The market closed with mild losses today. Today the market had the potential of being nasty but by the close stocks recouped a significant portion of their losses with internals coming in mixed. Earnings are upon us next week and growth comparisons are going to become a challenge as we move through 2011. Volatility is still very low and can only increase from here which generally never bodes well for stock prices. However, we are raising the support levels and leaving the resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) the same (see below). Overall, we still feel selling into strength is right thing to do based on the current stock market direction. We feel waiting for lower prices to open new positions in stocks is the right approach. If you need to own stocks, please see our watch list. At Monday's market open price we are going to remove the US Dollar Long ETF (symbol: UUP) and Euro Short ETF (symbol: EUO) from our watch list. Through today's close UUP and EUO are up 1.0% and 4.5% (in 30 days), respectively since we added them to our watch list.
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No positions in securities mentioned.
To read full article, please visit: www.btdstocks.com/
No positions in securities mentioned.