Turnover Thursday, Follow Through Day Needed
Don't give up on your dreams, or your dreams will give up on you.
John Wooden
OK, today was a minor cycle date, but in all fairness it was a mild sell off into the close. I personally would feel better if this stock market sold off into the close with heavier volume. A high volume reversal day would certainly do the trick for a pullback in the major stock indexes, however that really did not occur today.
Tomorrow is a Friday and that usually makes for a flat to slightly positive trading session. There is also a rather large POMO (Permanent Open Market Operation) tomorrow, so I'm sure the central bank (Federal Reserve) is trying to protect the stock market. Earlier today, the Fed's mouthpiece Jon Hilsenrath said that Bernank would be releasing a statement regarding the current amount of QE-3. In other words, that are trying to prepare the stock markets for a scale down in the money printing. I do not think they will give us all of the specifics tomorrow, but they do have a rather large POMO setup just in case the markets react poorly to the news. Let's see what happens.
There are scandals breaking out all over the United States. There is the government hacking of the Associated Press, the IRS scandal, and power struggle at J.P. Morgan Chase & Co. All of this news is negative for stocks because the public loses faith in markets, government, and everything else. The trading volumes have been some of the worst I have ever seen considering we have more traded equities in the market than at any other time in history. After all, the major stock indexes are making new all time highs, where is the volume? The truth is that the public does not believe that these markets are free anymore. The markets are now a stage show put on by the central banks around the world. Look at the Japanese markets lately and it looks more like a game of Monopoly than it does a real stock market. It's truly a shame, but that's the way it is. This is why it is so important to be a technical trader at this time. The technical charts may not always be correct, but they will save you if you follow a strict stop loss. Charts will also help us find the right spots to own and sell equities better than any talking head on Wall Street ever could. Let's see if there is a Friday sell off tomorrow to confirm our minor cycles date.
The S&P 500 Index finished the session lower by $8.31 to close at $1650.47. The master support levels for the S&P 500 Index are 1652, 1629, 1612, 1600, 1585, 1577, 1554, 1536, 1513, 1497, 1475, 1458, 1436, 1420, 1398, 1382, 1361, 1346, 1325, 1310, 1289, and 1274, and 1253. The master resistance levels for the S&P 500 Index is 1652, 1669, and 1693.
June crude finished the session higher by $0.86 to close at $95.16 a barrel. The master resistance levels for crude are 95.00, 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 89.00, 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 $9.30 to close at $1386.90 an ounce. The master support levels for gold are 1372, 1353, 1337, 1317, 1300, and 1281.The master resistance levels for gold are 1390, 1410, 1428, 1449, 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 lower by 0.078 to close at 1.865%. The master support levels for the yield are 1.83%, 1.76%, 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 1.90%, 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%.
Market Breadth | NYSE | NASDAQ |
|---|
| Advancing Issues | 1,547 (37%) | 1,042 (41%) |
| Declining Issues | 2,463 (59%) | 1,423 (56%) |
| Unchanged Issues | 137 (3%) | 97 (4%) |
| Total Issues | 4,147 | 2,562 |
| New Highs | 566 | 565 |
| New Lows | 85 | 74 |
| Up Volume | 1,105,853,303 (32%) | 907,780,036 (48%) |
| Down Volume | 2,291,910,288 (67%) | 953,585,798 (51%) |
| Unchanged Volume | 34,335,418 (1%) | 10,702,728 (1%) |
| Total Volume | 3,432,099,009 | 1,872,068,562 |
Most Actives| Symbol | Closing Price | Change | Volume |
|---|
| (CSCO) Cisco Systems | $23.89 | +$2.68 (12.62%) | 200,636,161 |
| (BAC) Bank of America | $13.36 | -$0.08 (0.60%) | 103,003,435 |
| (AMD) Advanced Micro Devices | $3.83 | -$0.55 (12.56%) | 78,689,723 |
Biggest Gainers| Symbol | Closing Price | Change | Volume |
|---|
| (EGLE) Eagle Bulk Shipping | $5.48 | +$1.92 (53.93%) | 12,779,953 |
| (AEGR) Aegerion Pharmaceuticals | $61.70 | +$14.73 (31.37%) | 4,776,842 |
| (DQ) DAQQ New Energy Corp | $8.11 | +$1.67 (25.93%) | 223,387 |
Biggest Losers| Symbol | Closing Price | Change | Volume |
|---|
| (ONTY) Oncothyreon Inc | $1.97 | -$0.64 (24.52%) | 5,217,172 |
| (SNFCA) Security National Financial | $7.07 | -$2.10 (22.90%) | 848,667 |
| (INFI) Infinity Pharmaceuticals | $24.32 | -$7.12 (22.65%) | 9,759,720 |