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Joshua Hayes
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Joshua "MauiTrader" Hayes is CEO, President and founder of Big Wave Trading Inc., a Maui, Hawaii-based stock market advisory service. Hayes is a well-respected stock trader who combines fundamentals, technicals, psychology and money management to trade professionally for his personal,... More
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  • Euro Stocks Head Lower, But US Stocks Find Footing Close Near Highs 0 comments
    May 3, 2012 10:00 AM | about stocks: QQQ, DIA, SPY, IWM, MA

    A lower than expected ADP payroll figure soured the market mood at the early going. Friday's jobs report is just around the corner and the ADP figure certainly points at a disappointing figure Friday. Volume started out the day running hot, but cooled as the session turned to the afternoon. NASDAQ volume ended lower on the day and is a bit disappointing as higher volume on a day like today would have been super positive. NYSE volume ended higher giving a day of distribution for the S&P 500, but given the support off the lows the distribution day is relatively minor. We are still in a cautious buy mode and continue to look for full confirmation this market can move higher.

    Earnings season is in full swing and we continue to see wild swings in stocks posting earnings. MA held up well after posting earnings this morning. We continue to see excellent opportunities with earnings season and tomorrow morning is no exception. Reg FD has certainly produced wild moves after earnings, but we have been able to take advantage of the situation. As long as we cut our losses short we'll continue to produce solid gains.

    Europe is in big trouble and their stock markets are beginning to crack once again. Spain's stock market has hit a 52 week low today certainly a negative sign. Germany's DAX index has put in a right shoulder of a head and shoulders topping pattern. Things are not looking over in the Eurozone and it appears the US Stock Market has largely ignored the perils occurring across the pond. It will be interesting to see how thins unravel here over the next few weeks. If selling pressure continues in Europe will it spread again?

    The NASDAQ looks pretty good here along with the S&P 500 despite the index sporting two days of distribution. We are under a buy signal, but it would be nice to get a nice strong lift off the 50 day moving average with tons of volume. Until then, we'll cut our losses short and let our winners run!

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: QQQ, DIA, SPY, IWM, MA
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