Day 2 of downtrend / Apple earnings after close tommorrow / Facebook(FB) reported blow out revenue gains and reversed its daily down trend

Day 2 of the daily downtrend featured an attempt to rally that failed into the close.  Puts ran near 100 and put premium ran 102. The shorts are starting to nibble. I think it is time to spank the Bears again or the Fed may let the reel unwind some more before setting the hook.

Apple has earnings after the close tomorrow and with recent hits in the growth stocks, like BWLD today, the bears are ripe for a spanking and good earnings on  Apple may be the excuse for A market rally on Thursday. Just a reminder from the Fed that they are still there and can apply the pain to the sellers at any time.

The DJI is 200 points below the 50 day now at 13352.  A rally back to or above this area would not be a surprise here. I am sure that some die hard Bears came back in today and they need to be led to believe that shorting is still the wrong thing to do.  Intermediate term support is near at 12970 or about 93 points lower.

Facebook (FB) one of my long term favorites,  revenue "soared" 32% in the qtr as reported today. The stock reversed a daily downtrend and is now in  an uptrend. I would buy the first pullback to the 7 day average now at about 19.95.  The stock closed at 23.53 + 4.03. I would expect a sides way consolidation in the near term.  The 7 day average should turn up very qucikly when the price hits this average I will buy.

Mikey 

 
DJI Trend Summary
Daily Downtrend 13344 on 10-23 2 days
Intermediate Uptrend  at 12400 on 6-7 19 weeks old
Long Term Uptrend 11315 on 11-1-10 2 years old
Last high 9-14 13653  Last Low  10-24 13063
20 day average rallies since downtrend began  0
50 day averge rallies since uptrend  began 0
IBD Market in correction 10-13 13344
 Long Term UP/ Intermediate Term Up/ Daily Trend Down/Short Term up
DJI Close 13077.34 -25.19
Step up range: 13295- 13653
Current trading range 12966 - 13344
Step down support range 12300-12966

Average watch
50 Hour Ave: 13368 Price below
20 Day Ave: 13430 Price below
50 Day Ave: 13352 Price below(do not be long if this line is red)
20 Week Ave: 13142 Price below
50 Week Ave: 12823 Price above
200 Week Ave 11031 Price above


Overbought/Oversold Oscillator(Mikey reading) +150  to -150
Take profits  at +150 readings  buy or cover at -150 readings
3 day -72 N  7 day-28 N 20 day +11 N  50 day +65 N


MACD Readings
MACD Crosses: Negative cross = consolidation/correction Positive cross=uptrend
Short term (50 hour) , down  (25 Hrs) signal 10-19
MACD Hourly -82.36
Daily trend (50 day) Down 2 days 10-23-12
MACD Daily -34.30 Negative cross 9-26
Intermediate trend (50 week) Up (19 weeks).signal 6-7 12400
MACD Weekly (+186.65) Negative cross  10-23-12
Long term trend (200 week) Up (22 months)...signal 12/1/10 11577
MACD Monthly (+563.29) Positive Cross 9-1-09


Volume Readings
Volume (Millions) NYSE 3288 NASDAQ 1881
Advance/Decline NYSE -343 NASDAQ -277
Mikey NYSE A/D line +63222  Mikey NASDAQ A/D line -15727
Trader Psychology
Put/Call day .98 10 day.88 Put Prem/Call Prem 1.02 10 day .95
Bull/Bear Ratio 1.50 Bulls41.5 %, Bears 27.7%
Mutial Funds Buy/Redeem ratio 1.15
VIX 18.36 VXZ 31.53 Trin .96 10 day ave 1.37
Mikey Fear  85 (20 high, 80 low)
New Highs NYSE 72 NASDAQ 37 New Lows NYSE 36 NASDAQ 57
% Stocks above 200 day ave 60% (above 50% intermediate term uptrend)


Closing Prices


US Stocks
DJIA 13077 -25.19 S/P 500 1408.75 -4.36 NASDAQ 2981.76 -8.76
DJT 5047.36 -59.95 DJU 476.38 -1.09
US Debt Markets
US Gov rates: 6 mo .1505 % 2 yr .2905% 5 yr .7759% 10 yr 1.79% 30 yr  2.96
IEF (US 7-10 yr) 107.16 -.23 TLT (20 yr) 121.46 -1.28  High Yield 92.62 -.01
MUB(NatMuni) 111.82 -.03 Cal Muni(NCA)10.62 --
BND Total Bnd Ind 84.70 -.04
Commodities 
CRB Commodities Index 297.69 -2.19
Gold  1701.60 -7.80 Silver 31.62 -.17  Copper 3.57 - Platinum 1561.30 -14.30
Oil 85.73 -1.14 RBOB 2.61 +.01 Nat Gas3.45 -.07
US Dollar Index and World Currencies
Euro 1.2873 -.0018  Pound 1.5854 +.0074 Swiss Franc 1.0548 -.0003
Yen .012294 -.00001 Aussie 1.0353 +.0074 Canadian Dollar .9996 -.0022
Dollar Index 80.01 -.07
 
All Market Trends:


Commodities
Gold:      LongTerm/ Intermediate Term  Daily Trend// Short term
Silver:    Long Term / Intermediate Term/ Daily Trend / Short term
Copper  :Long Term/ Intermediate Term/ Daily Trend / Short term
Oil:         Long Term/ Intermediate Term/ Daily Trend / Short term
Gasoline Long Term/ Intermediate Term/ Daily Trend/  Short term
Nat Gas :Long Term/ Intermediate Term/ Daily Trend / Short term
CRB        Long Term/ Intermediate Term/ Daily Trend / Short term
Bond Markets
US Bonds LT Long Term/ Intermediate Term/ Daily Trend/  Short term
Intl  Treas       Long Term/ Intermediate Term/ Daily Trend /Short term
Intl Corp          Long Term/ Intermediate Term/ Daily Trend/ / Short term
US Muni        Long Term/ Intermediate Term/ Daily Trend   Short Trend
High Yield     Long Term/ Intermediate Term/ Daily Trend/ / Short term
Currencies
Aussie DollarLong Term/ Intermediate Term/ Daily Trend/ / Short term
Brit PD         Long Term/ Intermediate Term/ Daily Trend / Short term
Euro             Long Term/Intermediate Term/Daily Trend Short term
Yen               Long Term/ Intermediate Term/Daily Trend/  Short term
Swiss            Long Term/ Intermediate Term/ Daily Trend / Short term
Can Dollar   Long term/ Intermediate Term Daily Trend/ Short term
US Dollar   Long Term/ Intermediate Term/ Daily Trend / Short term
Stocks
US      Long Term/ Intermediate Term/ Daily Trend/  Short term
Europe Long Term/ Intermediate Term/ Daily Trend/ Short term
Germany Long Term/ Intermediate Term/ Daily Trend/ Short term
China     Long Term/ Intermediate Term Daily Trend/ / Short term
Brazil    Long Term/ Intermediate Term/ Daily Trend/ Short term
India   Long Term/ Intermediate Term/ Daily Trend/ Short term
Emerg Mkts   Long Term/ Intermediate Term/ Daily Trend/Short term
Japan Long Term/ Intermediate Term/ Daily Trend/ Short term