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Take Off Tuesday
Failure is good. It's fertilizer. Everything I've learned about coaching, I've learned from making mistakes.
Rick Pitino
So far, the reaction from the SPY $153.55 low has been very sharp with the SPY rallying higher by more than $4.00 in three days. This is a large price move for the S&P 500 Index, but not unusual. Yesterday, I wrote that the major stock indexes would likely have more of a bounce left in the tank since the NASDAQ Composite was leading the major stock indexes from that low pivot made on April 18, 2013. I suspect tomorrow will be a flat to slightly positive day as well. Thursday afternoon, or possibly Friday will be a time when the major stock indexes could be vulnerable to a decline. Remember, there is a lunar eclipse Thursday afternoon at 3:57 pm EST, so this Friday the markets could feel the affects of the eclipse. As I sad yesterday, most eclipses will slightly favor the downside, but sometimes the markets could react positive. Either way, all traders should be prepared for a large price move in the major stock indexes.
After the closing bell, Apple Inc reported earnings that are being well received by the market makers. The truth of the matter is that Apple Inc is still a broken stock and this move looks to be a dead cat bounce for the equity. Many other market leaders are not reacting as well as Apple Inc and this will make for a good trading market regardless of what the major stock indexes do.
The S&P 500 Index finished the session higher by $16.28 to close at $1578.78. The master resistance levels for the S&P 500 Index is 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1577, 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session lower by $0.01 to close at $89.18 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session lower by $12.40 to close at $1408.80 an ounce. The master support levels for gold are 1390, 1372, 1353, 1337, 1317, 1300, and 1281. The master resistance levels for gold are 1410, 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999.
The 10 year bond yield finished the session unchanged closing at 1.698%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%.
Failure is good. It's fertilizer. Everything I've learned about coaching, I've learned from making mistakes.
Rick Pitino
So far, the reaction from the SPY $153.55 low has been very sharp with the SPY rallying higher by more than $4.00 in three days. This is a large price move for the S&P 500 Index, but not unusual. Yesterday, I wrote that the major stock indexes would likely have more of a bounce left in the tank since the NASDAQ Composite was leading the major stock indexes from that low pivot made on April 18, 2013. I suspect tomorrow will be a flat to slightly positive day as well. Thursday afternoon, or possibly Friday will be a time when the major stock indexes could be vulnerable to a decline. Remember, there is a lunar eclipse Thursday afternoon at 3:57 pm EST, so this Friday the markets could feel the affects of the eclipse. As I sad yesterday, most eclipses will slightly favor the downside, but sometimes the markets could react positive. Either way, all traders should be prepared for a large price move in the major stock indexes.
After the closing bell, Apple Inc reported earnings that are being well received by the market makers. The truth of the matter is that Apple Inc is still a broken stock and this move looks to be a dead cat bounce for the equity. Many other market leaders are not reacting as well as Apple Inc and this will make for a good trading market regardless of what the major stock indexes do.
The S&P 500 Index finished the session higher by $16.28 to close at $1578.78. The master resistance levels for the S&P 500 Index is 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1577, 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session lower by $0.01 to close at $89.18 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session lower by $12.40 to close at $1408.80 an ounce. The master support levels for gold are 1390, 1372, 1353, 1337, 1317, 1300, and 1281. The master resistance levels for gold are 1410, 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999.
The 10 year bond yield finished the session unchanged closing at 1.698%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 3,094 (75%) | 1,864 (74%) |
| Declining Issues | 941 (23%) | 569 (23%) |
| Unchanged Issues | 101 (2%) | 88 (3%) |
| Total Issues | 4,136 | 2,521 |
| New Highs | 377 | 138 |
| New Lows | 53 | 32 |
| Up Volume | 2,582,187,937 (75%) | 1,165,287,274 (75%) |
| Down Volume | 835,086,284 (24%) | 379,031,908 (24%) |
| Unchanged Volume | 20,829,989 (1%) | 16,777,860 (1%) |
| Total Volume | 3,438,104,210 | 1,561,097,042 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America | $12.07 | +$0.35 (2.99%) | 174,049,579 |
| (GE) General Electric | $21.50 | +$0.15 (0.73%) | 58,012,736 |
| (INTC) Intel Corp | $23.38 | =$0.50 (2.16%) | 61,599,114 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (SCON) Superconductor Tech | $5.45 | +$3.13 (134.91%) | 5,123,262 |
| (MEMS) MEMSIC, Inc | $4.07 | +$1.36 (50.18%) | 1,489,544 |
| (CZR) Caesars Entertainment | $15.90 | +$3.41 (27.30%) | 4,024,152 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (CPRX) Catalyst Pharmaceutical | $0.92 | -$0.14 (13.20%) | 4,439,354 |
| (IIVI) II-VI Incorp | $14.85 | -$2.03 (12.03%) | 1,894,464 |
| (ABIO) ARCA biopharma | $2.58 | -$0.32 (11.03%) | 406,414 |
Uptick Monday
The public, as a whole, buys at the wrong time and sells at the wrong time.
