BTDStocks.com Friday, April 29, 2011 End-of-Day Update
Stocks notched mild gains in today's session with the Nasdaq Composite (QQQQ) lagging the DJIA (DIA) and S&P 500 (SPY) for the second straight session. Market breadth was generally positive and investor participation remained above average. For the S&P 500 and Nasdaq Composite we are keeping their support levels the same but raising their resistance levels (see below). Based on the stock market direction the resistance level for the DJIA is the same but we raising its support level slightly (see below). Overall with the S&P 500 rising 1.9% this week defensive sectors led the way as health care and utilities increased 2.9%. Materials and technology shares lagged the other sectors rising 1.0% and 1.5%, respectively. This might be an indication investors are becoming more defensive with their stock selections as the market continues to build on its gains since the bottom in March 2009. Many sectors are looking overbought with volatility remaining low and investor complacency high. If you are not already heavily invested in stocks then the prudent approach right now is not get aggressive with buying stocks. If you need to own stocks, please see our watch list below. In our watch list today we added an additional position in the ProShares Ultra Short Oil & Gas Fund (symbol: DUG) at the intra-day price of $25.77.
To read full article, please visit: www.btdstocks.com/
No positions in securities mentioned.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.