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Tuesday, July 12, 2011

|Includes:DIA, GLD, QQQ, RBCN, SLV, SMH, Philadelphia Semiconductor Index (SOX), SPY, TLT, USO, UUP, XLI, ZAGG

The Semiconductor Index (SOX) fared the worst in today's session with a decline of 2.9% and the Semiconductor Holders (SMH) ETF was down 3.1% on heavy volume-the SOX and SMH gapped down and have gaps between 402.66/405.48 and $33.64/$34.03, respectively-we are keeping our eyes on these levels as gap usually get filled in the near term...We are lowering the support/resistance levels on the DJIA (NYSEARCA:DIA) (12,427/12,480), S&P 500 (NYSEARCA:SPY) (1,306/1,315), and Nasdaq Composite (NASDAQ:QQQ) (2,782/2,799)...The S&P 500 closed one point below its 50 day moving of 1,315 to 1,314...The DJIA and Nasdaq Composite remain 78 and 21 points above their respective 50 day moving averages...The Volatility Index (VIX) rose another 8% indicating volatility and fear are growing in the market...The focus list stocks were down 0.1% on 8% higher volume and outperformed the S&P 500 which finished down 0.4% on increased participation from investors...Focus List stock Rubicon Technology Inc (NASDAQ:RBCN) which opened strong in yesterday's session and made an attempt to recapture its 21 day moving average was down 0.7% on heavy volume...Zagg Inc. (ZAGG) continued to act well based on the current stock market direction as it was up 4.3% on slightly higher volume but it was unable to close above its 21 day moving average...Most sectors finished lower on low volume with only Industrials (NYSEARCA:XLI) down 1.0% on heavy volume...Bonds (NYSEARCA:TLT) were higher by 0.3% on slightly higher volume with stocks down...The US Dollar (NYSEARCA:UUP) finished down slightly on below average volume after gapping up and finishing higher in yesterday's session...Silver (NYSEARCA:SLV) was up 0.9% and is slightly below its 50 day moving average-volume has continued to be very low in SLV...Gold (NYSEARCA:GLD) continued its recent uptrend and made a new high rising 0.8% on heavy volume...Oil (USO) with the stock market down today went against the overall trend and finished higher 1.7% on below average and regained its 21 day moving average-USO remains below its 50 and 200 day moving averages...DJIA (12,480) and S&P 500 (1,316) holding their support levels late in today's session...Nasdaq Composite (2,800) did briefly get above 2,800 but has since fallen back below it...Oil (symbol: USO) is up 1.8% and looks to be finding support at its 21 day moving average albeit on very low volume...Zagg Inc. (symbol: ZAGG) up 4.1% above resistance level of $12.85 and is trying to move above its 21 day moving average-volume is slightly below average...The Semiconductor Index (SOX) is down 2.4% and the Semiconductor Holders (symbol: SMH) ETF is down 2.6% on heavy volume...The SOX gapped down at the open and created a gap between 402.66 and 405.48...SMH gapped down as well and has a gap between $33.64 and $34.03...Gaps normally get filled in the near future...S&P 500 is holding its support level which is its 50 day moving average at 1,316...Nasdaq Composite is trading below its support level of 2,800...Investor fear has expanded for the third session in a row with the Volatility Index (VIX) up 5.9% (was up as much as 8.6% earlier in the session).


No positions in securities mentioned.