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  • Wednesday, March 23, 2011 End-of-Day Update  0 comments
    Mar 23, 2011 10:57 PM | about stocks: DIA, SPY, SH, PSQ, RWM, UUP, EUO, AAPL, AGO, FDO, NUAN, CCJ

    The market erased early losses to finish higher in today's session. The major indexes rose between 0.3% to 0.6%. Investor participation picked up and market breadth was good. What was impressive was the markets ability to shrug off bad economic news and turn losses into gains.  We are raising the support/resistance levels on the DJIA, S&P 500, and Nasdaq Composite (see below). The DJIA closed above its 21-day and 50-day moving averages. The S&P 500 and Nasdaq Composite remain below their respective 21-day and 50-day moving averages. The Volatility Index (the VIX) closed down 5.2% to 19.17 and tested its 50-day moving average intra-day. If the VIX can hold from here then we can expect volatility to expand again. If this occurs then stocks could see more downside testing before establishing a new base to rally from. The prudent approach right now based on the stock market direction is to keep your new buying small until the S&P 500 and Nasdaq Composite regain their 21-day and 50-day moving averages. The three scenarios we discussed last night are all still in play for now.  See last nights post (Tuesday, March 22, 2011) for details.  If you need to own stocks, please see our watch list below. In our watch list we added Cameco Corp. (symbol: CCJ) intra-day at $31.44. CCJ is involved in the nuclear/uranium field and they have publicly said what is happening in Japan will have minimal impact on their business both short and long term.  Since the events in Japan have unfolded CCJ has declined from the $45 area to the $32 area.
    No positions in securities mentioned. 

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