btdstocksblog's  Instablog

Stocks traded today's entire session in positive territory and finished off the highs in the middle of the day's trading range. We must respect the trend and increase the resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) to 11,117, 1,182, and 2,454, respectively. One thing to point out the Volatility Index (VIX) open lower was .02 off the low for the day and rose throughout the day to 19.07 near the high of 19.16. We have been pointing recently how complacency has been building in the market. Today's action may indicate a short term bottom in the VIX. If so, then volatility may pick up and a correction to the stock market direction uptrend could occur. As we have been saying it is best limit or not put cash to work in new positions, take some profits, and cut losses.  

SUMMARY

DJIA: Up 0.7% to 11,096

S&P 500: Up 0.7% to 1,178

Nasdaq Composite: Up 1.0% to 2,441

BREADTH FOR NYSE

Advancing Issues: 2,300

Declining Issues: 759

Advance/Decline Ratio: 3 to 1

New Highs: 375

New Lows: 0

High/Low Ratio: N/A

SUPPORT/RESISTANCE LEVELS

DJIA: 10,949/11,117

S&P 500: 1,158/1,182

Nasdaq Composite: 2,384/2,454

STOCKS TO WATCH FOR TOMORROW

Arris Group Inc.

Symbol: ARRS

Stocks with potential upside:

Comments: (ARRS) was up 2.6% on heavier volume today.

Stocks with potential downside:

Micrel Inc.

Symbol: MCRL

Comments: (MCRL) was down 2.2% on heavier volume today.

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