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  • Monday, May 9, 2011 End-of-Day Update  0 comments
    May 9, 2011 11:06 PM | about stocks: DIA, SPY, SH, PSQ, RWM, UUP, EUO, CSCO, CCJ, TIP, VXX

    The stock market rose today with the major indexes gaining between 0.4% and 0.6% and was able to shrug off some bad economic news on both the U.S. and international front. Trading activity was calm and didn't indicate investors were buying shares strongly. Market breadth was mostly on the positive side. We are raising both the support/resistance levels on the S&P 500 and Nasdaq Composite (see below). We are keeping the support/resistance levels the same for the DJIA (see below). Once again the DJIA (NYSEARCA:DIA), S&P 500 (NYSEARCA:SPY), and Nasdaq Composite (QQQQ) were able to hold above their 21-day moving averages and in today's session they did not test them on an intra-day basis. Normally we might say it is ok to start adding to your stock positions with the major indexes holding a key support level. However, last week saw trading activity indicating investors were mostly selling shares strongly on down days and the up sessions haven't shown investors buying shares in an affirmative way. Until we see this trend change based on the current stock market direction it is best to be cautious with adding to stock purchases. Instead focus on protecting profits and limiting your losses.

    No positions in securities mentioned.


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