btdstocksblog's  Instablog

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.