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BTDStocks.com Weekly Market Notes Recap
Sunday, June 12, 2011
Here are some notes on some of the stocks included in our focus list.
- For Apple Inc. (AAPL) its 200-day moving average at $323.83 should be a level to watch. Our ratings on the stock is bearish in both the short and long term.
- Lululemon Athletica Inc. (LULU) had a 4.4% up session on heavy volume Friday with its earnings report. Short term we rate the stock bearish but bullish in the long term.
- Our ratings on Veeco Instruments Inc. (VECO) remain bullish in both the short term and long term through the current market correction.
Saturday, June 11, 2011- The next area of support for the Nasdaq Composite (QQQ) is its 200-day moving average at 2,628.
- The 200-day moving average for the S&P 500 is 1,253 below its next support level of 1,257.
- For the DJIA (DIA) its 200-day moving average is 11,687 with 11,824 as its next area of support.
- It will be interesting to see if the indices find support before them or make their way down to these levels and try to bounce.
- The 200-day moving average area is generally considered a major area of support for the market indexes and stocks.
- Check back tomorrow as we will be posting some notes on some of the stocks included in our focus list based on the current stock market direction.
Friday, June 10, 2011- The action in Spreadtrum Communications Inc. was bad enough today for us to remove it from our stock focus list. If things improve in SPRD there is a chance we could add it back to the stock focus list. Besides we had a bearish rating on SPRD in both the short term and long term anyway.
- DJIA (11,824/12,058), S&P 500 (1,257/1,276), and Nasdaq Composite (2,628/2,675) support/resistance levels adjusted lower.
- S&P 500 trying to recapture support level of 1,276. DJIA and Nasdaq Composite below support.
- Spreadtrum Communications Inc. (SPRD) down 8.9% on heavy volume. We have a bearish short term rating and bearish long term rating on the stock.
- Investors must like the earnings report from Lululemon Athletica Inc. because the stock is up 4.3% on heavy volume. We have a bearish short term rating and bullish long term rating on the stock.
- S&P 500 gives up 1,276 support. Are market indexes headed for 200-day moving averages?
- S&P 500 (SPY) is holding support level at 1,276 so far.
No positions in securities mentioned.BTDStocks.com (www.btdstocks.com) Weekly Blog Recap
Friday, June 3, 2011
There are no rating changes today. 2 out of the 10 stocks on our focus list are rated bullish MELI and (symbol: VECO) in the short term. The same as yesterday. 3 out of the 10 stocks on our stock focus list are rated bullish (symbol: LULU), MELI, symbol: VECO) in the long term. The same as yesterday. Our stock market direction outlook is: (1) short term: bearish; (2) long term: bullish. The DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) declined 0.8%, 1.0%, and 1.3% on below average investor participation. Market breadth was materially negative and eight market sectors finished in negative territory down at least 0.7%. Energy was the only market sector not down and finished basically unchanged. The S&P 500 breached the 1,305 level we have been discussing. The next level of support on the S&P 500 looks to be 1,276 unless the market can find support and begin to build a new base before this level. Even with the market swooning this week the Volatility Index (VIX) is still a good amount below levels that usually indicate a fearful market.
Thursday, June 2, 2011There are no rating changes today. 2 out of the 10 stocks on our focus list are rated bullish (MELI, VECO) in the short term. The same as yesterday. 3 out of the 10 stocks on our stock focus list are rated bullish (LULU, MELI, VECO) in the long term. The same as yesterday. Our stock market direction outlook is: (1) short term: bearish; (2) long term: bullish. The DJIA and S&P 500 declined 0.3% and 0.1%, respectively while the Nasdaq Composite rose 0.2%. Investor participation was below average. Market breadth was fixed slightly positive on the Nasdaq and slightly negative on the NYSE. At the low today the S&P 500 came within one point of testing the 1,305 level. If the S&P 500 breaches 1,305 then there is not a whole lot of support for it until the 1,257-1,276 levels. Below 2,723 on the Nasdaq Composite there is not much support until the 2,617-2,687 range.
Wednesday, June 1, 2011
Our long term ratings in Apple Inc. (symbol: AAPL) and priceline.com Incorporated (symbol: PCLN) changed from 'bullish' to 'bearish'. 2 out of the 10 stocks on our focus list are rated bullish (MELI and VECO) in the short term. The same as yesterday. 3 out of the 10 stocks on our stock focus list are rated bullish (LULU, MELI, VECO) in the long term. Yesterday 5 stocks on our focus list were rated bullish in the long term. Our stock market direction outlook is: (1) short term: bearish; (2) long term: bullish. The major indexes sold off hard today with the DJIA, S&P 500, and Nasdaq Composite all down at least 2.2%. Market breadth was materially negative and participation from investors was above average but wasn't extremely above recent levels. The indices fell back below their 21-day and 50-day moving averages.
Tuesday, May 31, 2011
Our short term rating on Mercadilibre, Inc. (symbol: MELI) changed from 'bearish' to 'bullish'. 2 out of the 10 stocks on our focus list are rated bullish (MELI and VECO) in the short term. 5 out of the 10 stocks on our stock focus list are rated bullish (AAPL, LULU, MELI, PCLN, VECO) in the long term. Our stock market direction outlook is: (1) short term: bearish; (2) long term: bullish. Stocks rose with the DJIA, S&P 500, and Nasdaq gaining between 1.0% and 1.4%. Market breadth was strong and investor participation was above average. The Nasdaq Composite is back above its 21-day moving average. All market sectors finished in positive territory led by technology with consumer discretionary/utilties lagging. Volatility continues to be low and investor complacency high.
No positions in securities mentioned.
BTDStocks.com (www.btdstocks.com) Stock Focus List Weekly Recap
On 5/31/11 our short term rating in Mercadolibre, Inc. (MELI) changed from bearish to bullish.
On 6/1/11 our long term rating in Apple Inc. (AAPL) changed from bullish to bearish.
On 6/1/11 our long term rating in priceline.com Incorporated (PCLN) change from bullish to bearish.
Our stock market direction outlook (SPY) is: (1) short term: bearish; (2) long term: bullish.
No positions in securities mentioned.