Seeking Alpha

btdstocksblog's  Instablog

btdstocksblog
Send Message
Provides daily commentary and analysis on the direction of the stock market each trading day.
My company:
DailyStockMarketForecast.com
My blog:
DailyStockMarketForecast.com
  • BTDStocks.com Monday, March 14, 2011 End-of-Day Update  0 comments
    Mar 14, 2011 10:15 PM | about stocks: DIA, SPY, QQQ, SH, PSQ, RWM, UUP, EUO, TLT, TIP, AAPL, AGO, FDO, NUAN, CSCO

    Stocks were down the entire session today but did manage to recoup more than half of their intra-day losses.  The Nasdaq Composite (QQQQ) was able to hold its support level of 2,701 on a closing basis after falling below it intra-day.  Investor participation was relatively quiet and market breadth was negative.  As a result, we are lowering the support/resistance levels on the DJIA (DIA) and S&P 500 (SPY) (see below).  We are keeping the resistance level on the Nasdaq Composite the same as well as its support level that we mentioned above.  Overall, as we have been saying defense continues to be the smart move right now based on the stock market direction if you are a prudent investor. However, if you are an aggressive investor now may be the time to start nibbling at opening new positions in stocks.  If you need to own stocks, please see our watch list below. In our watch list we used today's session to average into the PowerShares Double US Dollar Index Bullish Fund (symbol: UUP) at $21.93 and the ProShares UltraShort Euro (symbol: EUO) at the current price of $18.34 intra-day.  We have now averaged into these two ETFs five times.  We also averaged into Assured Guaranty Ltd. (symbol: AGO) at $13.90 intra-day.  We have now averaged into AGO three times.  We also added positions for Nuance Communications (symbol: NUAN) and Cisco Systems (symbol: CSCO) at $17.53 and $17.83, respectively.  
    No positions in securities mentioned.

Back To btdstocksblog'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
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.