View Our Archived Stock Market Daily Reports
Markets Are Diverging Everywhere
To every action there is always an opposite and equal reaction.
Sir Isaac Newton
When I calculated the small cycle for this week I figured today would be a down session. Well, the NASDAQ Composite, NASDAQ 100 and the S&P 500 Index finished lower, however, the Dow Jones Industrial Average, and the Russel 2000 ended positive. Tomorrow could be another flat and weak trading session for the major stock indexes, however, it is options expiration on Friday and this is really a time to remain neutral. The institutional traders will play a lot of gains this week as we go into options expiration, therefore, traders should not take anything for granted. As I always say, this is the real shark week, don't let them bite you.
The NASDAQ 100 lead the declines today finishing lower by 1.07 percent. This dip came on a day when the DJIA finished higher by 0.56 percent. Anytime the DJIA trades higher and the tech heavy NASDAQ finishes lower it is a warning signal to every trader involved in the market. This is the way that the stock market talks to us. Growth stocks that do not issue dividends should lead the market indexes higher, not the multinational blue chip stocks that have limited growth (DJIA). In late 2007, this was one of the ways I knew that the top of the market was in place. The blue chips are where the big boys go to park money when they believe a storm is coming. In other words, stocks such as PG, and JNJ will usually trade higher when fear enters the major stock indexes.
According to my calculations, the QQQ should test the $64.30 area before they stage any meaningful bounce. Today, the 50 moving average on the QQQ daily chart was tagged and tested. This is still minor support and I expect the QQQ to break this level soon.
The master support levels for the S&P 500 Index are 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026. The master resistance levels for the S&P 500 Index is 1371, 1390, 1410, 1428, and 1449.
May crude finished the session higher by $0.10 to $102.93 a barrel. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 100.00, 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 $10.50 to close at $1649.70 an ounce. The master support levels for gold are 1644, 1623, 1604, 1583, 1564, 1543, and 1524. The master resistance levels for gold are 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session lower by 0.024 to close at 1.974%. The support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%. The resistance levels for the yield are 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%.
To every action there is always an opposite and equal reaction.
Sir Isaac Newton
When I calculated the small cycle for this week I figured today would be a down session. Well, the NASDAQ Composite, NASDAQ 100 and the S&P 500 Index finished lower, however, the Dow Jones Industrial Average, and the Russel 2000 ended positive. Tomorrow could be another flat and weak trading session for the major stock indexes, however, it is options expiration on Friday and this is really a time to remain neutral. The institutional traders will play a lot of gains this week as we go into options expiration, therefore, traders should not take anything for granted. As I always say, this is the real shark week, don't let them bite you.
The NASDAQ 100 lead the declines today finishing lower by 1.07 percent. This dip came on a day when the DJIA finished higher by 0.56 percent. Anytime the DJIA trades higher and the tech heavy NASDAQ finishes lower it is a warning signal to every trader involved in the market. This is the way that the stock market talks to us. Growth stocks that do not issue dividends should lead the market indexes higher, not the multinational blue chip stocks that have limited growth (DJIA). In late 2007, this was one of the ways I knew that the top of the market was in place. The blue chips are where the big boys go to park money when they believe a storm is coming. In other words, stocks such as PG, and JNJ will usually trade higher when fear enters the major stock indexes.
According to my calculations, the QQQ should test the $64.30 area before they stage any meaningful bounce. Today, the 50 moving average on the QQQ daily chart was tagged and tested. This is still minor support and I expect the QQQ to break this level soon.
The master support levels for the S&P 500 Index are 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026. The master resistance levels for the S&P 500 Index is 1371, 1390, 1410, 1428, and 1449.
