Stock Market Summary For Tuesday, April 26, 2011

BTDStocks
updated | Author's Website

Stocks rose today with gains in the major indexes (DJIA, S&P 500, and Nasdaq Composite) ranging between 0.8% and 0.9%. The indexes finished in the upper end of their intra-day trading range. Investor participation finished above average and market breadth was strong on the positive side. In addition, the S&P 500 finished at its highest close since June 2008. As a result, we are raising the support/resistance levels on the S&P 500 and Nasdaq Composite (see below). For the DJIA we are keeping the support the same but raising the resistance level (see below). One interesting development to watch going forward are the gap ups the S&P 500 and Nasdaq Composite created back on Wednesday, April 20th. For the S&P 500 there is a gap between 1,313 and 1,319 and between 2,745 and 2,786 on the Nasdaq Composite. We feel that if the stock market is going to move significantly higher from here then it would be healthy to see the indexes close these gaps before moving higher. The current stock market direction low volatility and high complacency environment does present a risk that if the market decides to close these gaps then a sell-off might test levels below the 1,313 and 2,745 levels on the S&P 500 and Nasdaq Composite, respectively. We feel the prudent approach is to be cautious when adding to stock positions. If you need to own stocks, please see our watch list below. In our watch list today we added an additional position in the iPath S&P 500 VIX Short-Term Futures ETN (symbol: VXX) at the intra-day price of $23.68. We now have three positions in VXX in our watch list. In addition, we removed at the intra-day price of $17.60 the position in Cisco Systems (symbol: CSCO) added to the watch list on Thursday, April 14, 2011. This position in CSCO was added at $17.12. While on the watch list this position in CSCO returned 2.8% in 12 days. We have one position in CSCO remaining on the watch list.

 

SUMMARY

 

DJIA: Up 0.9% to 12,595

S&P 500: Up 0.9% to 1,347

Nasdaq Composite: Up 0.8% to 2,848

 

SUPPORT/RESISTANCE LEVELS

 

DJIA: 12,427/12,595

S&P 500: 1,343/1,349

Nasdaq Composite: 2,834/2,859

 

BREADTH FOR NYSE

 

Advancing Issues: 2,222

Declining Issues: 852

Advance/Decline Ratio: 2.6 to 1

 

New Highs: 289

New Lows: 4

High/Low Ratio: 72 to 1

 

SECTOR ANALYSIS

 

Industrials was the best performing sector up 1.9% and Consumer Discretionary was the worst performing sector up 0.2%.

 

Other Sectors:

 

Consumer Staples Up 0.7%

Energy Up 1.0%

Financials Up 0.6%

Health Care Up 1.2%

Materials Up 1.1%

Technology Up 0.8%

Utilities Up 0.8%

 

OPEN WATCH LIST SYMBOLS (Through Tuesday, April 26, 2011)

 

Transactions:

 

(SH) added @ $46.03 on 11/12/10; current price @ $40.45; 12.1% loss

(PSQ) added @ $35.05 on 12/8/10; current price @ $31.72; 9.5% loss

(RWM) added @ $32.79 on 12/16/10; current price @ $29.04; 11.4% loss

(UUP) added @ $22.80 on 1/14/11; current price @ $21.16; 7.2% loss

(EUO) added @ $20.30 on 1/14/11; current price @ $16.66; 17.9% loss

(UUP) added @ $22.20 on 2/1/11; current price @ $21.16; 4.7% loss

(EUO) added @ $18.97 on 2/1/11; current price @ $16.66; 12.2% loss

(UUP) added @ $22.14 on 2/24/11; current price @ $21.16; 4.4% loss

(EUO) added @ $18.92 on 2/24/11; current price @ $16.66; 11.9% loss

(NYSE:FDO) added @ $50.28 on 3/2/11; current price @ $52.32; 4.1% gain

(UUP) added @ $21.94 on 3/4/11; current price @ $21.16; 3.6% loss

(EUO) added @ $18.38 on 3/4/11; current price @ $16.66; 9.4% loss

(UUP) added @ $21.93 on 3/14/11; current price @ $21.16; 3.5% loss

(EUO) added @ $18.34 on 3/14/11; current price @ $16.66; 9.2% loss

(NASDAQ:CSCO) added @ $17.83 on 3/14/11; current price @ $17.52; 1.7% loss

(UUP) added @ $21.72 on 3/18/11; current price @ $21.16; 2.6% loss

(EUO) added @ $17.87 on 3/18/11; current price @ $16.66; 6.8% loss

(SH) added @ $42.22 on 3/22/11; current price @ $40.45; 4.2% loss

(PSQ) added @ $33.74 on 3/22/11; current price @ $31.72; 6.0% loss

(RWM) added @ $30.71 on 3/22/11; current price @ $29.04; 5.4% loss

(NYSE:CCJ) added @ $31.44 on 3/23/11; current price @ $29.25; 7.0% loss

(SH) added @ $41.49 on 3/28/11; current price @ $40.45; 2.5% loss

(PSQ) added @ $32.83 on 3/28/11; current price @ $31.72; 3.4% loss

(RWM) added @ $30.08 on 3/28/11; current price @ $29.04; 3.5% loss

(UUP) added @ $21.75 on 4/5/11; current price @ $21.16; 2.7% loss

(EUO) added @ $17.70 on 4/5/11; current price @ $16.66; 5.9% loss

(TLT) added @ $90.50 on 4/7/11; current price @ $93.85; 3.7% gain

(TIP) added @ $108.56 on 4/7/11; current price @ $110.87; 2.1% gain

(VXX) added @ $28.14 on 4/7/11; current price @ $23.78; 15.5% loss

(VXX) added @ $26.72 on 4/19/11; current price @ $23.78; 11.0% loss

(VXX) added @ $23.68 on 4/26/11; current price @ $23.78; 0.4% gain

 

