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Thursday, June 23, 2011

|Includes:SPDR Dow Jones Industrial Average ETF (DIA), FRO, GLD, LULU, QQQ, SPY, USO, VECO, VRX, XLE, XLK

Our stock market direction ratings are: 1) Short Term: Bearish; 2) Long Term: Bearish...The adjustments to the support/resistance levels for the indices is a mixed bag down on DJIA (NYSEARCA:DIA) (11,952/12,058), same on S&P 500 (NYSEARCA:SPY) (1,276/1,288), and up on Nasdaq Composite (NASDAQ:QQQ) (2,679/2,687)...8 of 9 stocks in our focus list rose today with an average gain of 2.1% on moderately higher volume...Most sectors that had decent trading activity today declined in price...Oil (NYSEARCA:USO) and Gold (NYSEARCA:GLD) had material declines...Nasdaq is near its session highs and staying above 200 day moving average with tech leading...Broader market not doing as well with DJIA/S&P 500 down 0.7% but have recovered alot of the losses...The price action in the technology sector (symbol: XLK) has improved causing the Nasdaq to turn positive briefly-bouncing between gains and losses now...Energy (NYSEARCA:XLE) is weak down 2.2% on higher activity...The two stocks on our focus list making some material noise in opposite directions so far today are Lululemon Athletica (NASDAQ:LULU) and Veeco Instruments (NASDAQ:VECO)...LULU is at another new high up 2.1% and VECO is down 2.6% but off its lows getting closer to its 200 day moving average...S&P 500 comes close to 200 day moving average and then bounces up...Nasdaq Composite bounces a little as well but remains below 200 day moving average...Nasdaq Composite below 200 day moving average again...S&P 500 holding above 200-day moving average.

www.dailystockmarketforecast.com/


No positions in securities mentioned.


Stocks: DIA, SPY, QQQ, USO, GLD, XLK, XLE, LULU, VECO, VRX, FRO