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Another Flat Monday
"Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria."
John Templeton
This was another flat trading session by the close. As usual, the trading volume was very light with the SPY trading just 84.7 million shares by the closing bell. Monday's and Friday's are extremely light volume trading sessions so we should not be surprised. Tomorrow is a Tuesday, the past eighteen Tuesday's have been positive for the major stock indexes. We shall see if these market continue to trade higher. As I have stated before, it is prudent to wait for a high volume reversal day before selling the major stock indexes aggressively. Until these markets reverse with some conviction the volume trends make it very difficult to sell short. I believe once the markets decline with volume behind them that these markets can be sold across the board. After all, it has been nearly a year without a 10.0 percent correction in the S&P 500 Index. This is not normal, nor is it the sign of a healthy stock market. It is the sign of a central bank induced rally from easy money policies called QE-3.
2013 should mark the final high for the bull market that began in March 2009. As I have stated before, we do expect at least one major stock correction this year. The next major cycle date that I have penciled in is still well over a month away. There is always a chance of pullback when markets are this overbought and extended, but we would rather see a high volume reversal day before getting aggressive on the short side. Above I put in a quote from the legendary investor John Templeton. Can you tell me what stage we are in now for this stock market? I would have to say we are now leaving optimism and entering euphoria. We shall see soon enough.
The S&P 500 Index finished the session lower by $1.18 to close at $1666.29. The master resistance levels for the S&P 500 Index is 1669, and 1693. The master support levels for the S&P 500 Index are 1652, 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.
June crude finished the session higher by $0.69 to close at $96.71 a barrel. The master resistance levels for crude are 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 95.00, 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 higher by $19.40 to close at $1384.10 an ounce. 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 master support levels for gold are 1372, 1353, 1337, 1317, 1300, and 1281. Gold formed a nice reversal day on the charts today. This could be the very start of a W-bottom formation. Aggressive traders could buy gold with a stop loss below the recent low. Most other traders can wait for a bullish chart pattern to be formed with a stop below today's low. Now we must simply watch the patterns on the charts to form.
The 10 year bond yield finished the session higher by 0.016 to close at 1.965%. The master resistance levels for the yield are 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 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
"Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria."
John Templeton
This was another flat trading session by the close. As usual, the trading volume was very light with the SPY trading just 84.7 million shares by the closing bell. Monday's and Friday's are extremely light volume trading sessions so we should not be surprised. Tomorrow is a Tuesday, the past eighteen Tuesday's have been positive for the major stock indexes. We shall see if these market continue to trade higher. As I have stated before, it is prudent to wait for a high volume reversal day before selling the major stock indexes aggressively. Until these markets reverse with some conviction the volume trends make it very difficult to sell short. I believe once the markets decline with volume behind them that these markets can be sold across the board. After all, it has been nearly a year without a 10.0 percent correction in the S&P 500 Index. This is not normal, nor is it the sign of a healthy stock market. It is the sign of a central bank induced rally from easy money policies called QE-3.
2013 should mark the final high for the bull market that began in March 2009. As I have stated before, we do expect at least one major stock correction this year. The next major cycle date that I have penciled in is still well over a month away. There is always a chance of pullback when markets are this overbought and extended, but we would rather see a high volume reversal day before getting aggressive on the short side. Above I put in a quote from the legendary investor John Templeton. Can you tell me what stage we are in now for this stock market? I would have to say we are now leaving optimism and entering euphoria. We shall see soon enough.
The S&P 500 Index finished the session lower by $1.18 to close at $1666.29. The master resistance levels for the S&P 500 Index is 1669, and 1693. The master support levels for the S&P 500 Index are 1652, 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.
June crude finished the session higher by $0.69 to close at $96.71 a barrel. The master resistance levels for crude are 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 95.00, 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 higher by $19.40 to close at $1384.10 an ounce. 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 master support levels for gold are 1372, 1353, 1337, 1317, 1300, and 1281. Gold formed a nice reversal day on the charts today. This could be the very start of a W-bottom formation. Aggressive traders could buy gold with a stop loss below the recent low. Most other traders can wait for a bullish chart pattern to be formed with a stop below today's low. Now we must simply watch the patterns on the charts to form.
