The stock market rose again today and finished near session highs but once again trading activity was quiet as the S&P 500 (SPY) and Nasdaq Composite (QQQQ) continued to make new highs for 2010. Keeping with the trend we are raising the support/resistance levels on the S&P 500 and Nasdaq Composite (see below). For the DJIA (DIA) we are leaving the support level the same since it is still below its November high but we are raising its resistance level (see below). However, while the major indexes were higher today the Semiconductor Holders (SMH) was down and finished near its lows. We like to monitor the activity in Semis because as we have said in the past many of the things that make the economy go require their components and many times these stocks can act as a leading indicator. We will watch this divergence closely to see if develops into a pattern. Overall, we believe the prudent is to continue selling into strength based on the current stock market direction. If you need to own stocks, please see our watch list below. Today we removed Digital Realty Trust (DLR) from our watch list at today's market open price of $53.01 because we didn't like how it closed yesterday. We added it to our watch list at a market open price of $52.22 on November 26th. Overall, DLR went up a small 1.5% while on our watch list.
SUMMARY
DJIA: Up 0.4% to 11,410
S&P 500: Up 0.6% to 1,240
Nasdaq Composite: Up 0.8% to 2,638
BREADTH FOR NYSE
Advancing Issues: 1,969
Declining Issues: 1,096
Advance/Decline Ratio: 1.8 to 1
New Highs: 197
New Lows: 44
High/Low Ratio: 4 to 1
SUPPORT/RESISTANCE LEVELS
DJIA: 11,204/11,435
S&P 500: 1,226/1,242
Nasdaq Composite: 2,580/2,639
SECTOR ANALYSIS
Health Care was the best performing sector up 1.0% while Consumer Staples was the worst performing sector up 0.2%.
Other Sectors:
Consumer Discretionary Up 0.4%
Energy Up 0.4%
Financials Up 0.9%
Industrials Up 0.9%
Materials Up 0.9%
Technology Up 0.5%
Utilities Up 0.4%
WATCH LIST SYMBOLS
(APOL)-since 10/28/10
(SH)-since 11/12/10
(NUVA)-since 11/12/10
(CSCO)-since 12/2/10
(PSQ)-since 12/8/10
(UUP)-since 12/8/10
(EUO)-since 12/8/10
No positions in securities mentioned.
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December 11, 2010
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