May crude finished the session higher by $0.10 to $102.93 a barrel. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 100.00, 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 $10.50 to close at $1649.70 an ounce. The master support levels for gold are 1644, 1623, 1604, 1583, 1564, 1543, and 1524. The master resistance levels for gold are 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session lower by 0.024 to close at 1.974%. The support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%. The resistance levels for the yield are 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 | 1,758 (55%) | 1,324 (51%) |
| Declining Issues | 1,313 (41%) | 1,195 (46%) |
| Unchanged Issues | 125 (4%) | 96 (4%) |
| Total Issues | 3,196 | 2,615 |
| New Highs | 61 | 58 |
| New Lows | 52 | 57 |
| Up Volume | 1,814,450,769 (53%) | 641,689,726 (41%) |
| Down Volume | 1,540,004,430 (45%) | 893,072,211 (58%) |
| Unchanged Volume | 48,764,251 (1%) | 14,867,192 (1%) |
| Total Volume | 3,403,219,450 | 1,549,629,129 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America | $8.79 | +$0.11 (1.27%) | 214,190,668 |
| (NOK) Nokia Corporation | $4.09 | +$0.07 (1.74%) | 61,940,246 |
| (SIRI) Sirius XM Radio | $2.17 | -$0.06 (2.69%) | 61,109,605 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (ECYT) Endocyte, Inc. | $7.62 | +$3.82 (100.53%) | 9,695,925 |
| (EF) Edelman Financial | $8.74 | +$2.56 (41.42%) | 16,726,042 |
| (VRNG) Vringo, Inc | $3.97 | +$0.93 (30.59%) | 18,810,258 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (PCO) Pendrell Corporation | $1.26 | -$0.91 (41.94%) | 16,399,652 |
| (HALO) Halozyme Therapeutics | $8.56 | -$2.72 (24.09%) | 8,879,440 |
| (GTIM) Good Times Restaurants | $1.67 | -$0.40 (19.32%) | 217,510 |
Friday The 13th
To every thing there is a season. And a time to every purpose under the heaven:
Ecclesiastes 3:1
Tonight's Daily Market Report will be presented via the Nightly Analysis Video. Please tune in to hear my thoughts for next week. The video will be posted around 9:00 pm EST as I work after the close to try and figure out next week's small cycle.
The master resistance levels for the S&P 500 Index is 1371, 1390, 1410, 1428, and 1449. The master support levels for the S&P 500 Index are 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026.
May crude finished the session lower by $0.81 to $102.83 a barrel. The master support levels for crude are 100.00, 95.00, 89.00, 84.00, 79.00, 74.00, 69.50, and 66.00. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session lower by $20.40 to close at $1660.20 an ounce. The master support levels for gold are 1644, 1623, 1604, 1583, 1564, 1543, and 1524. The master resistance levels for gold are 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session lower by 0.051 to close at 1.998%. The support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%. The resistance levels for the yield are 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%.
To every thing there is a season. And a time to every purpose under the heaven:
Ecclesiastes 3:1
Tonight's Daily Market Report will be presented via the Nightly Analysis Video. Please tune in to hear my thoughts for next week. The video will be posted around 9:00 pm EST as I work after the close to try and figure out next week's small cycle.
The master resistance levels for the S&P 500 Index is 1371, 1390, 1410, 1428, and 1449. The master support levels for the S&P 500 Index are 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026.