Charles Dow
The NASDAQ Composite lead the major stock indexes higher today. This tells me that there is a likely bounce in the making for the next few days. Whenever the NASDAQ Composite leads the major stock indexes higher it is a sign of strength as investors are taking on more risk. Remember, very few NASDAQ stocks pay a dividends, this is unlike the Dow Jones Industrial Average which has every stock in the index paying a dividend. Think about it, there is a big difference between Netflix (NASDAQ/risk) and Procter & Gamble (DJIA/safety).
This coming Thursday there will be a lunar eclipse. In the past, eclipses have caused big moves in the stock market. As I have stated before, 60.0 percent of the time the eclipse is bearish for the stock market. Now please understand, there have been times when the eclipse has been bullish for the market so please read the Daily Market Report on Wednesday to see what the charts are telling me. Either way, make sure that you protect all trades in the money and always have and use stops on all positions.
Over the next few days we will be watching the pattern forming very closely on the charts of the major stock indexes. If any bearish pattern forms on the daily charts of the major stock indexes I shall let you know. There was a lot of technical damage done last week so we must remain nimble at this time.
The S&P 500 Index finished the session higher by $7.25 to close at $1562.50. The master resistance levels for the S&P 500 Index is 1577, 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session higher by $0.75 to close at $88.76 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session higher by $25.60 to close at $1421.20 an ounce. The master resistance levels for gold are 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1410, 1390, 1372, 1353, 1337, 1317, 1300, and 1281.
The 10 year bond yield finished the session lower by 0.005 to close at 1.698%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%.
The public, as a whole, buys at the wrong time and sells at the wrong time.
Charles Dow
The NASDAQ Composite lead the major stock indexes higher today. This tells me that there is a likely bounce in the making for the next few days. Whenever the NASDAQ Composite leads the major stock indexes higher it is a sign of strength as investors are taking on more risk. Remember, very few NASDAQ stocks pay a dividends, this is unlike the Dow Jones Industrial Average which has every stock in the index paying a dividend. Think about it, there is a big difference between Netflix (NASDAQ/risk) and Procter & Gamble (DJIA/safety).
This coming Thursday there will be a lunar eclipse. In the past, eclipses have caused big moves in the stock market. As I have stated before, 60.0 percent of the time the eclipse is bearish for the stock market. Now please understand, there have been times when the eclipse has been bullish for the market so please read the Daily Market Report on Wednesday to see what the charts are telling me. Either way, make sure that you protect all trades in the money and always have and use stops on all positions.
Over the next few days we will be watching the pattern forming very closely on the charts of the major stock indexes. If any bearish pattern forms on the daily charts of the major stock indexes I shall let you know. There was a lot of technical damage done last week so we must remain nimble at this time.
The S&P 500 Index finished the session higher by $7.25 to close at $1562.50. The master resistance levels for the S&P 500 Index is 1577, 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session higher by $0.75 to close at $88.76 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session higher by $25.60 to close at $1421.20 an ounce. The master resistance levels for gold are 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1410, 1390, 1372, 1353, 1337, 1317, 1300, and 1281.
The 10 year bond yield finished the session lower by 0.005 to close at 1.698%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 2,360 (57%) | 1,252 (50%) |
| Declining Issues | 1,604 (39%) | 1,167 (46%) |
| Unchanged Issues | 147 (4%) | 93 (4%) |
| Total Issues | 4,111 | 2,512 |
| New Highs | 232 | 87 |
| New Lows | 57 | 52 |
| Up Volume | 1,710,717,486 (57%) | 1,129,231,644 (71%) |
| Down Volume | 1,216,360,381 (41%) | 450,266,705 (28%) |
| Unchanged Volume | 50,768,661 (2%) | 17,588,403 (1%) |
| Total Volume | 2,977,846,528 | 1,597,086,752 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (MSFT) Microsoft Corp | $30.83 | +$1.07 (3.58%) | 137,176,537 |
| (PWER) Power-One, Inc. | $6.33 | +$2.29 (56.68%) | 98,131,697 |
| (BAC) Bank of America Corp | $11.72 | =$0.06 (0.47%) | 85,912,469 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (AIM) Aerosonic Corporation | $7.75 | +$2.90 (59.69%) | 382,580 |
| (PWER) Power-One, Inc. | $6.33 | +$2.29 (56.68%) | 98,131,697 |
| (ABIO) ARCA biopharma | $2.90 | +$0.93 (47.21%) | 2,344,724 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (OMTH) Omthera Pharmaceuticals | $6.38 | -$0.96 (13.08%) | 262,298 |
| (SGOC) SGOCO Group | $1.11 | -$0.16 (12.60%) | 179,220 |
| (HXM) Desarrolladora Homex | $7.23 | -$0.95 (11.61%) | 6,136,712 |
The Friday Effect
“The policy of the American government is to leave its citizens free, neither restraining them nor aiding them in their pursuits.”
