September finished on a weak note today, but for the month which is traditionally weak, indexes had their best gains in more than 2 years. The Nazz was up 12% and the S&P almost 9%. Thursday also marked the end of the quarter, and for the sixth time in the last six end of quarter days the market finished lower. Stocks didnt react well to good economic news. PMI and first time jobless claims were stronger than expected. Leaders such as AAPL VMW NFLX performed poorly.
Stocks that can be bought as they retreat to their MAs are: CPX @19 INTU @42 (both 50 day) and PFE @16.75 (200 day). Keep an eye on APC thru 59. If it can get thru the 200 day buy it. TRMB continues to show great price action after its breakout recently. Good relative strength on a weak tape must be taken notice of.
CE is sporting a potential 33.10 buy point in a cup with handle base. The handle must be 5 days in duration so its still premature. Keep it on the watch list.
Stocks looking weak include: XEC held its 200 day to the penny today. But it has traded in a tight range between its 50 and 200 day MA. A break below the 200 day can be shorted. Sell stop @64.75 on XEC. RIMM continues to lose ground as it hits its 50 day MA. Short at 49.30 with a buy stop @51 to cover. CP had a negative outside day today. Sell stop @59.70. SBUX in a bearish head and shoulders formation.
Changes in the portfolio today were: Long A @33.47 (double bottom). Short WYNN @88 (50 day resistance).
Good luck.
The author owns FCX AMT AKAM EXXI APA WLL TIBX CRUS A. Short AVGO PSA WYNN
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