The market bounced back today after weakness early in the trading session.  By the close stocks finished off their highs for the session.  Participation did not indicate investors were buying stocks.  Market breadth was good though.  Staying with the trend we are raising the support/resistance levels on the DJIA and Nasdaq Composite (see below).  For the S&P 500 we are raising its support level but keeping its resistance level the same (see below).  The DJIA was able to recover its 21-day moving average slightly in today's session.  The S&P 500 closed slightly below its 21-day moving average after trading above it intra-day.  The Nasdaq Composite remains below its 21-day moving average and was never able to test it intra-day today.  All three indexes remain above their 50-day moving averages.  Overall, defense remains the smart move right now based on the stock market direction. The trend continues to be that on day's when stocks rise investors are not buying shares heavily and on day's when stocks fall investors are selling shares heavily.  If you need to own stocks, please see our watch list below.    
 
SUMMARY
 
DJIA: Up 1.0% 12,214
S&P 500: Up 0.9% to 1,322
Nasdaq Composite: Up 0.7% to 2,766
 
SUPPORT/RESISTANCE LEVELS
 
DJIA: 12,201/12,227
S&P 500: 1,310/1,322
Nasdaq Composite: 2,755/2,766
 
BREADTH FOR NYSE
 
Advancing Issues: 2,312
Declining Issues: 741
Advance/Decline Ratio: 3.1 to 1
 
New Highs: 123
New Lows: 9
High/Low Ratio: 14 to 1
 
SECTOR ANALYSIS
 
Financials was the best performing sector up 2.2% while Energy was the worst performing sector down 0.8%.
 
Other Sectors:
Consumer Discretionary Up 0.8%
Consumer Staples Up 0.9%
Health Care Up 0.6%
Industrials Up 1.6%
Materials Up 1.2%
Technology Up 0.8%
Utilities Up 1.1%
 
OPEN WATCH LIST SYMBOLS (Through Tuesday, March 8, 2011)
 
(SH) added @ $46.03 on 11/12/10; current price @ $41.44; 10.0% loss 
(PSQ) added @ $35.05 on 12/8/10; current price @ $32.68; 6.8% loss
(RWM) added @ $32.79 on 12/16/10; current price @ $30.24; 7.8% loss
(UUP) added @ $22.80 on 1/14/11; current price @ $22.06; 3.2% loss
(EUO) added @ $20.30 on 1/14/11; current price @ $18.61; 8.3% loss
(SH) added @ $42.38 on 1/27/11; current price @ $41.44; 2.2% loss
(PSQ) added @ $32.91 on 1/27/11; current price @ $32.68; 0.7% loss
(RWM) added @ $31.57 on 2/1/11; current price @ $30.24; 4.2% loss
(UUP) added @ $22.20 on 2/1/11; current price @ $22.06; 0.6% loss
(EUO) added @ $18.97 on 2/1/11; current price @ $18.61; 1.9% loss
(SH) added @ $41.70 on 2/7/11; current price @ $41.44; 0.6% loss
(PSQ) added @ $32.67 on 2/7/11; current price @ $32.68; 0.0%
(RWM) added @ $31.01 on 2/7/11; current price @ $30.24; 2.5% loss
(TLT) added @ $89.22 on 2/11/11; current price @ $89.68; 0.5% gain
(TIP) added @ $105.39 on 2/11/11; current price @ $108.59; 3.0% gain
(SH) added @ $41.10 on 2/16/11; current price @ $41.44; 0.8% gain
(PSQ) added @ $31.91 on 2/16/11; current price @ $32.68; 2.4% gain
(RWM) added @ $30.20 on 2/16/11; current price @ $30.24; 0.1% gain
(UUP) added @ $22.14 on 2/24/11; current price @ $22.06; 0.4% loss
(EUO) added @ $18.92 on 2/24/11; current price @ $18.61; 1.6% loss
(AAPL) added @ $340.33 on 2/24/11; current price @ $355.76; 4.5% gain
(AGO) added @ $15.25 on 2/24/11;  current price @ $14.47; 5.1% loss
(AGO) added @ $13.96 on 3/1/11; current price @ $14.47; 3.7% gain
(FDO) added @ $50.28 on 3/2/11; current price @ $50.15; 0.3% loss
(UUP) added @ $21.94 on 3/4/11; current price @ $22.06; 0.5% gain
(EUO) added @ $18.38 on 3/4/11; current price @ $18.61; 1.3% gain
 
(SH) overall average of four positions: average cost @ $42.80; current price @ $41.44; 3.2% loss
(PSQ) overall average of four positions; average cost @ $33.14; current price @ $32.68; 1.4% loss
(RWM) overall average of four positions; average cost @ $31.39; current price @ $30.24; 3.7% loss
(UUP) overall average of four positions; average cost @ $22.27; current price @ $22.06; 0.9% loss
(EUO) overall average of four positions; average cost @ $19.14; current price @ $18.61; 2.8% loss
(AGO) overall average of two positions; average cost @ $14.61; current price @ $14.47; 0.9% 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
(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 
(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
 
 
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.