E-mini market continues to hold firm

Nasdaq Composite (Figure 3)

The S&P 500 ($SPX) rose 3.77 points, or 0.29%, and closed at 1,297.54. The strongest percentage performer in the index was Jabil Circuit (JBL) (+10.88%). Other top performers included Cintas Corp. (CTAS) (+5.72%), Iron Mountain Inc. (IRM) (+5.35%), and Discover Financial Services (DFS) (+5.35%). The biggest losers were Adobe Systems Inc. (ADBE) (-3.65%), Newfield Exploration Co. (NFX) (-3.10%), Zions Bancorporation (ZION) (-2.48%), and Medco Health Solutions (MHS) (-2.21%).

The Nasdaq Composite ($COMPX) ended the session higher by 14.43 points, or 0.54, on Wednesday and it closed at 2,698.30. The strongest performers in the Nasdaq-100 were Starbucks (SBUX) (+4.98%), F5 Networks (FFIV) (+4.36%), Baidu (BIDU) (+4.32%), and Lam Research (LRCX) (+4.03%). The weakest performers were Adobe Systems Inc. (ADBE) (-3.65%), Yahoo (YHOO) (-1.41%), and Flir Systems (FLIR) (0.95%). For those who trade the ETFs, be sure to note that on Wednesday the NASDAQ OMX Group, Inc.'s (NDAQ) symbol for the PowerShares QQQ Trust Series 1 changed from QQQQ to QQQ.

On the data front, new home sales hit a record low last month, casting yet another dismal eye on real estate. Sales fell 16.9% in February to an annual rate of 250,000 from an adjusted 301,000 in January. Existing home sales on Monday had fallen 9.6% month-over-month. On Thursday watch for the latest unemployment numbers and durable goods orders.

Earnings to keep an eye on throughout the remainder of the week are Best Buy (BBY), GameStop (GME), Lennar (LEN), Oracle (ORCL), and Research In Motion (RIMM) on Thursday and KBHome (KBH) on Friday.

Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.

Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

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About the Author
Toni Hansen

Toni Hansen is president and co-founder of the Bastiat Group, Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

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