Only one of the nine
sectors
moved higher on Wednesday…XLB, XLU and XLE were the strongest sectors…while
XLP was the weakest sector.
Breadth weakened as decliners
led advancers 3.30 to
1 on the NYSE and 3.29 to
1 on the NASDAQ.
Wednesday – weakened, decliners led
Tuesday – Strengthened, advancers
led
Monday – strengthened,
decliners led
Friday – weakened,
decliners led
Thursday – weakened,
decliners led
SPY down 1.72 at 177.35 volume 215.4 million shares, about double normal volume
VIX up 1.55 at 17.35…
TNX down .71 at 26.75…
TLT up .88 at 107.87...
XLF down .25 at 21.01 volume 64.4
million shares, above average volume
AAPL down 5.75 at 500.75 volume 17.9 million shares
FB down 1.61 at 53.53…volume 95.8 million shares, above average volume
Technical
Commentary:
IWM – 1.44%,
DIA – 1.16%, QQQ –
1.07%, SPY – 0.96%.
Stocks slip
after yesterday’s bounce sending the index’s lower in today’s trading session…DJIA
closed down 189.77 with the NASDAQ off 46.53 and the S&P 500 shedding 18.30.
FB reported earnings after today’s
trading session and exceeded analysts expectations…in after hours trading
FB has soared 6.47 up 12.09%.
Total
revenues increased by 63% to 2.59 billion.
Over the past 12 months FB stock is up over 74%.
QCOM also reported earnings and has
laid to rest any fears investors may have had…QCOM is trading up 2.57% in
after-hours trading.
UNG couldn’t be stopped today in
spite of stocks retreating. On volume of
39.3 million shares…UNG gained 2.55 or 10.55% and closed the trading session with a record all-
time high.
YHOO gapped down after yesterday’s
earning report ending the session down 3.33 or 8.71%. Volume was
high at 67.2 million shares. Today’s
close is at support of October 4th, 2013.
Monday kicks off a huge week for
earnings AAPL, CAT, RCL, STX, X, and ZION
just on Monday. On Tuesday CMCSA, DD,
F, ILMN, VMW and YHOO. On Wednesday FB, BA and QCOM report and Thursday releases MMM,
AMZN, CELG, CMG, GOOG
and V. The week wraps with BIDU, CVX and MA on Friday.
Trade with the trend of the chart you are trading and move your
protective stops. Continue to follow your rules.
Remember it is big money
that creates and sustains the trend. As Granville wrote,
“technical analysis is the art of tracking the market, following the
footsteps of the ‘smart money’ crowd.
The ‘smart money crowd’ is no mysterious ‘THEY.’ It is simply a collection of people who are reading the market correctly,
seeing through the maze, unconfused by this hall of mirrors.”
Short-term
up trend Chart Targets:
SPY = 181.34, 183.40, 184.69…
QQQ = 88.18, 89.00…
IWM = 114.48, 116.70…
Support Levels
SPY = 179.12, 177.74,
176.36
QQQ = 86.38, 85.67
IWM = 113.26, 112.14,
110.71
Q4 earnings season continues into the third full week…
Monday – AAPL, CAT,
RMBS, RCL, STX, X, ZION
Tuesday – AKS, AAL,
AMGN, CHKP, CRUS, CMCSA, GLW, DD, EA, F, ILMN, LXK, NUE, OI, VMW, YHOO
Wednesday – BIIB, BA,
CTXS, DOW, EMC, FB, LRCX, LVS, PSX, QCOM, TSCO, VLO
Thursday – MMM, ALXN, AMZN, BZH, BRCM, CELG, CMG, CL, LLY, XOM,
GOOG, HOG, JDSU, MTW, OSTK, BTU, POT, PHM, RVBD, RYL, SHW, BX, TWC, UPS, VIAB,
V, WHR,
Friday – BIDU, CVX, CNX,
MA, MAT, NOV, PCAR, SPG, TSN
Q4 Earnings Reactions
Positive Reactions – QCOM,
BA, FB, DD, F, CAT, RCL, JNPR, MSFT, KMB, PG, MXIM, SBUX, NFLX, FFIV, URI, UNP,
EBAY, MCD, CREE, TXN, UTX, NUAN, XLNX, BHI, DAL, RF, MS, SLB, STI, AXP, SWKS,
BAC, LLTC, WEN, MON, MU, STZ, APOL
Negative Reactions – ILMN,
VMW, YHOO, HON, KSU, SWK, STT, ALTR, ISRG, KLAC, KEY, JCI, LMT, WDC, ABT, BAX,
ATI, COH, FCX, AMD, IBM, HAL, JNJ, TRV, VZ, GE, COF, INTC, UNH, C, GS, CSX, FAST,
AA, FDO, BBBY, SCHN,
Reversal of Initial
Reaction – FAST, FDO, AA
The Market Forecast Green Line is below 80 and is pointed down.
____________________
Setups
H Breakout: GLD, QIHU, RCL, TSLA,
Diagonal Breakout: CIEN, SSYS, TWTR,
Bull Flag: ESI, STI, V, VRSN, AKAM, CTSH, DTV,
EBAY, NTAP, XLNX,
Potential Bullish
Divergence: SCSS,
Gap Up:
Gap Down:
Bear Flag: DDD, GRPN, CELG, GOOG,
At Support: C, SPY, YOKU,
COST, GRMN, PCLN, TXN,
C- Pattern:
Moves
New Highs:
Gap Up:
Gap Down: YHOO,
H Breakout: TLT,
Diagonal Breakout:
Breakout Test:
Bounce: SWKS, UNG, MSFT, WDC,
MACD Divergence
Bounce:
Bear Flag:
Support Break: GME, SINA, TBT, YNDX, SBUX,
______________________
22 out of 100 NDX
stocks closed higher on Wednesday.
Leading NDX 100 stocks included: STX, GOLD, SYMC,
ALTR, ILMN
Lagging NDX stocks included: YHOO, VIP, BIDU,
SBUX, ADSK, FB, AMZN, LBTYA, PCLN, TSCO, NTAP
Leading stocks > +2% on Wednesday
included: UNG, CIEN,
Lagging stocks < -2.0% included: SINA, YNDX, ESI, YELP, YOKU, Z, LNKD,
RAX, GOGO, MFRM
Stocks to Watch on Thursday
Holding Above 30 DMA= 30
ILMN, ESRX,
MNST, CMCSA, AVGO, EQIX, AKAM, FFIV, VRTX, XLNX, CTRX, SBAC, AMGN, ISRG, MU, MYL, BIIB, GILD, MXIM, TSLA,
NXPI, NTAP, GOLD, NFLX, CHTR, ALTR, ALXN, CHKP, SYMC, REGN
Moving Above 30 DMA = 2
CHRW, MSFT
Moving Below 30 DMA = 6
ADSK, GOOG, ORLY, SIRI,
WYNN
Staying Below 30 DMA
CSCO, DTV, STX, WDC, GMCR, EBAY, HSIC, PCLN, QCOM, SRCL, AAPL, ADBE,
AMAT, AMZN, CA, CELG, CERN, CTSH, EXPD, FAST, FISV, KLAC, LLTC, NVDA, PCAR,
SIAL, SNDK, VOD, TXN, FB, VIP, ADP, BIDU, CTXS, GRMN, ADI, KRFT, DISH, EXPE,
INTC, INTU, LBTYA, MDLZ, TRIP, YHOO, VIABM LINTA, TSCO, ATVI, PAYX, ROST, DLTR,
BBBY, SPLS, FOXA, MAT, DISCA, WFM, VRSK, COST, SBUX, LMCA
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Down
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