DJIA: 10403 + 78
SP 500: 1115 + 11
NASDAQ: 2273 +35
OSIP up 51%, received an offer from a Japanese drugmaker
PUK purchasing the Asian life insurance business unit from AIG
Continued hopes of a Greece bail out package
SNDK increased Q1 revenue forecast
MIL receives another offer
MSCI to acquire RiskMetrics
$DJI: Unable to break-out of previous swing highs, 10440 http://ow.ly/i/BwB
$SPX: Broke previous swing high of 1112… Rally capped around 1115 (big support / resistance level)… “Inverse head and shoulders” forming on the daily http://ow.ly/i/BwC
$COMPQ: Broke previous swing high of 2251… Rally capped in a similar fashion $SPX… “Inverse head and shoulders” forming on the daily http://ow.ly/i/BwF
Thanks,
Derek Siek… http://www.twitter.com/TVN_DerekS
Dow 10,282 down 100
SP 500 down 13
NASDAQ 2213 down 28
Consumer confidence shock, index fell to 46 in Feb from 56.5 in Jan
Solid earnings (HD, SHLD, M, TGT) overshadowed by lagging sales growth
European debt concerns still looming
$VIX (measure of fear) up 7%
Bernanke testifies before congress Wednesday and Thursday
$DJI: Closed on her 50 day EMA. Holding her 50 day is somewhat bullish… Anything possible tomorrow with Bernanke…
$SPX: Closed below her 50 day EMA. I would guess tons of algos, models, and quants are short on the signal. Again, anything possible with Bernanke…
$COMPQ: Closed a smidge above her 50 day EMA after testing it intra-day. I would be more inclined to be long tech then the broader SPX or the widely followed DJI.
I issued one alert today… BRCD long at 5.34, she reached a high shortly thereafter of 5.47… Personally, I blew the trade. I was watching her trade 5.45 and loving life. Tech support need to reconfig my IP addresses or something, so I moved my stop to break-even. You know how this story ends… Hope it worked out better for you…
Hey… did you know you can follow me on tweeter, twitter… http://twitter.com/tvn_dereks
Derek Siek...
The Dow Jones Industrial Average shows an ascending channel on the daily, rallies should be capped around 10200
Derek Siek...
Dow Jones Industrial Average Support and Resistance for 1-21-2010
S&P 500:
NASDAQ:
Thanks,
Derek Siek...
UYG (triple financial bull ETF) closed above her 200 day EMA
JASO... note the 50 EMA crossing the 200 EMA
SOLF... note the 50 day EMA crossing the 200 day EMA
Derek Siek...
C attempting to fill the gap...
We are in an extemely resilient market right now. The stock market is willing to make strong runs to the upside, but does not seem to be as agressive selling off. Now that we are through earnings, is that strong direction over? Looking at a daily chart, there is an awful lot of room to move back down towards the trend support line. The last 3 Days are telling, as even though the market moved higher today, it was unable to close above the open from 3 days ago. The Diamonds look to be starting to develop a new Down Trend. I don't know that the market is through rallying longer term...but I'm looking for a pullback to somewhere around the 9,800 level.
RIMM $57.20 target achieved
The big news on the day wasn’t that the FOMC left rates unchanged. That was expected. It was the language within the statement itself that caught traders’ attention. Specifically, the FOMC foresees a continuation in the “exceptionally low levels of the fed funds rate for an extended period.” While this statement looks innocent enough on the surface, this single sentence… 12 little words… erased what was mounting to be exceptional gains on Wall Street. Within two blinks of the eye 130 positive DOW points vanished. Equity traders were hoping the FOMC statement would indicate that those “green shoots” were growing up into fruit bearing plants, however, the FOMC basically said there will not be fruit “for an extended period of time.” Equities sank… but risk currencies closed around their highs??? How is that??? Has the dollar become that unattractive???
EUR/USD: Support around 1.4700, Resistance around 1.4900
GBP/USD: Support around 1.6400, Resistance around 1.6600
USD/JPY: Maybe the pair to watch as we approach the end of the wedge… Support: 90.50, Resistance: 91.20
Thanks,
Derek Siek…
