Friday, October 29, 2010

Am Musings

In front of GDP this morning, then an election, QE2, and a job number next Friday investors are not willing to place any big bets. Volume was tame and the Nasdaq, the leading index of late turned in a volatile day. Up, down then up again. Casinos were among the strong sectors of the day. Earnings after the close from MSFT boosted the stock almost 3%.

Stocks that should find supoort at their MAs are: BAM @28, CPX @21, CAT @75. All their 50 day MA. BLL bolted off its 50 day MA today after finding support there. CRM held its 50 Thursday. Stocks that can be bought as they approach their 200 day MA are: AA @12.25 APC @58. BCSI GS continue to move further from their 200 day MA. RIMM seems destined for a meeting of its 200 day @ 59.50.

NBL broke out from a 79.16 cup with handle formation, and OVTI continues to act well after a breakout from a 25.75 buy point in a double bottom with handle formation. Leading stocks are a good barometer for the health of a markets rally.

AMP LVS had a bullish earnings gap up. Recent gap ups still holding up well include GOOG RVBD TDC EBAY XXIA BMC.

ARMH can be bought as it passes 18.25 reclaiming its 50 day MA. Much like AKAM did a couple days ago.

SLB WLT continue to build the right sides of their bases. CLF had earnings after the close yesterday. It disappointed. Lets see if its 200 day MA will hold near 59.

HS, like CHRW this week, plunged on earnings early only to find support at you guessed it, its 50 day MA. Technical analysis works.

Good luck.

The author owns ORCL RADS SMG CAKE CRM.

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