC, GOOGL, ADSK,

Potential Breakouts include: SPY, AMD, BBRY, CC,

Breakouts: DIA

New Highs

23 of 100 NDX stocks closed higher on Friday.

60 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

BIIB, ESRX, FOXA, 

Moving Below 30 DMA = 16

AAPL, ADBE, ADI, BIDU, CA, FB, IDXX, INTC, JD, KLAC, LVNTA, MAR, NFLX, PCLN, STX, WDC

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral

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