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  • Friday, March 11, 2011 End-of-Day Update  0 comments
    Mar 12, 2011 12:50 AM | about stocks: DIA, SPY, QQQ, SH, PSQ, RWM, UUP, EUO, TLT, TIP, AAPL, AGO, FDO

    After suffering strong losses yesterday the market gained today to recover some of its losses. Howver, stocks did not give a clear indication that investors were once again buying stocks. Market breadth was ok. Keeping with the markets pace we are raising the support/resistance levels on the DJIA (NYSEARCA:DIA), S&P 500 (NYSEARCA:SPY), and Nasdaq Composite (QQQQ) (see below). The DJIA and S&P 500 were able to close above their respective 50-day moving averages. The Nasdaq Composite remains below its 50-day moving average. In some ways investors seemed to cheer the market’s ability to recover slightly on Friday as the Volatility Index (VIX) declined 8.2% to 20.08 suggesting a pickup in complacency among market participants. Over the past month the VIX has been trying to recapture its 200-day moving average. If the VIX can conquer this level then one could expect further declines for stocks. Overall, as we have been saying defense continues to be the smart move right now based on the stock market direction.

    No positions in securities mentioned.

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