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  • Wednesday, December 29, 2010 0 comments
    Dec 29, 2010 11:36 PM | about stocks: DIA, SPY, QQQ, APOL, SH, NUVA, CSCO, PSQ, UUP, EUO, RWM

    The major indexes all finished up today on below average volume but gave back some of their gains in the final hour of trading.  We are leaving the support levels the same for the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below).   For the DJIA and S&P 500 we are slightly raising their resistance levels (see below).  The Nasdaq Composite resistance level is the same (see below).  One thing to watch going forward will be the activity in the Volatility Index (VIX).  Back on the first trading day of December the VIX gapped down.  On Monday the VIX gapped up and has spent the last two trading session working to close the gap.  With volatility very low right now and January approaching we are expecting volatility to pick up and the VIX to attempt closing the gap in the 22.00-22.50 area.  If this occurs then stock prices will probably be lower then where they are today.  Overall, we feel the best approach is to continue selling into strength and wait for a lower entry point to enter new stock positions. If you need to own stocks, please see our watch list.     

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    DJIA: Up 0.1% to 11,585

    S&P 500: Up 0.1% to 1,260

    Nasdaq Composite: Up 0.2% to 2,667


    Advancing Issues: 1,950

    Declining Issues: 1,121

    Advance/Decline Ratio: 1.7 to 1

    New Highs: 174

    New Lows: 14

    High/Low Ratio: 12 to 1


    DJIA: 11,444/11,603

    S&P 500: 1,242/1,260

    Nasdaq Composite: 2,638/2,671


    Energy was the best performing sector up 1.0% while Utilities was the worst performing sector down 0.4%.

    Other Sectors:

    Consumer Discretionary Up 0.3%

    Consumer Staples Flat

    Financials Down 0.2%

    Health Care Flat

    Industrials Up 0.1%

    Materials Up 0.4%

    Technology Up 0.2%


    (APOL)-since 10/28/10

    (SH)-since 11/12/10

    (NUVA)-since 11/12/10

    (CSCO) (since 12/2/10)

    (PSQ)-since 12/8/10

    (UUP)-since 12/8/10

    (EUO)-since 12/8/10

    (RWM)-since 12/16/10

    No positions in securities mentioned.

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