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  • Monday, April 4, 2011 End-of-Day Update  0 comments
    Apr 4, 2011 11:29 PM | about stocks: DIA, SPY, SOX, SH, PSQ, RWM, UUP, AGO, FDO, CSCO, CCJ

    Today the stock market indexes finished with mostly unchanged market action on lackluster trading activity. Market breadth came in at ok levels. The support/resistance levels on the DJIA (NYSEARCA:DIA) rose slightly (see below). For the S&P 500 (NYSEARCA:SPY) the support/resistance levels are unchanged (see below) and we are lowering the resistance level on the Nasdaq Composite (QQQQ) but keeping its support level the same (see below). Once again technology was the weakest market sector and the Semiconductor Index (the SOX) declined 0.9% versus a flat session for the Nasdaq Composite. For the second session in a row the Volatility Index (the VIX) seemed to calm down. If the VIX is trying to establish a new base here to trade up from then we would expect a pickup in volatility which wouldn't bode well for stock prices. The best approach right now is to be very selective when opening or adding stock positions. Keep the positions small if you need to be in the market. If you need to own stocks, please see our watch list below. In our watch list today we removed the position in Nuance Communications (symbol: NUAN) added on March 14, 2011 at the intra-day price of $19.58. This position was added at $17.53. While on the watch list NUAN gained 11.7% in 21 days. We now have zero positions in our watch list for NUAN. Also, we removed from our watch list the position in Cameco Corp. (symbol: CCJ) added on March 29, 2011 at the intra-day price of $31.07. CCJ was added to the watch list at $29.05. While on the watch list CCJ returned 7.0% in 6 days. We now have one position in our watch list for CCJ.
    No positions in securities mentioned.

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