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Wednesday, July 13, 2011

Posted, by dailystockmarke... on July 15th, 2011

Even though the market gave up a lot of the early gains that came on low participation from investors we are raising the support/resistance levels on the DJIA (DIA) (12,480/12,570) and S&P 500 (SPY) (1,316/1,331)...The support/resistance levels on the Nasdaq Composite (QQQ) (2,782/2,799) is the same...The Semiconductor Index (SOX) underperformed the indexes and was down 0.3%-the Semi ETF SMH was down 0.7% on average volume-Semis are usually a good stock market direction and economic indicator as many of the things we use in our everyday lives require their components...The Volatility Index (VIX) held its ground and held above its 21 and 200 day moving averages as it finished slightly positive up 0.2%...Most sectors finished higher but like the indices gave up a most of their early gains as there was no clear indication investors were participating strongly in bidding stock prices higher...The stocks in the focus list outperformed the overall general market with average gains of 1.8% on 10% higher volume led by ZAGG Inc. (ZAGG) which gained 7.9% on heavy volume...Bonds (TLT) actually reversed course and turned early losses into a gain of 0.3% on heavier volume...The US Dollar (UUP) was down 1.1% on average volume and it closed the gap up we mentioned it created in Monday's session at $21.48 trading as low as $21.40 and closing at $21.47 in today's session...Silver (SLV) had a major move up 5.8% but its volume was below average-lot's of investors were cheering SLV today but the up move didn't appear to have the backing of the big players...Gold (GLD) continued its advance and rose 0.9% on heavy trade as it continues to make new highs-GLD is moving significantly above its moving average so a consolidation wouldn't be surprise at this point...Oil (USO) rose 1.1% on very low volume as it is trying to approach the intersection between its 50 and 200 day moving averages...After last Thursday's market close we mentioned focus list stock Zagg Inc. (symbol: ZAGG) appeared to put in a bullish reversal-today it is up 5.5% to $13.88 (off its high of $14.22) on heavy volume...ZAGG was at $12.83 when we mentioned it...So far today we are getting the exact opposite we have seen in the prior three sessions-stocks are off to a strong session with the DJIA, S&P 500, and Nasdaq Composite up at least 1.3% on news that the FED is preparing to do QE3...Bonds (symbol: TLT) and the US Dollar (symbol: UUP) are lower...As we mentioned a few days ago UUP created a gap in Monday's session between $21.48 and $21.62 by gapping up at the open-well today it has closed the gap and is currently trading right at $21.48.

Source: www.dailystockmarketforecast.com/

Authored by, dailystockmarke...
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