GOOG gapped up big time today after excellent earning report. It now looks like we are back in dot com boom era when stocks move 20 points or more in a single day.
INDU is now at year’s low. The support at 9800 was borken slightly at higher than average volume. It’s very weak now. Let’s see if it can hold up above 9700. The next support is at 9500.
SPX is likely seeking support between 1095 and 1065.
RUT is in better shape with support at 560.
QQQ is so far the best among major indexes. The uptrend channel is still intact despite today’s big drop. The volume is slightly above average level.
MSFT is hurt by disappointing earning data. The support is at 27. The high volume yesterday indicated heavy selling into the resistence of previous big gap down.
INTC did not fall too much among today’s big selling in tech related stocks, which means the market has much consensus at this level. Today’s volume is light.
Tag Archives: Rut
INTC, MSFT, SUNW, RHAT, LU, QQQ and RUT
INTC has stablized from declining. We may see some kind of bounce to 22. AH quote is at 20.96 x 21.00 on INET.
MSFT will form a triple-top around 28.6.
SUNW broke its short-term uptrend, but held up at 4. It has to break out from 4.3 to resume the uptrend. The large volume and volatility on Friday might be related to option expiration maneuver.
RHAT is building a base above support at 12.
QQQ has maintained its uptrend line. It bounced back right from the uptrend line on Friday and today.
RUT broke the uptrend line slightly. I have opened a new position on PMCGX, which closely follows RUT. I will close half when RUT is at 593 or stop out at 555.
YTD Performance
Market pullbacks
INDU backed off from the resistence just like last failed attempt to break the downtrend line. Similar actions were seen at RUT, SPX and NDX. However, if the cahnnels are held intact, they present some good entry points to go long.
RUT
RUT has broken its downtrend line. I have a remaining position on PMCGX which tracks RUT closely and was planning to close it around 21. Let’s wait and see if this move can last into next week.
