Market In General
The market dipped on the open today, and slowly went back up hitting its peak at 11.00am. After that it continued its sell off. Start high early on and sell off to the end of the day. Bull markets start low and trend higher towards the end of the day. Basically sellers pushed things to the down side.
Lets check out the Dow-30 – It is hitting this support point at 12,750. A critical level that I am watching.
The Nasdaq Composite (COMPQX) – already has broke its 2,880 level and heading lower. This is why I am still watching the DJIA.
Emerging Markets (EEM) – Also broke this channel today on slightly heavier than average volume.
US Dollar and Bonds
The USD index is isolating and did not move much today. It did go up slightly but nothing to really trigger any kind of alarm.
US Treasury Bonds (TLT) is still heading upward since breaking this descending trendline as per my earlier post. Keep an eye on it as it may be looking to consolidate or have a pull back soon.
Stocks that Caught My Eye
There are a few stocks that caught my eye during today’s trading session. One of them being Limited Brands (LTD) – which managed to hold its critical support line and went back above the 200 day moving average. It still has a descending trendline (not marked on the chart) from 9/21/2012.
Mastercard (MA) – Mentioned this one a few days ago to watch for the pop above this triangle pattern. It finally happened. Lets see if it can hold because it did it on slightly lower volume.
Mead Johnson (MJN) appears to be looking to fill this gap. Afterwards it could be headed to the downside again. But I am keeping an eye out on it still.
Sealed Air (SEE) with nearly twice the daily average volume it broke out of its descending trend line. Its a small break and a small move – I prefer the leads but still a small acorn if like trading them.
Yahoo (YHOO) – also a small acorn, but did have a nice pop after consolidating for a few days. I would have liked a longer consolidation as it would be healthier, but still a nice move by Yahoo.
Campbell Soup (CPB) – cans and soup are on the rise – nearly 3x the average volume. Could it be because of Hurricane Sandy? Maybe… never-the-less you can not argue with volume and price action. This one moved higher today with better volume.
Equifax (EFX) – had a decent move today as well with better than average volume. Broke out of this triangle pattern and closed above 10/16/2012 highs.
Family Dollar Stores (FDO) – had a nice strong move early in the day, but just could not handle the selling pressure. This one needs more time.
Hershey Company (HSY) – I missed this move the last few days. Its been climbing in stealth mode. Check out the chart.
The Famous IBM
Typically what IBM does, the market does – and today, more of IBM has been pushing to the down side creating a doji like candlestick. Volume was still below average, but its pushing down.