May crude finished the session lower by $0.81 to $102.83 a barrel. The master support levels for crude are 100.00, 95.00, 89.00, 84.00, 79.00, 74.00, 69.50, and 66.00. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
June gold finished the session lower by $20.40 to close at $1660.20 an ounce. The master support levels for gold are 1644, 1623, 1604, 1583, 1564, 1543, and 1524. The master resistance levels for gold are 1663, 1684, 1703, 1726, 1746, 1758, 1769, 1782, 1800, 1825, 1842, 1867, 1886, 1911, 1930, 1955, 1974, and 1999. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session lower by 0.051 to close at 1.998%. The support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%. The resistance levels for the yield are 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 | 716 (22%) | 545 (21%) |
| Declining Issues | 2,372 (74%) | 1,942 (75%) |
| Unchanged Issues | 100 (3%) | 100 (4%) |
| Total Issues | 3,188 | 2,587 |
| New Highs | 46 | 60 |
| New Lows | 30 | 41 |
| Up Volume | 458,757,662 (13%) | 193,831,707 (13%) |
| Down Volume | 2,950,799,983 (86%) | 1,235,732,582 (86%) |
| Unchanged Volume | 33,265,169 (1%) | 8,589,851 (1%) |
| Total Volume | 3,442,822,814 | 1,438,154,140 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America Corp | -$$8.68 | 0.49 (5.34%) | 276,628,367 |
| (MU) Micron Technology | $6.96 | -$0.19 (2.59%) | 97,403,960 |
| (NOK) Nokia Corporation | $4.02 | -$0.21 (4.96%) | 61,538,839 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (GTIM) Good Times Restaurants | $2.07 | +$0.97 (88.18%) | 2,119,523 |
| (CNIT) China Information Tech | $1.37 | +$0.25 (22.25%) | 2,489,923 |
| (CNDO) Coronado Biosciences | $8.49 | +$0.92 (12.15%) | 248,803 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (SGOC) SGOCO Group, Ltd | $1.49 | -$1.06 (41.57%) | 779,800 |
| (PWAV) Powerwave Technologies | $1.32 | -$0.83 (38.65%) | 5,614,888 |
| (NEWL) NewLead Holdings Ltd | $2.62 | -$1.02 (28.02%) | 304,554 |
DJIA Lead Rally
The years teach much which the days never know.
Ralph Waldo Emerson
All of the major stock indexes rebounded higher again today. The Dow Jones Industrial Average (DJIA) soared higher by 181.00 points. While this move is very big it is important to note that the DJIA is now leading the NASDAQ and the NASDAQ 100. When the DJIA leads the NASDAQ it is usually a warning sign that the current rally will usually end soon. Today's trading volume was also less than yesterday and much lower than the volume on Tuesday, this is also a sign of weakness. I will remain neutral this week as the markets bounces, however, once a bearish pattern forms it will be time to sell the markets short again. If the 1998 chart pattern plays out it will signal a long choppy correction into mid-June.
Some leading sectors that I will look to sell will be the base metals, coal, and possible the energy sectors. These sectors lead the markets lower recently and are still the weakest at this time. These sectors are exactly what traders should look to stay with when it comes time to sell the markets. The cycles on copper, iron, gold silver, coal, and others are down into the fourth quarter of 2012. As you can see, there will be bounces along the way and that makes for a traders market.
In tomorrow's video I will hope to have the short term cycle for next week figured out. Make sure you all tune in to the Friday Night Market Wrap.
The master resistance levels for the S&P 500 Index is 1390, 1410, 1428, and 1449. The master support levels for the S&P 500 Index are 1371, 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026.
May crude finished the session higher by $0.94 to $103.64 a barrel. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 100.00, 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 $20.30 to close at $1680.60 an ounce. The master resistance levels for gold are 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 1663, 1644, 1623, 1604, 1583, 1564, 1543, and 1524. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session higher by 0.021 to close at 2.049%. The resistance levels for the yield are 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 support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%.
The years teach much which the days never know.
Ralph Waldo Emerson
All of the major stock indexes rebounded higher again today. The Dow Jones Industrial Average (DJIA) soared higher by 181.00 points. While this move is very big it is important to note that the DJIA is now leading the NASDAQ and the NASDAQ 100. When the DJIA leads the NASDAQ it is usually a warning sign that the current rally will usually end soon. Today's trading volume was also less than yesterday and much lower than the volume on Tuesday, this is also a sign of weakness. I will remain neutral this week as the markets bounces, however, once a bearish pattern forms it will be time to sell the markets short again. If the 1998 chart pattern plays out it will signal a long choppy correction into mid-June.
