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From Disaster To Dancing In The Street!
Tuesday started in the dumps and ended on an upbeat green leg. Our volume outpaced yesterdays to leave an accumulation day. The market had the Nasdaq and tech weight holding it back until late day and finally the Nasdaq picked up the pace and let the other broader indexes run. Nasdaq futures did not close green, they were just 1.75 from green, but did manage to fill the gap and close just off the highs. The Sox closed down 4.54 % which is a huge anchor on the market still. Crude closed down $3.79 at $127.25, even with hurricane Dolly still threatening offshore rigs. Gold closed down $14.80 at $948.90.
The Nas composite (COMPX) is now back just under 38.2% which we just saw last week and then fell off. The index did clear the 10dma and 20dma , we’ll need another day to confirm that break. The Nas 100 (NDX) was heavier and didn’t recover as much ground as the COMPX did, but did manage to get back into yesterdays range, I still see divergence on the CCI, RSI and Stochastics..which all closed lower even though the price was higher. The S&P 500 (SPX) is 15 points under 38.2% (1292.04) and managed to take out this weeks and last weeks highs. The SPX is over the 10dma and 20dema, but like the COMPX we need a day of confirmation. The Dow (INDU) sits about 100 points under 38.2% (11709.70), but like the SPX took out last weeks highs and made a new high for this week. The daily stochastics are at 94, getting into the nosebleed territory up here. The CCI closed higher than yesterday’s but not as much as I thought it should given the move up and into new highs. So we’ll keep an eye on that.
The VIX took a big dive on this move up for the broader markets. Closing at 21.18 and now we have 19.02 on watch for the next leg down. Which leaves the market with another leg up possibly and can keep that bulls door open. Banks and brokers outperformed tech in a big way today and that can’t continue. It is great to see banks/brokers getting that lift, BUT tech can’t sit back for long without weighing on the markets. After hours BRCM, ZMH, LLTC all took a nose dive off earnings. BRCM and LLTC are semiconductor stocks, which is EXACTLY where we need good news. Today the market lifted off horrid news, so early into Wednesday we look for a pullback and continuation. If the Nasdaq wanes and starts the dragging its feet, the market isn’t likely to hold up as well as the SPX and INDU did today.
Economic data for the week (underlined means more likely to be a mkt mover): Wednesday 7:00 MBA Purchase Applications, 10:35 Crude Inventories, 2:00 Fed’s Beige Book, Thursday 8:30 Initial Claims, 10:00 Existing Home Sales, 10:00 FOMC Geithner speaks, 10:35 Natural Gas Inventories, Friday 8:30 Durable Orders, 9:55 Mich Sentiment Rev., 10:00 New Home Sales.
Some earnings for the week (keep in mind companies can change last minute): Wednesday pre market ATI, T, BA, COP, EMC, FCX, GD, GENZ, MCD, NWA, BTU, PEP, PFE, R, WLP, WYE, ZBRA and after the bell AMZN, BIDU, CRA, CMG, FFIV, FNF, ISIL, LSI, NE, NVEC, OSIP, PHM, QCOM, RMBS, RYL, TUP, VARI, VAR. Thursday pre market MMM, ALK, BBI, BMY, BG, CELG, DOW, LLY, F, LLL, LM, LVLT, NCC, NEM, PENN, PFCB, POT, PCH, RSH, SCHL, POOL, LUV, HOT, SU, TASR, TRA, UTEK, XRX, ZMH, and after the bell AFFX, CAKE, DECK, KLAC, LSCC, MCHP, MSCC, VSEA, WYNN, YRCW. Friday pre market CVH, FSS, FO, NFLX, NS, and nothing after the bell of interest.
ES (S&P 500 e-mini) Wednesday’s pivot 1267, weekly pivot 1241.50, monthly pivot 1322.50. We are right at the neckline of the inverted head and shoulders (see chart below) this is a bullish pattern and resistance point. Intraday support: 1270, 1266.75-1265, 1261.50-1260, 1257, 1255, 1248.75. Resistance: 1276.50, 1278.75 neckline, 1280.25, 1285.75, 1290.50, 1293, 1301.75, 1322.25 fills 6/25 gap.
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Made several great trades today. Traded the QID, QQ [read more]
When I first started Day Trading I traded anything that [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
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