Equity indexes remain in holding pattern

The Dow Jones Industrial Average ($DJI) ended the day a fractional gain of 0.15 points, or 0.0%, and closed at 12,807.51 on Tuesday. Although the Dow was only up slightly for the day, two-thirds of its index components posted a gain. The top performers were Alcoa (AA) (+2.61%), Bank of America (BAC) (+2.11%), AT&T (T) (+2.08%), and JP Morgan Chase (JPM) (+1.64%). The biggest drag on the Dow was Pfizer (PFE) (-2.76%) after it reported earnings a penny a share above estimates. Chevron (CVX) followed with a loss of 1.86%, while Exxon Mobil (XOM) fell 1.55%. These were weighed down by declining oil prices.

Oil was down 2.2% to $111.05 a barrel on Tuesday. The pattern created a nice 2T reversal on the daily time frame. Two of my favorite oil ETFs are USO and OIL and both triggered 15 minute Avalanche short setups intraday on Monday and continued strongly on Tuesday.

S&P 500

The S&P 500 ($SPX) fell 4.6 points, or 0.34%, and closed at 1,356.62. The strongest percentage performer in the index was MetroPCS Communications (PCS) (+10.13%). FirstEnergy Corp. (FE) (+6.06%), Avon Products (AVP) (+4.53%), Macys (M) (+3.13%), and First Horizon Natl. Corp. (FHN) (+3.13%) rounded off the gainer's list. Computer Sciences Corp. (CSC) was the weakest performer in the index. It fell 12.90%). Other top decliners included Sears Holdings Corp. (SHLD) (-9.86%), Archer Daniels Midland (ADM) (-6.73%), Emerson Elec. Co. (EMR) (-6.45%), and Molson Coors Brewing Co. (TAP) (-5.95%).

The Nasdaq Composite ($COMPX) ended the session lower by 22.46 points, or 0.78%, on Tuesday and it closed at 2,841.62. The top gainers in the Nasdaq-100 were Gilead Sciences Inc. (GILD) (+2.43%), Dell Computers (DELL) (+2.33%), NII Holdings (NIHD) (+1.65%), and Intel (INTC) (+1.40%). The weakest were Sears Holdings (SHLD) (-9.86%), Cognizant Technology Solutions (CTSH) (-5.70%), Baidu (BIDU) (-5.17%), and NVIDIA (NVDA) (-4.76%).

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