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  • Morning Update For 6/14/2013 0 comments
    Jun 14, 2013 11:47 AM | about stocks: SPY, DIA, DOW, VIXY

    Bulls Survive Another Bear Attack

    9:00am (EST)

    The bulls were able to hold their gains on Thursday and made a nice push higher into the close as the major indexes surged past resistance that served as prior support. The technical bounce means the bulls have a little breathing room as they rebounded off the bottom of the current trading range and thwarted a serious bear attack for the fourth time this year and second in 2 weeks.

    The Dow gained 180 points, or 1.2%, to close at 15,176. The blue-chips traded to a high of 15,202 and held the 15,000 level after trading to a low of 14,953 at the open. A close above 15,200 today would be bullish while another close below 15K could be bearish heading into next week.

    The S&P 500 advanced 24 points, or 1.5%, to finish at 1,636. The index traded down to 1,608 on the open (-4) before recovering to reach a peak of 1,639. The close was above 1,625 gets 1,650 back in play that has served as major resistance since late May. A close back below 1,625 today would be bearish for next week.

    The Nasdaq surged 45 points, or 1.3%, to settle at 3,445. The bears made a push down to 3,387 when Wall Street opened for trading but the bulls made a run to resistance at 3,450 after kissing 3,451. A close above 3,450 would be bullish for today - 3,475 even better. A finish below 3,425 could be trouble and lead to a test down to 3,400-3,350 next week.

    The Russell 2000 jumped 17 points, or 1.8%, to end at 989. The small-caps kissed 969 after the opening bell but easily cleared 975 after trading up to 990. The index has traded above the 1,000 mark 4 times this year but has yet to close above it. If so, the Russell 2000 could test new all-time highs north of 1,008. Any pullback needs to hold at 980-975 today.

    The S&P 500 Volatility Index ($VIX, 16.41, down 2.18) tanked 12% to close back below 17.50. This was very bullish but the bulls won't be out of the woods until they get back below 15. The bears are still eyeing a run past 20 but will need to clear 17.50 again.

    Futures are pointing towards a higher open and look like this: Dow (-2); S&P 500 (-1);Nasdaq 100 (-1).

    Stocks: SPY, DIA, DOW, VIXY
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