Street One Fina...'s  Instablog

The Market began the week continuing to digest last week’s big gains.  The indices finished mixed and little changed.  At the close, the DJIA was off 37 points, the S&P500 lost 2 points, and the Nasdaq100 gained 2 points.  Breadth was negative, 1.3 to 1, on below average volume.  Not much change technically, but all three indices held above the April highs.  For the DJIA, the near term resistance level remains 11450, with next resistance at 11500.  Support remains at 11325 and 11254.  The S&P500 held above the April closing high for the third straight session.  Resistance remains at 1225 and 1237.  Support remains at 1217 and 1200.  The Nasdaq100, the only positive performer of the three indices in the last session, though only a few points.  It remains the leader.  Near term support continues at 2180 and 2165.  Near term resistance remains at 2200 and 2213. The Russell 2000 remains a couple points below its April closing high.  Gold moved above 1400 and the GLD closed at a new high of 137.78(we reiterated a buy on 11/4 above 133 price level). The dollar(UPN) bounced up from 22 level and remains in congestion area.  The VIX managed a small gain, to close at 18.29, remaining at 6 month lows.   

Trading Trend  

Long term, the Nasdaq100 bias remains to the upside.  The DJIA and S&P500 remain in longer term technical strength and we look for final confirmation.  Short term, bias remains to the upside.  Near term, technical strength continues, as we consolidated for a second straight session.  Some key economic reports on Wednesday and Thursday of this week.  Cisco reports on Wednesday.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

Major Economic Reports Today:

Wholesale Inventories-10:00am

Trade Ideas

IWM(iShares Russell 2000)-73.71. Originally recommended 9/27 at 66.99(up 10%).  Poised to move through April closing high of 74.21.  See also IJR and VB.

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