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Provides daily commentary and analysis on the direction of the stock market each trading day.
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  • Wednesday, July 13, 2011

    Even though the market gave up a lot of the early gains that came on low participation from investors we are raising the support/resistance levels on the DJIA (NYSEARCA:DIA) (12,480/12,570) and S&P 500 (NYSEARCA:SPY) (1,316/1,331)...The support/resistance levels on the Nasdaq Composite (NASDAQ:QQQ) (2,782/2,799) is the same...The Semiconductor Index (SOX) underperformed the indexes and was down 0.3%-the Semi ETF SMH was down 0.7% on average volume-Semis are usually a good stock market direction and economic indicator as many of the things we use in our everyday lives require their components...The Volatility Index (VIX) held its ground and held above its 21 and 200 day moving averages as it finished slightly positive up 0.2%...Most sectors finished higher but like the indices gave up a most of their early gains as there was no clear indication investors were participating strongly in bidding stock prices higher...The stocks in the focus list outperformed the overall general market with average gains of 1.8% on 10% higher volume led by ZAGG Inc. (ZAGG) which gained 7.9% on heavy volume...Bonds (TLT) actually reversed course and turned early losses into a gain of 0.3% on heavier volume...The US Dollar (UUP) was down 1.1% on average volume and it closed the gap up we mentioned it created in Monday's session at $21.48 trading as low as $21.40 and closing at $21.47 in today's session...Silver (NYSEARCA:SLV) had a major move up 5.8% but its volume was below average-lot's of investors were cheering SLV today but the up move didn't appear to have the backing of the big players...Gold (NYSEARCA:GLD) continued its advance and rose 0.9% on heavy trade as it continues to make new highs-GLD is moving significantly above its moving average so a consolidation wouldn't be surprise at this point...Oil (NYSEARCA:USO) rose 1.1% on very low volume as it is trying to approach the intersection between its 50 and 200 day moving averages...After last Thursday's market close we mentioned focus list stock Zagg Inc. (symbol: ZAGG) appeared to put in a bullish reversal-today it is up 5.5% to $13.88 (off its high of $14.22) on heavy volume...ZAGG was at $12.83 when we mentioned it...So far today we are getting the exact opposite we have seen in the prior three sessions-stocks are off to a strong session with the DJIA, S&P 500, and Nasdaq Composite up at least 1.3% on news that the FED is preparing to do QE3...Bonds (symbol: TLT) and the US Dollar (symbol: UUP) are lower...As we mentioned a few days ago UUP created a gap in Monday's session between $21.48 and $21.62 by gapping up at the open-well today it has closed the gap and is currently trading right at $21.48. 

    Source: www.dailystockmarketforecast.com/

    No positions in securities mentioned.

    Jul 15 9:51 AM | Link | Comment!
  • Tuesday, July 12, 2011

    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).

    Source: www.dailystockmarketforecast.com/

    No positions in securities mentioned.

    Jul 14 10:09 AM | Link | Comment!
  • Monday, July 11, 2011

    We are lowering the support/resistance levels on the DJIA (NYSEARCA:DIA) (12,480/12,570), S&P 500 (NYSEARCA:SPY) (1,316/1,331), and Nasdaq Composite (NASDAQ:QQQ) (2,800/2,815)...The S&P 500 slightly went below its 50-day moving average of 1,316.44 to 1,316.42 and closed above it at 1,319.49...The DJIA and Nasdaq Composite are 130 and 40 points above their respective 50 day moving averages...The selloff was not unexpected with the Volatility Index (VIX) coming into to today's session (and as we mentioned last week) indicating the market has been in a low volatility/high complacency status...All sectors finished lower with financials (NYSEARCA:XLF) declining the most at 2.7% on slightly higher volume...The stock focus list lagged the overall market in terms of price action down 2.2% on slightly below average volume with the S&P 500 down 1.8% with sellers controlling the action...Focus list stock Zagg Inc. (NASDAQ:ZAGG) held in there relatively well holding its support level at $12.55 with resistance at around $12.85...Remember our focus list are not recommendations but are a list of stocks with strong fundamentals to watch in helping determine how the stock market direction is performing...Bonds (TLT) were 1.5% higher but with the stock market selling off the action in TLT did not suggest investors were moving their money to Bonds because volume came in at average levels...The US Dollar (UUP) gapped up at the open and finished higher by 1.4% on below average volume-gap up between $21.48 and $21.62...Silver (NYSEARCA:SLV) declined more than the overall market down 2.4% on very low volume and seems to be finding resistance at its 50 day moving average but for remains above its 21 and 200 day moving averages...Gold (NYSEARCA:GLD) finished higher by 0.9% on moderately higher volume and put more distance above its moving averages...Oil (NYSEARCA:USO) declined 1.4% on volume materially below average and closed slightly below its 21 day moving average-USO is now below all its moving averages (21, 50, 200)...The Volatility Index (VIX) is now up 18.2% and above all its moving averages (21, 50, 200)-last week we mentioned that the market was in a period of low volatility and high complacency-today the market is working off some of this as volatility has increased and investor fear has picked up...VXX the Volatility Index ETF is up 8.1% on heavy volume today...Bonds (symbol: TLT) is up over 1% for the second straight session however volume is significantly below average...The stocks in the focus list are down an average of 1.8% on 25% higher volume-lagging the S&P 500 which is down 1.5%...The US Dollar (symbol: UUP) is up 1.3% but volume is moderately below average and UUP gapped up at the open and now has an open gap between $21.48 and $21.62-gaps usually get filled in the near future...The S&P 500 might be headed for a test of its 50 day moving average in the 1,317 area...Investor fear and volatility looks to be back with the Volatility Index (VIX) up 12% this morning and back above its 50 day moving average.

    Source: www.dailystockmarketforecast.com/

    No positions in securities mentioned.

    Jul 12 9:45 AM | Link | Comment!
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