Tuesday, November 27, 2012

Market Review (11/27/2012) and preview for tomorrow

The US Stock Market experienced a brief sell off today as concerns grew over the progress of budget negotiations in Washington. Even if we had a better-than-forecast report on durable goods and European agreement on Greece aid, we saw a broad decline ahead of the market's close.

DJIA - -0.69%
SP500 - -0.52%
NASDAQ - -0.30%

Keep a watch on the New Home Sales data coming out tomorrow which could potentially decide the direction of the market.


The SP500 is still holding above two key resistance levels as we possibly move into a tight consolidation zone. There is strong resistance at the 1410 level which can be broken if we have strong data tomorrow.

WATCH LIST FOR TOMORROW


GNOM - looking for it to break above the triangle


SMP - long setup


ARRY - gap fill watch


QLTY - this thing is almost overbought but can possibly fill the gap

Keep an eye out for the two stocks I mentioned yesterday just because they might still be in play : STEC, SPA

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