Thursday Market Wrap-New Stock

{+++}For the day the SPX/DOW were +0.50%, and the NDX/NAZ were +0.90%. Bonds gained 16 ticks, Crude slipped 5 cents, Gold rallied $11, and the USD was lower.

Short term support is at the 1828 pivot and SPX 1814, with resistance at the 1841 and SPX 1851.

The Nasdaq rose for the sixth day which is the longest winning streak in two months.  Jobless claims rose this morning and retail sales came in weaker, but there were some upbeat earnings reports and the mega deal with Time Warner and Comcast helped goose the market a bit.

I have a new one tonight.

CTRL went public back in August. It’s a home automation play. If you remember , GOOG recently paid about 3.2 billion in cash for Nest Labs. It has a nice chart here and MACD is trying to cross up. Yesterday it broke above its 50 day moving average on excellent volume. It also managed to break above that downtrend line, and today it closed right at its 20 day moving average. Buy the 24.50 spot, which is today’s high or better.

See you in the morning.


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