Some leading sectors that I will look to sell will be the base metals, coal, and possible the energy sectors. These sectors lead the markets lower recently and are still the weakest at this time. These sectors are exactly what traders should look to stay with when it comes time to sell the markets. The cycles on copper, iron, gold silver, coal, and others are down into the fourth quarter of 2012. As you can see, there will be bounces along the way and that makes for a traders market.
In tomorrow's video I will hope to have the short term cycle for next week figured out. Make sure you all tune in to the Friday Night Market Wrap.
The master resistance levels for the S&P 500 Index is 1390, 1410, 1428, and 1449. The master support levels for the S&P 500 Index are 1371, 1352, 1335, 1316, 1299, 1280, 1263, 1244, 1226, 1209, 1192, 1175, 1158, 1141, 1121, 1107, 1090, 1074, 1058, 1041, and 1026.
May crude finished the session higher by $0.94 to $103.64 a barrel. The master resistance levels for crude are 105.00, 109.00, 115.00, 119.00, and 125.00. The master support levels for crude are 100.00, 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 $20.30 to close at $1680.60 an ounce. The master resistance levels for gold are 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 1663, 1644, 1623, 1604, 1583, 1564, 1543, and 1524. Gold is trading inverse to the U.S. Dollar Index at this time.
The 10 year bond yield finished the session higher by 0.021 to close at 2.049%. The resistance levels for the yield are 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 support levels for the yield are 1.97%, 1.90%, 1.83%, 1.76%, 1.69%, 1.63%, 1.57%, 1.51%, 1.45%, and 1.39%.
| NYSE | NASDAQ | |
|---|---|---|
| Advancing Issues | 2,511 (79%) | 1,868 (72%) |
| Declining Issues | 598 (19%) | 633 (24%) |
| Unchanged Issues | 80 (3%) | 105 (4%) |
| Total Issues | 3,189 | 2,606 |
| New Highs | 62 | 50 |
| New Lows | 17 | 22 |
| Up Volume | 3,024,415,547 (89%) | 1,154,000,804 (81%) |
| Down Volume | 327,312,689 (10%) | 257,630,723 (18%) |
| Unchanged Volume | 32,222,226 (1%) | 17,604,369 (1%) |
| Total Volume | 3,383,950,462 | 1,429,235,896 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (BAC) Bank of America Corp | $9.17 | +$0.31 (3.50%) | 218,939,779 |
| (NOK) Nokia Corporation | $4.22 | -$0.02 (0.35%) | 83,834,585 |
| (MU) Micron Technology | $7.15 | -$0.02 (0.28%) | 56,900,590 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (FREE) FreeSeas Inc. | $1.85 | +$0.70 (60.87%) | 4,895,289 |
| (SOCB) Southcoast Financial Corp | $2.24 | +$0.78 (53.42%) | 170,869 |
| (ZOOM) Zoom Technologies | $1.48 | +$0.44 (42.31%) | 1,639,711 |
| Symbol | Closing Price | Change | Volume |
|---|---|---|---|
| (OPHC) OptimumBank Holdings | $2.25 | -$1.18 (34.40%) | 206,776 |
| (NEWL) NewLead Holdings | $3.64 | -$0.83 (18.57%) | 673,952 |
| (AVID) Avid Technology | $8.50 | -$1.78 (17.32%) | 1,760,531 |
Market Overview & Videos
- Stocks
- AM Video
- PM Video
This Is How You Start 2012!
Our Track Record
Our Pro Gareth Soloway on Twitter
GarethSoloway:
"I'm in gg with you too, and so far you've paid my chat room bill for 3.5 months! Nice call!" Janet B.
GarethSoloway:
"GG calls +50% today. I owe you a steak!" - Josh H.
GarethSoloway:
Swing Trade $GG rocking today. Even in a crappy market InTheMoneyStocks longs still kicking A$$
GarethSoloway:
$SPG Short Hits First Target At $149.65 From $157.65 (+$8.00)
GarethSoloway:
Nicks pre market trading video http://t.co/3QHKkx4A watch this every morning. #Video #PreMarket
