The market continued with its winnings ways as stocks had small gains in Monday's session. Investor participation was quiet and market breadth was ok. The risk trade was on again with energy stocks leading the way and utility stocks lagging. Staying with the trend we are raising the support levels on the DJIA, S&P 500, and Nasdaq Composite (see below). We are also raising the resistance levels on the S&P 500 and Nasdaq Composite (see below). On the DJIA we are actually lowering the resistance level to 12,273. Volatility has disappeared from the market and the lack of headwinds is making it rather easy for many stocks to rise. Investor fear remains low and complacency high. We feel the longer this market continues to rise in this fashion the sharper the pullback will be and it will surprise everyone. The prudent approach remains not opening new positions in stocks, protect profits, and keep losses small based on the stock market direction. If you need to own stocks, please see our open watch list below. STOCK OF THE DAY: There is no 'Stock of the Day' for Tuesday, February 15, 2011. We are keeping the Market Vectors Gold Miners (symbol: GDX) 'Stock of the Day' from Thursday, January 27, 2011 active. SUMMARY DJIA: Flat to 12,268 S&P 500: Up 0.2% to 1,332 Nasdaq Composite: Up 0.3% to 2,817 BREADTH FOR NYSE Advancing Issues: 1,678 Declining Issues: 1.359 Advance/Decline Ratio: 1.2 to 1 New Highs: 325 New Lows: 8 High/Low Ratio: 41 to 1 SUPPORT/RESISTANCE LEVELS DJIA: 12,021/12,273 S&P 500: 1,302/1,333 Nasdaq Composite: 2,751/2,817 SECTOR ANALYSIS Energy was the best performing sector up 2.2% while Utilities was the worst performing sector down 0.7%. Other Sectors: Consumer Discretionary Down 0.4% Consumer Staples Down 0.4% Financials Up 0.1% Health Care Up 0.3% Industrials Down 0.1% Materials Up 1.1% Technology Up 0.1% OPEN WATCH LIST SYMBOLS (Through Monday, February 14, 2011) (SH) added @ $46.03 on 11/12/10; current price @ $41.25; 10.4% loss (PSQ) added @ $35.05 on 12/8/10; current price @ $32.14; 8.3% loss (RWM) added @ $32.79 on 12/16/10; current price @ $30.35; 7.4% loss (UUP) added @ $22.80 on 1/14/11; current price @ $22.58; 1.0% loss (EUO) added @ $20.30 on 1/14/11; current price @ $19.79; 2.5% loss (FDO) added @ $44.64 on 1/21/11; current price @ $43.83; 1.8% loss (SH) added @ $42.38 on 1/27/11; current price @ $41.25; 2.7% loss (PSQ) added @ $32.91 on 1/27/11; current price @ $32.14; 2.3% loss (RWM) added @ $31.57 on 2/1/11; current price @ $30.35; 3.9% loss (UUP) added @ $22.20 on 2/1/11; current price @ $22.58; 1.7% gain (EUO) added @ $18.97 on 2/1/11; current price @ $19.79; 4.3% gain (SH) added @ $41.70 on 2/7/11; current price @ $41.25; 1.1% loss (PSQ) added @ $32.67 on 2/7/11; current price @ $32.14; 1.6% loss (RWM) added @ $31.01 on 2/7/11; current price @ $30.35; 2.1% loss (TLT) added @ $89.22 on 2/11/11; current price @ $89.52; 0.3% gain (TIP) added @ $105.39 on 2/11/11; current price @ $105.53; 0.1% gain (SH) overall average of three positions: average cost @ $43.37; current price @ $41.25; 4.9% loss (PSQ) overall average of three positions; average cost @ $33.54; current price @ $32.14; 4.2% loss (RWM) overall average of three positions; average cost @ $31.79; current price @ $30.35; 4.5% loss (UUP) overall average of two positions; average cost @ $22.50; current price @ $22.58; 0.4% gain (EUO) overall average of two positions; average cost @ $19.64; current price @ $19.79; 0.8% gain 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 (APOL) added @ $37.77 on 10/28/10; removed @ $39.97 on 12/31/10; 5.8% gain (NUVA) added @ $25.11 on 11/12/10; removed @ $26.03 on 12/31/10; 3.7% gain (DLR) added @ $52.22 on 11/26/10; removed @ $53.01 on 12/10/10; 1.5% gain (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 STOCK OF THE DAY (GDX) added @ $55.04 on 1/27/11; current price @ $56.46; 2.6% gain 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.
updated Feb 14, 2011
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