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Dr. Kris
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Dr. Kris has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her satisfaction), she decided to tackle something even more difficult—the stock market. Applying the scientific method along with an insatiably... More
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  • Intraday Market Notes: Semis On Collision Course -- Sept.24 0 comments
    Sep 24, 2012 4:42 PM | about stocks: CORN, JJA, NIB, SOXX, SMH

    3:55 pm ET: Although it appears as if most of the major averages will be closing in the red, there are some rays of sunshine for the bulls. First off, the Dow Transports (DTX), generally considered a leader in market movement, held its 490 support level due to some nice advances in the flagging railroads. This index will be closing in the green, thank you very much.

    Secondly, while the VIX opened the day with a big advance to the upside, it steadily inched its way down. This bullish move was countered by the rise in the Trin (they typically move together contrary to the direction of the market), but even here, the fact that the Trin was trading over 1.7 midday turned out to be a contrarian sign. Putting this all together means that tomorrow's open could well be to the upside.

    In other news, we're seeing some softness in the so-called soft agricultural commodities. The following agricultural etfs all broke support levels: Corn (NYSEARCA:CORN) below $48, Cocoa (NYSEARCA:NIB) below $34, and Agriculture (NYSEARCA:JJA) below $62. A Goldman Sachs analyst was noted in a Bloomberg article today projecting weakness in the ag space through 2013 (except for livestock).

    Although most sectors were taking a bit of a breather today, the semiconductors were finding no love at all. But that's not so unexpected as analysts are slashing pc demand. Both semiconductor etfs (SOXX, SMH) broke support levels but the most pain was felt by Dell computers (NASDAQ:DELL) whose stock continues to hit new lows. It broke major $12 support a month ago and at $10 a share it still has a ways to go to reach $8 major support. All you bears take notice!

    Note to Subscribers: There are two new Stock Darlings.

    Stocks: CORN, JJA, NIB, SOXX, SMH
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  • Instablog problems: I'm trying to post an instablog and the system just hangs. Anyone else having this problem?
    about 15 hours ago
  • Intraday support/resistance: $SPX 1986.75/1994.75, $DTX 841/848, $DJIA 16985/17065, Nasdaq 4514/4536, $RUT 1147.5/1163.5; $VIX 11.45/12.05
    about 19 hours ago
  • Intraday support/resistance: $SPX 1977.75/1986.25, $DTX 840.5/848.5, $DJIA 16895/16985, Nasdaq 4516/4533, $RUT 1154/1159: $VIX 11.85/12.25
    2 days ago
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