service@toptradinginfo.com| 06/21/2010 |
| Updated Time: 17:55, 12:34, 11:58, 11:32, 09:35, 09:17, 08:15, 07:40, 00:00 |
07:40 AM: Today's support and resistance levels: Dow: Supports:10452 Resistances:10594 Nasdaq: Supports:2300 Resistances: 2351 S&P 500: Supports: 1122 Resistances: 1137 07:40 AM: US stock buy candidates to consider: HOT:Support 46.30 Resistance 53.50 TCK:Support 33.28 Resistance 40 AMLN:Support 18 Resistance 22 IP:Support 24.70 Resistance 29.25 SMOD:Support 5.88 Resistance 8 AET: Support 29.30 Resistance 32 VECO: Support 39.30 Resistance 45 ALKS: Support 11.40 Resistance 14 ETF buy candidates to consider: DRV: Support 5.95 Resistance 7.50 UNG:Support 8 Resistance 9.25 MOO: Support 36 Resistance 42 VXX:Support 28 Resistance 35 EDZ:Support 42 Resistance 52 TZA:Support 6.50 Resistance 8.50 TYP:Support 7.80 Resistance 10 ERY Support 10 Resistance 14 Chinese stocks to consider: LFC: Support 63 Resistance 69 LONG: Support 12.71 Resistance 16.90 JASO:Support 4.50 Resistance 6 07:40 AM: Short Sell candidates to consider:RAH: Support 52.66 Resistance 60.13 NOK: Support 6.40 Resistance 9.65 IGT: Support 16 Resistance 19.50 MDVN: Support 9 Resistance 12 LAZ: Support 25 Resistance 33.20 07:40 AM:Today's market factors: 1. US dollar index is down (Positive). 2. Treasury Bond is down(Negative). 3. Major Asian and European markets are up (Positive). 4.China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the outlook for sales in the long term at U.S. multinationals. (Positive). The US stock market rallied sharply at the open due to optimism on global economy after Chinese announced more flexible currency policy. We need are suspecting whether the stock market can continue to rally due to the following reasons: 1. The Chinese move is widely expected, sell on news may be what is investors have mind. 2. As the RMB floats against the US dollar, it is not gaurantee that the RMB will stay strong. 3. The stock market is overbought after the recent move and the Dow is at its 50 day moving average 10587. 4. Today is the beginning of summer, it is known for market to reverse trend during this day. Beware of a market reversal today! 08:15 AM: The Market Volatility index ($VIX) has rallied to today's high from gap down at the open. Traders are predicting a market down side reversal. 09:17 AM: Buy QQQQ 3X Bear ETF SQQQ at 54.07, target $60, stop loss $50. 09：35 AM: Long Tail reversal in both the Dow and S&P 500, Dark Cloud Cover pattern in Nasdaq, the stock market trend has reversed from up to down. 11:32 AM: Strength in Visa (V +7.8%) and MasterCard (MA +7.3%) on heavy volume is attributed to the growing perception that a compromise in the fee language has been reached as part of financial reform legislation. 11:58 AM: Goldman Sachs (GS) lowered quarterly earnings estimates Monday on a number of 11:58 AM: large U.S. banks, including Citigroup (C) and Bank of America (BAC), citing indications that the capital markets environment took a turn for the worse in the second quarter. 12：34 AM: We are keeping all bear ETF positions overnight since the market trend has reversed to down. 17:55 PM: Stock market closed as follows: Dow 10442 -8.23, Nasdaq 2289 -20.71, S&P 500 1113.20 -4.31. After a 836 points, 8.57% move, the Dow is overbought and hit its 50 day moving average 10584 and is not able to break through. The morning 144 point Dow up move invited technical selling. In the near term, the Dow will be trading in a range between 9757 and 10584. The floating of the Chinese currency has been reflected in the stock market. Investors will be back to re-focus on recent weaker economic reports and Euro area debt problem. The market will likely trading down after today's down side reversal while waiting for Wednesday's Fed decision on interest rate. The next two Dow support levels are its 200 day and 20 day moving averages at 10341 and 10165 respectively. SQQQ Daily Chart 
$INDU Daily Chart 
|
| Daily Alert |  |