The Wrap 2/24/11



The S&P may want to tag that 50 day simple moving average ( 1287.58)


As you can see, the NDX (Nasdaq 100) dipped through , but held its 50 dma.

Stocks had appeared to be headed for another day of broad losses, but an afternoon retreat by oil prices helped the major averages rebound for a mixed finish. After the close, AIG, AMAT, CRM, CROX, DECK, FSLR, GPS, NTRI, OVTI, TRLG are the most notable names that reported after the close.

Six of ten sectors were in negative territory, led by energy (-1.4%), materials (-0.6%) and consumer staples (-0.4%).

Tomorrow morning before the open, one economic report is scheduled to be released: GDP second estimate (Consensus 3.3%) and GDP deflator — second estimate (Consensus 0.3%).

Tomorrow, before the open, look for ABVT, AMAG, CEP, XTEX, ZINC, IAG, IBI, IPG, IPGP, JCP, KDN, NWN, POM, POR, RIMG, RDC, SVNT, SUG, THC, TTI, WCRX, and XIN to report.

Bizarre day. Kadafi was dead, then he wasn’t. Oil exploded early in the morning but then retreated about $5 from top to bottom and closed near the lows. Oil stocks also went lower. Gold was up then rolled over. Tech tried a rally, as the NDX held the 50 day moving average and bounced. AAPL has been bouncing along the 50 day for the last three days, so we need to see if that will hold.

The market tested our mettle this week for sure. No new names for tomorrow as I will be getting myself buried in charts over the next 72 hours. Much work to do. See you in the morning.

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