The 10 year bond yield finished the session higher by 0.016 to close at 1.965%. The master resistance levels for the yield are 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 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 2,366 (57%) | 1,348 (53%) |
| Declining Issues | 1,633 (39%) | 1,116 (44%) |
| Unchanged Issues | 143 (3%) | 96 (4%) |
| Total Issues | 4,142 | 2,560 |
| New Highs | 788 | 634 |
| New Lows | 104 | 73 |
| Up Volume | 2,083,766,992 (61%) | 909,766,219 (54%) |
| Down Volume | 1,267,877,771 (37%) | 697,552,012 (42%) |
| Unchanged Volume | 36,648,704 (1%) | 67,753,521 (4%) |
| Total Volume | 3,388,293,467 | 1,675,071,752 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America | $13.51 | +$0.08 (0.60%) | 85,904,315 |
| (RAD) Rite Aid Corporation | $2.80 | +$0.01 (0.36%) | 61,975,682 |
| (WCRX) Warner Chilcott | $19.60 | +$0.39 (2.03%) | 59,824,386 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (AQ) Acquity Group Limited | $12.73 | +$6.77 (113.59%) | 2,252,474 |
| (MEAD) Meade Instruments | $3.41 | +$1.74 (104.19%) | 374,877 |
| (JASO) JA Solar Holdings | $9.56 | +$3.95 (70.37%) | 22,243,221 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (NBG) Natl Bk Greece | $1.58 | -$0.81 (33.89%) | 53,499,054 |
| (GLUXR) The Gabelli Global | $1.21 | -$0.29 (19.33%) | 128,007 |
| (DUST) Direxion Daily Gold | $96.19 | -$22.53 (18.98%) | 1,066,398 |
Typical Friday, No Follow Through Day
Failure is good. It's fertilizer. Everything I've learned about coaching, I've learned from making mistakes.
Rick Pitino
Tonight, the Daily Market Report will be presented via the Nightly Analysis Video. In tonight's video I will cover stocks, bonds, currencies, indexes, and more. Please expect the video to be posted around 9:00pm EST.
The S&P 500 Index finished the session higher by $17.00 to close at $1667.47. The master resistance levels for the S&P 500 Index is 1669, and 1693. The master support levels for the S&P 500 Index are 1652, 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.
June crude finished the session higher by $0.86 to close at $96.02 a barrel. The master resistance levels for crude are 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 95.00, 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 $29.60 to close at $1357.30 an ounce. The master support levels for gold are 1353, 1337, 1317, 1300, and 1281.The master resistance levels for gold are 1372, 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 higher by 0.084 to close at 1.949%. The master resistance levels for the yield are 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 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
Failure is good. It's fertilizer. Everything I've learned about coaching, I've learned from making mistakes.
Rick Pitino
Tonight, the Daily Market Report will be presented via the Nightly Analysis Video. In tonight's video I will cover stocks, bonds, currencies, indexes, and more. Please expect the video to be posted around 9:00pm EST.
The S&P 500 Index finished the session higher by $17.00 to close at $1667.47. The master resistance levels for the S&P 500 Index is 1669, and 1693. The master support levels for the S&P 500 Index are 1652, 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.
June crude finished the session higher by $0.86 to close at $96.02 a barrel. The master resistance levels for crude are 100.00, 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 95.00, 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 $29.60 to close at $1357.30 an ounce. The master support levels for gold are 1353, 1337, 1317, 1300, and 1281.The master resistance levels for gold are 1372, 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 higher by 0.084 to close at 1.949%. The master resistance levels for the yield are 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 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, 1.39%, 133%, 127%, and 1.21%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 2,824 (68%) | 1,757 (69%) |
| Declining Issues | 1,177 (29%) | 704 (28%) |
| Unchanged Issues | 126 (3%) | 90 (4%) |
| Total Issues | 4,127 | 2,551 |
| New Highs | 688 | 585 |
| New Lows | 103 | 73 |
| Up Volume | 2,497,409,872 (76%) | 1,223,588,991 (73%) |
| Down Volume | 781,980,907 (24%) | 428,246,504 (26%) |
| Unchanged Volume | 13,411,279 (0%) | 21,880,015 (1%) |
| Total Volume | 3,292,802,058 | 1,673,715,510 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America | $13.44 | +$0.08 (0.60%) | 89,289,706 |
| (CSCO) Cisco Systems, Inc. | $24.24 | +$0.35 (1.48%) | 77,971,302 |
| (MSFT) Microsoft Corp | $34.87 | +$0.79 (2.32%) | 59,955,812 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (RSOL) Real Goods Solar | $4.03 | +$2.28 (129.87%) | 8,926,730 |
| (MKTO) Marketo, Inc. | $23.10 | +$10.10 (77.69%) | 5,531,777 |
| (SCTY) SolarCity Corp | $45.00 | +$9.31 (26.09%) | 7,815,185 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (UNXL) Uni-Pixel, Inc | $27.19 | +$9.55 (26.00%) | 7,047,209 |
| (ARUN) Aruba Networks | $13.10 | -$4.51 (25.61%) | 55,371,722 |
| (COSI) Cosi, Inc | $2.56 | -$0.44 (14.66%) | 536,254 |
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%.
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%.
| 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 |
| 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 |
| 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 |
| 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 |
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