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Stockhaven @ the bell 6/15/2011 | Stock Haven | Stock Chat Room | Penny Stocks | Options |Stock Haven | Stock Chat Room | Penny Stocks | Options |

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Stockhaven @ the bell 6/15/2011

After an impressive session Tuesday everyone wants to know if this bounce has something to it, or if it is just a one hit wonder so to say. While no one can argue with the bullish price action Tuesday, the fact remains that the markets are still in an undeniable downtrend. The first order of business for the markets will be breaking above last weeks highs, for SPX, we’re watching 1,294-1,305. That area marked support on many occasions so we’ll now be watching to see if it acts as resistance on the way back up.

We’d like to make a quick note about XLF. XLF is an ETF that aims to track the financial sector. We’ve pointed out before that XLF has been somewhat of a laggard of the market, and year to date the financial sector is one of the worst performing. Yesterday XLF was able to notch a healthy 1% gain, yet today it struggled to build upon that momentum. So much so, that the market was on track to close near the highs of the session, but XLF seemed to drag it down. As XLF moved off of its highs, the market seemed to follow suit. Watch $15.40 as key resistance on XLF moving forward, if the market is going to continue the bounce it started Tuesday, chances are it will need the financial sector to participate.

Just like every other Wednesday, the market will receive an update on domestic petroleum inventories. In addition, we’ll get May’s Consumer Price Index (CPI) and reports on industrial production and capacity utilization. Last but certainly not least, especially after a string of weak manufacturing reports, the market will review the Empire State manufacturing index for June. On the macro side, Finisar Corporation (FNSR) and WSP Holdings (WH). Finally, keep an eye on Pandora (P), the company is making its IPO Wednesday at a listing price of $16. We expect this sexy name to be traded very actively and offer many intraday trading opportunities.

We’ll be watching RYUN & SPCK closest this morning to see if both stocks can continue to build on recent price/volume momentum. Small cap players might be enticed by AXTI as the stock looks poised to test heavy resistance around $8.50. Other stocks we’re watching are IFRS, RITT, ORS, ELTK, AIS, ALXA, BMOD, VLCO, & IMPN.

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