brettstockblog's Blog : BTDStocks.com Tuesday, December 7, 2010 End-Of-Day Update

The stock market started out strong today but by the close the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) all reversed and finished near their lows of the session. What made the day bad was investor participation picked up as the indexes reversed to the downside after making new highs intra-day for the year. For now we are keeping the support levels and basically the resistance levels the same for the major indexes (see below). As we said in last night's update it is getting more difficult to find stocks setting up for moves higher. Overall, the prudent approach based on how the stock market direction is acting is to protect the profits in stocks with nice gains and limit losses. If you need to be in stocks please see our watch list below for stock ideas. In our watch list we are adding once again the US Dollar Long (symbol: UUP) and Euro Short (symbol: EUO) ETFs along with the QQQ Short ETF (symbol: PSQ) at tomorrow's market open price.

SUMMARY

DJIA: Flat to 11,359

S&P 500: Up 0.1% to 1,224

Nasdaq Composite: Up 0.1% to 2,598

BREADTH FOR NYSE

Advancing Issues: 1,522

Declining Issues: 1,516

Advance/Decline Ratio: 1 to 1

New Highs: 418

New Lows: 13

High/Low Ratio: 32 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 11,204/11,382

S&P 500: 1,200/1,225

Nasdaq Composite: 2,543/2,599

SECTOR ANALYSIS

Consumer Staples was the best performing sector up 0.6% while Utilities was the worst performing sector down 0.7%.

Other Sectors:

Consumer Discretionary Up 0.1%

Energy Down 0.4%

Financials Up 0.2%

Health Care Up 0.1%

Industrials Up 0.3%

Materials Up 0.1%

Technology Up 0.1%

WATCH LIST SYMBOLS

(APOL)-since 10/28/10

(SH)-since 11/12/10

(NUVA)-since 11/12/10

(DLR)-since 11/26/10

(CSCO)-since 12/2/10

(PSQ)-since 12/8/10

(UUP)-since 12/8/10

(EUO)-since 12/8/10

Please follow us on Twitter for updates to our watch list.

No positions in securities mentioned.

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