brettstockblog's Blog : BTDStocks.com Wednesday, December 8, 2010 End-Of-Day Update

Stocks rose slightly today with the S&P 500 closing above its November high by two points. Now both the S&P 500 and Nasdaq Composite on a closing basis are above their November highs. The DJIA (DIA) is 72 points below its November high. Even though two of the three indexes we follow have risen above their November highs on a closing basis the price action in stocks has been less than stellar. The market breadth was mainly negative today and under the hood the action in individual stocks wasn't impressive. We are once again leaving the support levels the same and briefly raising the resistance levels on the S&P 500 (SPY) and Nasdaq Composite (QQQQ). Overall, the prudent approach based on how the stock market direction is currently acting indicates caution and it is best to limit new buying, protect profits and limit losses. If you need to be in stocks please see our watch list below for stock ideas.

SUMMARY

DJIA: Up 0.1% to 11,372

S&P 500: Up 0.4% to 1,228

Nasdaq Composite: Up 0.4% to 2,609

BREADTH FOR NYSE

Advancing Issues: 1,181

Declining Issues: 1,860

Advance/Decline Ratio: .6 to 1

New Highs: 116

New Lows: 22

High/Low Ratio: 5 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 11,204/11,382

S&P 500: 1,200/1,232

Nasdaq Composite: 2,543/2,611

SECTOR ANALYSIS

Financials was the best performing sector up 1.6% while Materials was the worst performing sector down 01.1%.

Other Sectors:

Consumer Discretionary Down 0.3%

Consumer Staples Up 0.4%

Energy Down 0.5%

Health Care Up 0.1%

Industrials Down 0.4%

Technology Up 0.9%

Utilities Down 0.4%

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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