Stocks notched mild gains in today's session with the Nasdaq Composite lagging the DJIA and S&P 500 for the second straight session. Market breadth was generally positive and investor participation remained above average. For the S&P 500 and Nasdaq Composite we are keeping their support levels the same but raising their resistance levels (see below). Based on the stock market direction the resistance level for the DJIA is the same but we raising its support level slightly (see below). Overall with the S&P 500 rising 1.9% this week defensive sectors led the way as health care and utilities increased 2.9%. Materials and technology shares lagged the other sectors rising 1.0% and 1.5%, respectively. This might be an indication investors are becoming more defensive with their stock selections as the market continues to build on its gains since the bottom in March 2009. Many sectors are looking overbought with volatility remaining low and investor complacency high. If you are not already heavily invested in stocks then the prudent approach right now is not get aggressive with buying stocks. If you need to own stocks, please see our watch list below. In our watch list today we added an additional position in the ProShares Ultra Short Oil & Gas Fund (symbol: DUG) at the intra-day price of $25.77.
 
SUMMARY
 
DJIA: Up 0.4% to 12,811
S&P 500: Up 0.2% to 1,364
Nasdaq Composite: Flat to 2,874
 
SUPPORT/RESISTANCE LEVELS
 
DJIA: 12,429/12,814
S&P 500: 1,343/1,366
Nasdaq Composite: 2,834/2,874
 
BREADTH FOR NYSE
 
Advancing Issues: 1,978
Declining Issues: 1,061
Advance/Decline Ratio: 1.9 to 1
 
New Highs: 326
New Lows: 10
High/Low Ratio: 33 to 1
 
SECTOR ANALYSIS
 
Energy was the best performing sector up 1.5% and Financials was the worst performing sector down 0.2%.
 
Other Sectors:
 
Consumer Discretionary Down 0.1%
Consumer Staples Up 0.3%
Health Care Down 0.1%
Industrials Up 0.4%
Materials Up 0.4%
Technology Down 0.1%
Utilities Up 0.2%
 
OPEN WATCH LIST SYMBOLS (Through Friday, April 29, 2011)
 
Transactions:
 
(SH) added @ $46.03 on 11/12/10; current price @ $39.98; 13.1% loss
(PSQ) added @ $35.05 on 12/8/10; current price @ $31.59; 9.9% loss
(RWM) added @ $32.79 on 12/16/10; current price @ $28.69; 12.5% loss
(UUP) added @ $22.80 on 1/14/11; current price @ $20.95; 8.1% loss
(EUO) added @ $20.30 on 1/14/11; current price @ $16.69; 17.8% loss
(UUP) added @ $22.20 on 2/1/11; current price @ $20.95; 5.6% loss
(EUO) added @ $18.97 on 2/1/11; current price @ $16.69; 12.0% loss
(UUP) added @ $22.14 on 2/24/11; current price @ $20.95; 5.4% loss
(EUO) added @ $18.92 on 2/24/11; current price @ $16.69; 11.8% loss
(UUP) added @ $21.94 on 3/4/11; current price @ $20.95; 4.5% loss
(EUO) added @ $18.38 on 3/4/11; current price @ $16.69; 9.2% loss
(UUP) added @ $21.93 on 3/14/11; current price @ $20.95; 4.5% loss
(EUO) added @ $18.34 on 3/14/11; current price @ $16.69; 9.0% loss
(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 @ $20.95; 3.5% loss
(EUO) added @ $17.87 on 3/18/11; current price @ $16.69; 6.6% loss
(SH) added @ $42.22 on 3/22/11; current price @ $39.98; 5.3% loss
(PSQ) added @ $33.74 on 3/22/11; current price @ $31.59; 6.4% loss
(RWM) added @ $30.71 on 3/22/11; current price @ $28.69; 6.6% loss
(CCJ) added @ $31.44 on 3/23/11; current price @ $29.48; 6.2% loss
(SH) added @ $41.49 on 3/28/11; current price @ $39.98; 3.6% loss
(PSQ) added @ $32.83 on 3/28/11; current price @ $31.59; 3.8% loss
(RWM) added @ $30.08 on 3/28/11; current price @ $28.69; 4.6% loss
(UUP) added @ $21.75 on 4/5/11; current price @ $20.95; 3.7% loss
(EUO) added @ $17.70 on 4/5/11; current price @ $16.69; 5.7% loss
(TLT) added @ $90.50 on 4/7/11; current price @ $93.89; 3.7% gain
(TIP) added @ $108.56 on 4/7/11; current price @ $111.16; 2.4% gain
(VXX) added @ $28.14 on 4/7/11; current price @ $23.16; 17.7% loss
(VXX) added @ $26.72 on 4/19/11; current price @ $23.16; 13.3% loss
(VXX) added @ $23.68 on 4/26/11; current price @ $23.16; 2.2% loss
(DUG) added @ $26.80 on 4/28/11; current price @ $25.61; 4.4% loss
(DUG) added @ $25.77 on 4/29/11; current price @ $25.61; 0.6% loss
 
Overall:
 
(SH) overall average of six positions: average cost @ $42.49; current price @ $41.38; 2.6% loss
(PSQ) overall average of six positions; average cost @ $33.19; current price @ $32.74; 1.3% loss
(RWM) overall average of six positions; average cost @ $31.06; current price @ $30.09; 3.1% loss
(UUP) overall average of seven positions; average cost @ $22.07; current price @ $20.95; 5.1% loss
(EUO) overall average of seven positions; average cost @ $18.64; current price @ $16.69; 10.5% loss
(CSCO) overall average of two position; cost @ $17.48; current price @ $17.56; 0.5% gain
(CCJ) overall average of three positions; cost @ $29.38; current price @ $29.93; 1.9% gain
(TLT) overall average of one position; cost @ $90.50; current price @ $93.89; 3.7% gain
(TIP) overall average of one position; cost @ $108.56; current price @ $111.16; 2.4% gain
(VXX) overall average of three positions; cost @ $26.18; current price @ $23.16; 11.5% loss
(DUG) overall average of two positions; cost @ $26.29; current price @ $25.61; 2.6% 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
(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
(AGO) added @ $13.96 on 3/1/11; removed @ $14.95 on 3/24/11; 7.1% gain
(AGO) added @ $13.90 on 3/14/11; removed @ $14.95 on 3/24/11; 7.6% gain
(NUAN) added @ $17.40 on 3/18/11; removed @ $19.59 on 3/31/11; 12.6% gain
(NUAN) added @ $17.53 on 3/14/11; removed @ $19.58 on 4/4/11; 11.7% gain
(CCJ) added @ $29.05 on 3/29/11; removed @ $31.07 on 4/4/11; 7.0% gain
(AGO) added @ $15.25 on 2/24/11; removed @ $15.05 on 4/5/11; 1.3% loss
(AAPL) added @ $340.33 on 2/24/11; removed @ $350.70 on 4/21/11; 3.0% gain
(CCJ) added @ $27.65 on 4/12/11; removed @ $29.23 on 4/25/11; 5.7% gain
(CSCO) added @ $17.12 on 4/14/11; removed @ $17.60 on 4/26/11; 2.8% gain
(FDO) added @ $50.28 on 3/2/11; removed @ $52.92 on 4/27/11; 5.3% 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.