Thursday, April 21, 2011

Market update 04/20/2011

Here is the latest trading and free market analysis info on the markets and more...

Hey I’m back, sorry it’s been a while but things are crazy and I will try to update this blog as often as I can, thanks for sticking with me and let’s get started.

The SPY gapped up today to 132.88 and traded sideways for most of the day closing at 133.10 up +1.79, +1.36% on the day.

Looking at the SPY 3 and 6 months charts SPY is consolidating between 133.60 and about 129.50 with some resistance above at about 133.60 on the upside and support at around 129.50 on the downside, so we’re looking to see this thing consolidate perhaps for a little while but there’s always the possibility that we can see a breakout above 134. I’d say 134 is a real key area and again if we see it turn down from here expect to see it test the 130 level again. However if it fails to hold the 130 area the next support levels will be at around 125.50.

So buy the breakout above 134.00 or sell the breakdown at 133.00 and keep an eye on it at around 131.00 for possible downside target area.

Remember this market is still in an uptrend so taking a short position here, you must be nimble and ready to close any short positions as soon as you see a market turnaround.

The markets are looking to continue this Bullish trend. Remember to buy the dips and sell the rips. Happy trading!


Market Report: 4/20/2011
Moving the Market
Intel (INTC) posts upside earnings surprise and upside guidance to lead tech and Nasdaq Earnings picture remains positive, Dollar's decline lifts euro to new annual high, Financials struggle to share in broad market's surge as bank stocks slump following latest from Wells Fargo (WFC)

Sector Watch
semiconductors and equipment; casinos and gaming; auto parts and equipment; consumer electronics; computer storage and peripherals; electronic manufacturing services; oil and gas storage; apparel and accessories

diversified banks; railroads; brewers; industrial REITs

Market Events
16:30 ET DOW +186.79 AT 12453.54, NASDAQ +57.54 AT 2802.51, S&P +17.74 AT 1330.36
[BRIEFING.COM] Stocks rallied for rich gains in the latest round of trade. Although support was broad, tech proved pivotal in the overall performance.

Solid overnight gains among Asia's major averages and bounces between 2% and 3% by Europe's primary bourses provided a decidedly positive backdrop to morning trade. A series of successful debt offerings from Spain, Portugal, and Germany helped equities there. They also helped the euro rally to a 15-month high against the dollar.

The latest round of earnings results was generally strong. Intel (INTC 21.41, +1.55) scored one of the strongest gains of any blue chip following its upside earnings surprise and upside guidance. Its leadership lifted the Dow to its best level in more than two years and inspired other players in the other semiconductor space, such that the Philadelphia Semiconductor Index settled with a 4.3% gain.

Yahoo! (YHOO 16.87, +0.75) added to the overall strength of the tech sector, which is the largest by market weight, achieve a 2.4% gain. The Internet search company reported its own upside earnings surprise last evening. In contrast, IBM (IBM 164.75, -0.54) was one of the few tech-related issues that failed to find buyers, even though the company posted better-than-expected earnings. Apple (AAPL 342.41, +4.55) advanced nicely ahead of its latest quarterly report, but it was still a relative laggard in the tech-rich Nasdaq.

Pleasing quarterly results from Dow component United Technologies (UTX 85.90, +3.54) sent the stock to a new record high. Fellow Dow component AT&T (T 30.13, -0.18) failed to sustain an opening bid and, as a result, logged a loss.

Wells Fargo (WFC 28.83, -1.24) had slightly better than expected earnings, but disappointment over the bank's top line caused the stock to slump in the face of broad market strength. Weakness in WFC shares imbued the rest of the banking space, such that the KBW Bank Index logged a 0.5% loss.

Energy stocks staged a strong push higher in morning trade and then held steady to their gains in afternoon action. That secured a 2.2% gain for the sector. It was helped by a spike in oil prices, which settled at $111.45 per barrel with a 2.9% gain following a surprise draw in weekly inventories.

Renewed weakness in the dollar also aided oil's bounce. It offered support to precious metals prices, too. Gold prices pushed to a new all time high of $1506.50 per ounce and silver set a fresh 30-year high of $45.40 per ounce. Both gave back some of their gains so that they closed pit trade at $1489.90 per ounce and $44.68 per ounce, respectively.

Even though participants showed a willingness to return to risk, Treasuries suffered only relatively modest losses today. Still, the slip was enough to send the yield on the benchmark 10-year Note back up to 3.40%.

Data was limited to the existing home sales report for March. Existing home sales hit an annualized rate of 5.10 million units, which is slightly greater than the 5.00 million units that had been expected, on average, among economists polled by The rate for March also reflects an increase from the prior month rate of 4.92 million units.

Advancing Sectors: Tech (+2.4%), Energy (+2.2%), Consumer Discretionary (+1.7%), Industrials (+1.5%), Materials (+1.2%), Utilities (+1.1%), Health Care (+0.9%), Consumer Staples (+0.6%), Telecom (+0.4%), Financials (+0.3%)
Declining Sectors: (None)

Nasdaq +57.54 at 2802.51... S&P Midcap 400 +1.8... NYSE Adv/Dec 2488/510... Nasdaq Adv/Dec 2001/626.

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