Thursday, December 23, 2010

Thursday AM

Markets continued their slow and steady ascent Wednesday. As true to holiday fashion volume remains slow. Leaders such as AMZN PCLN continue to act well. Leading groups Wednesday were banks and homebuilders, two laggard groups. No earnings reports are scheduled for Thursday but durable goods, personal income and spending, jobless claims are all out Thursday.

Stocks near specific buy points are: SBUX @33.19, HAS @5.27, YUM @51.40, ADP @47.27, PCAR @57.85, all 3 week tight patterns. Cup bases are AA @15.25, AMTD @20.68, PAYX @32.92, BX @15.59. Cup with handle is EMN @83.13, and IBM @147.63 in a flat base.

Stocks near their 50 day MA are: NBL @82, RIG @67, PTEN @2O.25, DD @48, UNP @90, ABX @50, BRCM @42.25, SIMG @6.50, BEAV @36, HRC @40, MCHP @33.50, MSCC @22. NKE @85, after its earnings related fall and UA @53 which fell in sympathy to NKE miss. Stocks that are nearing their 50 day after swimming below it and can be bought if they get back above their 50 day line are: CP thru 62.25, IBN thru 52.25, LOGI thru 20.10. ALTR found strong support at its 50 day Thursday.

Stocks near 200 day MAs are NEM @58. RIMM STX both finding 200 day support right here. ZION PNC have bounced off recent 200 day support this week. BBT can be bought thru 27.30, its 200 day MA, which has been resistance.

Stocks showing weakness are WYNN VIT which lost their 50 day Thursday. MRX continues to find resistance at its 50 day. ROST can be shorted under 62, its 50 day. RADS TIBX both had outside reversal days. TIBX on earnings.

Portfolio changes were selling QLIK for a push. Outside reversal day.

Good luck.

The author owns CAKE ARMH NVDA CHRW X DE VRSN WCRX SDS. Short EBAY TTM.

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