brettstockblog's Blog : BTDStocks.com Tuesday, October 12, 2010 End-Of-Day Update

The stock market opened the day significantly lower and then turned around and was steady until the minutes from the Federal Reserve meeting were released. The gains accelerated after the report was out. As a result, we raised the resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) a small amount to 11,045, 1,172, and 2,425, respectively. We continue to see signs that complacency is building as the stock market direction uptrend continues to creep higher. This type of market action tends to result in sharp pullbacks once there are no investors left to buy. The prudent strategy is to keep your powder dry from opening new positions, protect your profits, and don't let losses turn big.

SUMMARY

DJIA: Up 0.1% to 11,020

S&P 500: Up 0.4% to 1,170

Nasdaq Composite: Up 0.7% to 2,418

BREADTH FOR NYSE

Advancing Issues: 1,695

Declining Issues: 1,320

Advance/Decline Ratio: 1.3 to 1

New Highs: 147

New Lows: 2

High/Low Ratio: 74 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 10,949/11,045

S&P 500: 1,158/1,172

Nasdaq Composite: 2,384/2,425

STOCKS TO WATCH

TETRA Technologies Inc.

Symbol: TTI

Comments: (TTI) was up 2.9% on heavier volume today.

www.btdstocks.com