Thursday, February 24, 2011

Oversold bounce in IWM & QQQQ as SPY & DIA continue declines

IWM & QQQQ rose for opening 30 minutes before a slow decline for 3 hours. Then the averages dropped below yesterday's support line and below 1300 on the S&P for 45 minutes before a buy program saved the averages into the close.

IWM up .57%, QQQQ up .55%, SPY down .10%, DIA down .37%

Breadth was even at 15 to 15. Only 48 issues made new 50 day new highs.

PCLN was a missed opportunity as it rose another 16 1/2 points from yesterday's afterhours to make call buyers happy. The highest print was in the opening 3 minutes at 469, but managed a final 36 1/2 point gain to close at 462.50.

Agriculture led by POT rebounding 1.96 to 174.60.

Cigarettes led by PM up .31 to 62.29.

Light Sweet Crude was initially over $101/barrel for April Delivery but actually closed down on the day to 96.59. As of 2am EST Fri, its at 98.25.

Afterhours, DECK reported record earnings. The stock was up 2.60 in the regular session as it broke above its daily high around 3:15pm where most of the gains started occurring. It was up another 4 pts to 94 at 7pm EST.

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