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Provides daily commentary and analysis on the direction of the stock market each trading day.
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  • BTDStocks.com Wednesday, April 6, 2011 End-of-Day Update  0 comments
    Apr 6, 2011 10:42 PM | about stocks: DIA, SPY, SOX, SH, PSQ, RWM, UUP, EUO, AAPL, FDO, CSCO, CCJ

    The major indexes worked their way a little higher in today's session with gains ranging between 0.2% and 0.3%. Investor participation improved slightly and market breadth favored the positive side. We are keeping the support levels the same on the DJIA (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) but raising it on the Nasdaq Composite (QQQQ) (see below). In addition, we are increasing the resistance levels for the DJIA, S&P 500, and Nasdaq Composite based on the current stock market direction (see below). The 2,799 level has been a key area of resistance for the Nasdaq Composite. Today it closed above it albeit only by one point to 2,800. The Semiconductor Index (the SOX) closed today's session right at its 50-day moving average. The Volatility Index (the VIX) on an intra-day basis continues to look as if it is forming a base. The VIX was down another 2.0% today to 16.90. If the VIX can hold the base then we could expect an increase in volatility which may not bode well for stock prices.  Complacency and a lack of volatility continues to be the trend. The amount of bears in the market is at its lowest level since 2003. The action is many individual stocks right now is not very good.  The best approach right now is to be nimble when adding stock positions, protect profits, and keep losses small in case the market decides to correct. There is no reason to be a hero right now.  Instead, aid on the side of caution.

    No positions in securities mentioned.

    Stocks: DIA, SPY, SOX, SH, PSQ, RWM, UUP, EUO, AAPL, FDO, CSCO, CCJ
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