Sunday, June 12, 2011
Here are some notes on some of the stocks included in our focus list.
- For Apple Inc. (NASDAQ:AAPL) its 200-day moving average at $323.83 should be a level to watch. Our ratings on the stock is bearish in both the short and long term.
- Lululemon Athletica Inc. (NASDAQ:LULU) had a 4.4% up session on heavy volume Friday with its earnings report. Short term we rate the stock bearish but bullish in the long term.
- Our ratings on Veeco Instruments Inc. (NASDAQ:VECO) remain bullish in both the short term and long term through the current market correction.
- The next area of support for the Nasdaq Composite (NASDAQ:QQQ) is its 200-day moving average at 2,628.
- The 200-day moving average for the S&P 500 is 1,253 below its next support level of 1,257.
- For the DJIA (NYSEARCA:DIA) its 200-day moving average is 11,687 with 11,824 as its next area of support.
- It will be interesting to see if the indices find support before them or make their way down to these levels and try to bounce.
- The 200-day moving average area is generally considered a major area of support for the market indexes and stocks.
- Check back tomorrow as we will be posting some notes on some of the stocks included in our focus list based on the current stock market direction.
- The action in Spreadtrum Communications Inc. was bad enough today for us to remove it from our stock focus list. If things improve in SPRD there is a chance we could add it back to the stock focus list. Besides we had a bearish rating on SPRD in both the short term and long term anyway.
- DJIA (11,824/12,058), S&P 500 (1,257/1,276), and Nasdaq Composite (2,628/2,675) support/resistance levels adjusted lower.
- S&P 500 trying to recapture support level of 1,276. DJIA and Nasdaq Composite below support.
- Spreadtrum Communications Inc. (NASDAQ:SPRD) down 8.9% on heavy volume. We have a bearish short term rating and bearish long term rating on the stock.
- Investors must like the earnings report from Lululemon Athletica Inc. because the stock is up 4.3% on heavy volume. We have a bearish short term rating and bullish long term rating on the stock.
- S&P 500 gives up 1,276 support. Are market indexes headed for 200-day moving averages?
- S&P 500 (NYSEARCA:SPY) is holding support level at 1,276 so far.