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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 27, 2011 End-of-Day Update  0 comments
    Apr 27, 2011 11:22 PM | about stocks: DIA, SPY, SH, PSQ, RWM, UUP, EUO, CSCO, CCJ, TIP, TLT, VXX

    On the heels of the announcement from the Federal Reserve stocks spent the early part of today's session posting mild gains. Once the Federal Reserve announced they were leaving rates alone, would continue with QE2 through June, and hinted of a possible QE3 stocks accelerated their gains with the major indexes (DJIA, S&P 500, and Nasdaq Composite) finishing up between 0.6% and 0.8%. Investor participation and market breadth came in at decent levels. Staying with the trend we are raising the resistance levels on the DJIA (NYSEARCA:DIA), S&P 500 (NYSEARCA:SPY), and Nasdaq Composite (QQQQ) (see below). In addition, we are keeping their support levels the same. The stock market direction has clearly broken out above the highs made in February for the S&P 500 and Nasdaq Composite and April for the DJIA. Investors are partying it up and giving the all clear sign for stocks and even market strategists who have been bearish since the March 2009 are now becoming bullish. If you are not already heavily invested in stocks then the prudent approach right now is not get aggressive with buying stocks. The risk at this point outweighs reward with investor complacency extremely high and volatility very low. If you need to own stocks, please see our watch list below. In our watch list today we removed Family Dollar Stores (symbol: FDO) at the intra-day price of $52.92. We added FDO on Wednesday, March 2, 2011 at $50.28. While on the watch list FDO returned 5.3% in 56 days.
    No positions in securities mentioned.

    Stocks: DIA, SPY, SH, PSQ, RWM, UUP, EUO, CSCO, CCJ, TIP, TLT, VXX
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