Thomas Jefferson
Tonight, the Daily Market Report will be presented via the Nightly Analysis Video. In this video I shall cover stocks, commodities, currencies, indexes, and more.
The S&P 500 Index finished the session higher by $13.64 to close at $1555.25. The master resistance levels for the S&P 500 Index is 1577, 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session higher by $0.28 to close at $88.01 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session higher by $3.20 to close at $1395.60 an ounce. The master resistance levels for gold are 1410, 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1390, 1372, 1353, 1337, 1317, 1300, and 1281.
The 10 year bond yield finished the session lower by 0.018 to close at 1.703%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
“The policy of the American government is to leave its citizens free, neither restraining them nor aiding them in their pursuits.”
Thomas Jefferson
Tonight, the Daily Market Report will be presented via the Nightly Analysis Video. In this video I shall cover stocks, commodities, currencies, indexes, and more.
The S&P 500 Index finished the session higher by $13.64 to close at $1555.25. The master resistance levels for the S&P 500 Index is 1577, 1585, 1600, 1612, 1629, and 1652. The master support levels for the S&P 500 Index are 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253.
May crude finished the session higher by $0.28 to close at $88.01 a barrel. The master resistance levels for crude are 89.00, 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 84.00, 79.00, 74.00, 69.50, and 66.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session higher by $3.20 to close at $1395.60 an ounce. The master resistance levels for gold are 1410, 1428, 1448,1466, 1486, 1504, 1524, 1543, 1565, 1583, 1604, 1623, 1644, 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. The master support levels for gold are 1390, 1372, 1353, 1337, 1317, 1300, and 1281.
The 10 year bond yield finished the session lower by 0.018 to close at 1.703%. The master resistance levels for the yield are 1.76%, 1.83%, 1.90%, 1.97%, 2.04%, 2.11%, 2.18%, 2.25%, 2.33%, 2.41%, 2.49%, 2.57%, 2.65%, 2.73%, 2.81%, 2.89%, 2.98%, 3.07%, 3.16%, 3.25%, 3.34%, 3.43%, 3.52%, 3.61%, 3.71% 3.81%, 3.91%, and 4.01%. The master support levels for the yield are 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 2,878 (70%) | 1,658 (66%) |
| Declining Issues | 1,107 (27%) | 755 (30%) |
| Unchanged Issues | 98 (2%) | 82 (3%) |
| Total Issues | 4,083 | 2,495 |
| New Highs | 217 | 87 |
| New Lows | 108 | 52 |
| Up Volume | 2,132,757,167 (66%) | 1,065,052,356 (67%) |
| Down Volume | 1,096,358,919 (34%) | 484,339,311 (31%) |
| Unchanged Volume | 19,203,706 (1%) | 30,710,541 (2%) |
| Total Volume | 3,248,319,792 | 1,580,102,208 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America | $11.66 | +$0.22 (1.92%) | 111,091,946 |
| (GE) General Electric Co | $21.75 | -$0.92 (4.06%) | 107,118,288 |
| (S) Sprint Nextel Corp | $7.17 | -$0.02 (0.28%) | 96,654,285 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (VRTX) Vertex Pharmaceuticals | $85.60 | +$32.73 (61.91%) | 24,828,024 |
| (HXM) Desarrolladora Homex | $8.16 | +$2.34 (40.21%) | 9,241,172 |
| (NVDQ) Novadaq Technologies | $12.73 | +$2.50 (24.50%) | 1,721,168 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (ACTG) Acacia Research Corp | $21.49 | -$8.08 (27.32%) | 5,932,707 |
| (PRGX) PRGX Global, Inc | $5.24 | -$1.00 (15.97%) | 1,364,259 |
| (UVXY) ProShares Trust Ultra VIX | $7.33 | -$1.23 (14.37%) | 27,772,341 |
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GarethSoloway:
Going to be another fun trading day! Looks like good action to start... let's close it out strong! http://t.co/6jumka1ZB4
GarethSoloway:
I feel like @BenBernanke the last few weeks, #PrintingMoney at will. Re: $STV http://t.co/SSmzdlxuL8 #TradersLife
GarethSoloway:
Stock Market Volatility: An Inside View From #ProprietaryTraders... http://t.co/YYm1ysgnK9
GarethSoloway:
Japanese Stock Market: #Bubbles And Why The Small Investor Remains Scared... http://t.co/rP7qI0WHt4
GarethSoloway:
The #FastMoney guys yesterday were bullish.Today saying "I knew this market was overbought, due for a drop" lol.Too funny.Good comic relief
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Quote From A Member: "Gareth great read on markets. Very impressive! Short QQQs, JPM, TGT and still have some DE in the tank. thx! :)"
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