Early 1% plus gains in the market for the major indexes were erased as the market gave back some and mostly closed at the bottom part of the day's trading range. Investor participation was tough to judge as today was an options expiration session. Breadth came in at good levels. Keeping with the trend we are raising the support/resistance levels on the DJIA and S&P 500 (see below). We are keeping the support/resistance levels on the Nasdaq Composite the same (see below). Overall, based on the stock market direction now seems to be a good time to nibble slowly into new stock positions. If you need to own stocks, please see our watch list below. In our watch list today we added additional positions in the PowerShares Double US Dollar Index Bullish Fund (symbol: UUP), the ProShares UltraShort Euro (symbol: EUO), and Nuance Communications (symbol: NUAN) at today's market closing prices. Also, Cisco Systems (symbol: CSCO) a stock currently on our watch list declared a dividend for the first time in its history. The rhetoric on the street seems to be CSCO is dead money from a stock perspective. CSCO is clearly a stock out of favor right now which may present a nice buying opportunity for patient investors.
No positions in securities mentioned.
BTDStocks.com Friday, March 18, 2011 End-of-Day Update
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