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  • Friday, June 24, 2011 0 comments
    Jun 27, 2011 5:43 AM | about stocks: QQQ, SOX, DIA, SPY, ZAGG, XLK, VIXM

    Our stock market direction ratings are: 1) Short Term: Bearish; 2) Long Term: Bearish...Nasdaq Composite (NASDAQ:QQQ) and Semiconductor Index (SOX) gained 1.4% and 1.1%, respectively for the week (maybe a sign that the bottoming processing is working and the selling in the market is nearing an end) while the S&P 500 was down 0.2%...We are lowering the support/resistance for the DJIA (NYSEARCA:DIA) (11,897/11,952), S&P 500 (NYSEARCA:SPY) (1,265/1,271), and Nasdaq Composite (2,652/2,679)...The major indices held above their 200 day moving averages...All ten of our focus list stocks finished lower-only ZAGG traded on heavy volume down 4.7%...Market near lows of session with technology (NYSEARCA:XLK) the weakest sector...ZAGG is the only stock in our focus list so far today making a move on heavy above average volume down 3.8%...The Semiconductor Index is below all its moving averages (21, 50, 200)...Action is Semis will need to get better for the market to improve since so many of these companies make components for items we use in our everyday lives...DJIA, S&P 500, Nasdaq Composite are down at least 0.7% each but they are holding above their 200 day moving averages...Fear is up in the market with the Volatility Index (VIX) up nearly 8%...VIX is holding above its 21 and 200 day moving averages...VIX slow stochastics, MACD, and RSI are positive...We have added Zagg Inc. (symbol: ZAGG) to our stock focus list.

    No positions in securities mentioned.

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