brettstockblog's Blog : BTDStocks.com Friday, February 18, 2011 End-of-Day Update

The market opened the session quiet and then built some steady gains by mid-day only to seesaw back and forth late in the day to finish with mild gains. The action was the typical type of action you see on an options expiration day. Investor participation picked up but market breadth was negative. We are raising the support levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). In addition, we are raising the resistance levels on the DJIA and S&P 500 but keeping it the same on the Nasdaq Composite (see below). Some stocks that have been leading the market advance looked tired in Friday's session (i.e. Apple-AAPL). We will be watching this closely to see if this is signaling that the stock market direction needs a rest. Volatility continues to remain low, investor complacency high, and many stocks extended beyond proper buy points. The prudent approach is to protect profits, keep losses small, and raising your stops. If you need to own stocks, please see our open watch list below. We are considering some additional moves in the watch list. Please check back before Tuesday's open. The market is closed Monday for President's Day. To read full article, please visit: www.btdstocks.com/No positions in securities mentioned.