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Provides daily commentary and analysis on the direction of the stock market each trading day.
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  • BTDStocks.com Wednesday, November 3, 2010 End-Of-Day Update 0 comments
    Nov 3, 2010 8:48 PM | about stocks: DIA, SPY, QQQ, VIXX

    The stock market saw some volatility after the FED announcement (a decision that will probable hurt the economy long term) today and finished up in a session that had some slight meat behind it.  We have adjusted the resistance levels on the DJIA (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) up but we left it alone for the Nasdaq Composite (see below).  However, we raised the support level on the Nasdaq Composite (QQQQ) (see below).  Even though the gains were all below 0.5% the Volatility Index (VIX) fell significantly down 9.3%.  In itself this show investors were happy with today's gains in stocks.  By looking at it technically this was the third time the VIX tried to rise above its 50-day moving average unsuccessfully.  As a results, it may need some more downside testing (and perhaps to make a new marginal low since the stock market direction uptrend began in early September).  We continue to believe the prudent approach is to not open new positions, keep taking profits, and cut losses based on how far the market has run without a meaningful pause.

    SUMMARY

    DJIA: Up 0.2% to 11,215

    S&P 500: Up 0.4% to 1,198

    Nasdaq Composite: Up 0.3% to 2,540

    BREADTH FOR NYSE

    Advancing Issues: 1,721

    Declining Issues: 1,296

    Advance/Decline Ratio: 1.3 to 1

    New Highs: 205

    New Lows: 5

    High/Low Ratio: 41 to 1

    SUPPORT/RESISTANCE LEVELS

    DJIA: 11,144/11,221

    S&P 500: 1,185/1,198

    Nasdaq Composite: 2,505/2,541

    SECTOR ANALYSIS

    Financials was the best performing sector up 1.0% while materials was the worst performing sectors down 0.3%.

    Other Sectors:

    Consumer Discretionary up 0.5%

    Consumer Staples up 0.3%

    Energy Up 0.2%

    Health Care Up 0.1%

    Industrials Up 0.2%

    Technology Up 0.6%

    Utilities Down 0.2%

    www.btdstocks.com



    Disclosure: No positions
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