Wednesday, July 6, 2011

Jul. 07, 2011 9:18 AM ETDIA, SPY, QQQ, ZAGG, VECO, GLD, SLV, USO, TLT
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Contributor Since 2010

Provides daily commentary and analysis on the direction of the stock market each trading day.

The support/resistance levels are the same for the S&P 500 (SPY) (1,336/1,340) and Nasdaq Composite (QQQ) (2,823/2,834) and higher for the DJIA (DIA) (12,605/12,760)...The market might be waiting for the jobs report on Friday and for earnings season (which starts next week) before making any kind of material move...The major indexes rose moderately between 0.1% and 0.5% and the environment remains one of low volatility/high complacency...The gains in technology were hurt by the weak action in the Semiconductor industry (down 0.8%) for the second day in a row ...The action in the two focus list stocks (ZAGG and VECO-part of Semi area) we mentioned earlier worsened by the close with both of them finishing down at least 7.2%...No sector really shined today in terms of price and volume action combined...Gold (GLD) gave up alot of its early gains and finished near the lower end of its intra-day trading range-volume dried up as well and was actually below average...Silver (SLV) did the best today with a 1.4% gain but its volume came in the most below average out of the ETFs we follow...Oil (USO) was down slighlty on volume significantly below average...Bonds (TLT) rose 0.5% and moved a little further above its 200 day moving average...S&P 500 (1,336/1,340) and Nasdaq Composite (2,823/2,834) holding above support but below resistance levels with today's session almost over...The two stocks from the focus list trading on heavy volume today are down at least 5.2% each-ZAGG has given up its gains from yesterday but is holding above its 21 day moving average-VECO fell below its 200 day moving average-remember the focus list is not a stock recommendation list but a tool we use to help us get a feel for what the stock market direction is doing...S&P 500 (1,340) trading right at resistance level and Nasdaq Composite (2,834) one point above resistance point 2,835...So far Gold (symbol: GLD) is rallying today up close to 1.2% on heavy volume and has an open gap up to the $150.50 area...DJIA (12,570/12,583), S&P 500 (1,336/1,340), and Nasdaq Composite (2,823/2,834) below resistance levels as market is down in early trading led by Semiconductor Index down 1.3%.


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