Daily   The market went from yesterday's highs of $169.07 to this morning's lows of $163.49. So far we've bounced to the 25% Fibonacci retracement of that move.   Here are the Fibonacci levels to watch: 38.2% at $165.90 50% at $166.50 61.8% at $167.11   Measure the potency of the down move by using retracement levels of this bounce.       5-min   So far we've had a 25%ish retracement...

UPGRADES Hewlett-Packard (HPQ) upgraded to Hold from Underperform at JefferiesHewlett-Packard upgraded by Jeffries to Hold, citing solid execution and cost controls following the company's Q2 results. The firm raised its price target for shares to $24 from $18.50 Seagate (STX) upgraded to Buy from Hold at Deutsche BankDeutsche Bank (DB) upgraded Seagate citing the move towards higher-margin enterprise...

Scott Redler, Chief Strategic Officer of T3Live.com, and Brittany Umar take about the state of the market following Wednesday's major reversal, which kicked in after the release of the Fed minutes. They also take quick looks at the charts of the exhausted financials sector (XLF), Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), and the Gold ETF (GLD).   If you are looking for more hands-on education,...

World markets reacted overnight to the major reversal in US markets yesterday and are down big this morning. Japan is getting hit the hardest, down around 7%, although it was up more than 50% for the year so far. The negative feedback loop also circled back to US futures, with the S&P e-minis down 15-18 handles this morning. Yesterday we sent out an alert in the afternoon talking about the significance...

4:30 PM POST-MARKET UPDATE   The market only staged feeble bounce attempts in the afternoon after Fed minutes revealed more discussion about pulling back the reins on QE, but stocks did close slightly off lows due to a small push in the last half-hour of the session. Although the S&P finished down only 0.83%, the fact that it reversed so hard after morning strength is the real concern. The resulting...

European markets slipped a bit while Japan rips to another high of the year. Japan is now up an incredible 50%+ since November. US stock futures are 1-3 handles as we made another record high yesterday. Fed Chairman Ben Bernanke takes center stage today as the event kicks off at 10:00 AM ET. Will he revert to his natural dovish self, or will the conversation shift more towards tapering? At...

  UPGRADES   Chesapeake (CHK) upgraded to Positive from Neutral at Susquehanna Susquehanna upgraded Chesapeake based on increased oil and gas forecasts and re-branding initiatives by new CEO Doug Lawler. Price target raised to $26 from $23   Cree (CREE) upgraded to Buy from Neutral at Sterne Agee   Bristol-Myers (BMY) upgraded to Buy from Neutral at Citigroup Citigroup upgraded Bristol-Myers...

In anticipation of congressional remarks today from Federal Reserve Chairman Ben Bernanke, Scott Redler, Chief Strategic Officer of T3Live.com, and Brittany Umar take a look at the S&P's bullish trend. They also look at the charts of Lowe's (NYSE:LOW) and Toll Brothers (NYSE: TOL), two companies that recently reported earnings. Lastly, Redler says that Apple (NASDAQ:AAPL) could be trying to pull...

Subscribe to Scott Redler's free Morning Note, a comprehensive rundown of his favorite set-ups in the market each morning, among other value-added content.   The Dow finished in positive territory for the 19th consecutive Tuesday and hit another all-time intraday high along with the S&P. We are starting to sound like a broken record with talk of "new record highs," but we only write the headlines,...

Subscribe to Scott Redler's free Morning Note, a comprehensive rundown of his favorite set-ups in the market each morning, among other value-added content.   First, I want to send our thoughts and prayers to those affected in the Oklahoma region by the tornadoes. These types of natural disasters and tragedies are becoming way too common.   European markets are taking a small breather as Japan...