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Provides daily commentary and analysis on the direction of the stock market each trading day.
My company:
DailyStockMarketForecast.com
My blog:
DailyStockMarketForecast.com
  • Wednesday, June 22, 2011 0 comments
    Jun 23, 2011 6:58 PM | about stocks: QQQ, SPY, USO, RBCN, LULU, ACHN, ZAGG, LZB, PHG
    Our stock market direction ratings are: 1) Short Term: Bearish; 2) Long Term: Bearish...Late day selling turned market lower after a break even session for most of the trading day...Lowering support/resistance levels on S&P 500 (1,276/1,288) and Nasdaq Composite (2,648/2,679)-support same on DJIA (12,076) resistance lower to 12,163...All 9 sectors were down between 0.3% and 0.8%-volume didn't tell us anything...Our focus list stocks lagged the overall market down 1.8% (S&P 500 and Nasdaq Composite (NASDAQ:QQQ) were down 0.7% each) on slightly below average volume...No focus list stock finished with materials gains or losses...S&P 500 now finding resistance at 21 day moving average as market is doing a low volume drift...Not much change in direction of stocks after the market recovered from opening losses...Even with the market not changing much the VIX is down 5% as complacency ticks up and volatility moves lower...The 21 day moving averages on the major indices looks to be trying to flatten out...Volume has continued to decrease in everything we watch (stocks, ETFs, sectors)...S&P 500 (NYSEARCA:SPY) continues to trade right around 21 day moving average level...Oil (NYSEARCA:USO) is up 1% plus but volume is a good amount below average volume...Volume looks to be drying up more as the trading day moves on...Things remain calm in the market-our focus list stocks are down an average of 0.5% on moderate above average volume-Rubicon Technology (NASDAQ:RBCN) and Lululemon Athletica (NASDAQ:LULU) are the leaders up at least 1.5% each on decent volume...Market looks relatively quiet with FED meeting looming-DJIA holding slightly above 21 day moving average-S&P 500 and Nasdaq Composite holding below 21 day moving averages.

    www.dailystockmarketforecast.com/

    No positions in securities mentioned.



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