Overall:

 

(SH) overall average of six positions: average cost @ $42.49; current price @ $41.61; 2.1% loss

(PSQ) overall average of six positions; average cost @ $33.19; current price @ $32.81; 1.1% loss

(RWM) overall average of six positions; average cost @ $31.06; current price @ $30.26; 2.6% loss

(UUP) overall average of seven positions; average cost @ $22.07; current price @ $21.16; 4.1% loss

(EUO) overall average of seven positions; average cost @ $18.64; current price @ $16.66; 10.6% loss

(NYSE:FDO) overall average of one position; cost @ $50.28; current price @ $52.32; 4.1% gain

(NASDAQ:CSCO) overall average of two position; cost @ $17.48; current price @ $17.56; 0.5% gain

(NYSE:CCJ) overall average of three positions; cost @ $29.38; current price @ $29.85; 1.6% gain

(TLT) overall average of one position; cost @ $90.50; current price @ $93.85; 3.7% gain

(TIP) overall average of one position; cost @ $108.56; current price @ $110.87; 2.1% gain

(VXX) overall average of three position; cost @ $26.18; current price @ $23.78; 9.2% loss

 

CLOSED WATCH LIST SYMBOLS

 

(UUP) added @ $22.56 on 10/20/10; removed @ $23.51 on 11/30/10; 4.2% gain

(EUO) added @ $19.19 on 10/20/10; removed @ $21.65 on 11/30/10; 12.8% gain

(NASDAQ:APOL) added @ $37.77 on 10/28/10; removed @ $39.97 on 12/31/10; 5.8% gain

(NASDAQ:NUVA) added @ $25.11 on 11/12/10; removed @ $26.03 on 12/31/10; 3.7% gain

(NYSE:DLR) added @ $52.22 on 11/26/10; removed @ $53.01 on 12/10/10; 1.5% gain

(NASDAQ:CSCO) added @ $19.36 on 12/2/10; removed @ $20.91 on 1/6/11; 8.0% gain

(UUP) added @ $23.14 on 12/8/10; removed @ $23.37 on 1/10/11; 1.0% gain

(EUO) added @ $20.79 on 12/8/10; removed @ $21.73 on 1/10/11; 4.5% gain

(NYSE:FDO) added @ $44.64 on 1/21/11; removed @ $55.50 on 2/16/11; 24.3% gain

(GDX) added @ $55.04 on 1/27/11; removed @ $58.58 on 2/22/11; 6.4% gain

(SH) added @ $41.70 on 2/7/11; removed @ $42.71 on 3/15/11; 2.4% gain

(PSQ) added @ $32.67 on 2/7/11; removed @ $33.81 on 3/15/11; 3.5% gain

(RWM) added @ $31.01 on 2/7/11; removed @ $31.55 on 3/15/11; 1.7% gain

(SH) added @ $41.10 on 2/16/11; removed @ $42.71 on 3/15/11; 3.9% gain

(PSQ) added @ $31.91 on 2/16/11; removed @ $33.81 on 3/15/11; 6.0% gain

(RWM) added @ $30.20 on 2/16/11; removed @ $31.55 on 3/15/11; 4.5% gain

(TLT) added @ $89.22 on 2/11/11; removed @ $92.54 on 3/15/11; 3.7% gain

(TIP) added @ $105.39 on 2/11/11; removed @ $109.34 on 3/15/11; 3.7% gain

(SH) added @ $42.38 on 1/27/11; removed @ $42.91 on 3/17/11; 1.3% gain

(PSQ) added @ $32.91 on 1/27/11; removed @ $34.05 on 3/17/11; 3.5% gain

(RWM) added @ $31.57 on 2/1/11; removed @ $31.36 on 3/17/11; 0.7% loss

(NYSE:AGO) added @ $13.96 on 3/1/11; removed @ $14.95 on 3/24/11; 7.1% gain

(NYSE:AGO) added @ $13.90 on 3/14/11; removed @ $14.95 on 3/24/11; 7.6% gain

(NASDAQ:NUAN) added @ $17.40 on 3/18/11; removed @ $19.59 on 3/31/11; 12.6% gain

(NASDAQ:NUAN) added @ $17.53 on 3/14/11; removed @ $19.58 on 4/4/11; 11.7% gain

(NYSE:CCJ) added @ $29.05 on 3/29/11; removed @ $31.07 on 4/4/11; 7.0% gain

(NYSE:AGO) added @ $15.25 on 2/24/11; removed @ $15.05 on 4/5/11; 1.3% loss

(NASDAQ:AAPL) added @ $340.33 on 2/24/11; removed @ $350.70 on 4/21/11; 3.0% gain

(NYSE:CCJ) added @ $27.65 on 4/12/11; removed @ $29.23 on 4/25/11; 5.7% gain

(NASDAQ:CSCO) added @ $17.12 on 4/14/11; removed @ $17.60 on 4/26/11; 2.8% gain

 

The average holding period (in days) for each closed position is 32 days

The average % return for each closed position is 5.4%

 

Our watch list/stock of the day is hypothetical and we do not personally execute any transaction based on it. All prices are based on market open prices on the dates listed above unless position was added/removed from watch intra-day as noted in blog posts.

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