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Stocks finished the session with modest gains, but the Dow failed to hold the 12,000 level, and the S&P never reached 1300. The FOMC interest rate decision and statement was pretty much a non-event. The lone question of how many dissenters there would be on the statement was answered when none of the members voted against the decision.
After the close, AMLN, CTXS, ETFC, HRS, LRCX, LSI, MMI, MUR, NFLX, OI, QCOM and SBUX are the most notable names that reported. Netflix is up 16 points or 10% in after market trading and the shorts are getting their eyelashes plucked.
Tomorrow before the open look for the following companies to report: ISCA, MO, AME, ACAT, T, AUO, AVT, BLL, BAX, BGG, BMY, BC, CCMP, CRR, CSH, CAT, CLS, CELG, CRUS, CNH, CLP, CNX, CY, DHR, DLX, DDE, DVD, DHI, ETN, LLY, EQT, FCF, FNFG, BEN, GNTX, HSC, HP, HUB.B, IIIN, ISCA, IXYS, JNS, JBLU, KSU, KMT, LLL, LANC, LMT, LYTS, MEG, MPW, NEI, NWL, NOK, NVS, NUE, NVR, OXPS, PII, POT, PCP, PG, PSSI, RTN, RCL, SWK, TDY, TWC, TKR, TYC, UTEK, IMPQ, UA, WCC, WTNY, WRLD, XEL, and ZMH.
The Fed decision really was a non event, but materials and oil did very well today and I am starting to see some nice set ups again on the daily charts. The tech space hung in there, the financials didn’t do much, but housing (XHB) hit another new 52 week high on decent new housing starts data. Energy (XLE) hit fresh 52 week highs as well.
I didn’t get a chance to post last night, and some of you may have stopped on OXY yesterday as I didn’t stop it on the P&L It went through our stop by only 20 cents however. I will leave it on for now as it did a good job of holding key 50 day moving average support. I will adjust the stop to 94 to better reflect support. If you were stopped, I do like it for entry at these levels. I apologize for any confusion.
The DOW tagged 12,000 and backed off and the S&P came within a hair of 1300. we will see if we get a positive post Fed day tomorrow. In the meantime I am adding these names to the watchlist/P&L.
