Seeking Alpha

EquityClock's  Instablog

EquityClock
Send Message
Tech Talk is a free stock market letter service available at http://TimingTheMarkets.com and http://EquityClock.com written by notable analysts Don and Jon Vialoux. Interested in the methodologies and strategies presented by Tech Talk? The Horizons AlphaPro Seasonal Rotation ETF (trading on the... More
My company:
Equity Clock
My blog:
Equity Clock
  • Financial Strength and Utility Weakness 0 comments
    Dec 9, 2010 6:15 AM | about stocks: AEP, DUK, TLT, CMA, HCBK, KRE

    Technical Action Yesterday

    Technical action by S&P 500 stocks was bullish again yesterday. Eleven S&P 500 stocks broke resistance (Akamai, Corning, Lincoln National, Ameriprise Financial, Comerica, Hudson City Bancorp, MetLife, PNC Financial, SAIC Inc. Unum Group and Wells Fargo) and three stocks broke support (Duke Energy, Scana Corp. and American Electric Power). The Up/Down ratio increased from 5.41 to (382/70=) 5.46.

    Technical action by TSX Composite stocks once again was mixed. Four TSX stocks broke resistance (Major Drilling, Rona, Savanna Energy and Transcontinental) and four stocks broke support (Manitoba Telecom, Sears Canada, Fairfax Financial, Shoppers Drug). The Up/Down ratio increased from 4.09 to (144/35=) 4.11.

    Interesting Charts

    S&P 500 stocks breaking resistance were dominated by financial service stocks, most notably regional bank stocks (e.g. Hudson City Bancorp, Comerica). The Regional Banking SPDR broke resistance to reach a five month high.

    clip_image001

    clip_image002

    clip_image003

    The long term Treasury ETF prices continued under significant pressure. Mixed success of the 10 year auction completed yesterday added to weakness. Traders will watch the 30 year auction today very closely.

    clip_image004

    Interest sensitive equities are starting to respond to higher Treasury yields. Notable on the list of stocks breaking support yesterday were utility stocks (e.g. Duke Energy, American Electric Power)

    clip_image005

    clip_image006


    Stocks: AEP, DUK, TLT, CMA, HCBK, KRE
Back To EquityClock's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.