Thursday, December 2, 2010

Wednesday Recap

Markets surged Wednesday after strong starts pre open overseas. Both German and China reported strong factory activity. Adding fuel to the fire was our jobs number. Only thing missing today was higher volume. But leading stocks really showed their muster. Stocks that are showing specific buy points are: APC @67.78, AA @14.27, both cup with handles. XOM @72.00, MRVL @21.10, both double bottom with handles. DOW @33.07, a cup with high handle.

Stocks near MAs that can be bought if they pass thru that MA in big volume and close there are: BBD @21.25, CVX @83.50, ORCL @28.25, PSA @100.25, AMT @51.75. All previous mentioned were their 50 day MA. Stocks that found 50 day support today were: DE MOS EMN SPG IBM CNI BHP RIO HS CCK WYN BID. RIG @65, BIDU @105 can be bought if that price previously mentioned holds on. If BIDU breaks below 104, it can be shorted.

Stocks that found support at their 200 day MA today were: PFE MRX. They can be bought here if that line continues to hold. SWN can be bought if it can break above 38.25, its 200 day MA.

RHT had a bullish gap up Wednesday. CMI has become the newest member of our "par stars". Will PSA be next? WYNN had a big volume move off 50 day support Wednesday and FCX WLT WLL all continue to perform well.

ETFs that had big volume support at their 50 day MA are: JJC TBT MOO. EWZ can be bought if it breaks thru its 50 day @78, and FXI can be bought thru 45.25, its 50 day.

11/23 outside reversal day for TTM foreshadowed its recent struggles. Its 5th huge volume decline over the last 6 days. Its 50 day of 29 better hold. JKS RIMM both finished in the red on a strong tape.

We bought X @50.15 as it broke away from its 200 day Wednesday.

The author owns CAKE ARMH NVDA CHRW GPS X.

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