Markets fell slightly Thursday. A weak jobless claims report cancelled out by two well recieved bond auctions among the PIGS. Spain and Italy. Breadth among equities continues very bullishly. New highs are overwhelming new lows. A concern is the percentage of bullish managers to bearish ones. It is near highs not seen for some time. As always first and foremost let the indexes and the volume accompanying them to guide your trading. INTC was up slightly after the close and JPM reports before Fridays open.
Stocks near specific buy points are. Flat bases ALTR @38.24, MCHP @36.51, MSCC @24.78, MDR @21.13, SBUX @33.52, KBR @31.52. 3 week tight patterns are CVX @92.58, JOYG @90.56, CAT @94.99, CMI @113.98. Cup with handles are ATU @28.35, NOC @68.95, HD @35.67, FDX @96.33, NTRS @56.96. 5 week tight patterns are ADI @38.70, AVT @34.00. Cup base is PAYX @32.92. Double bottom is CRUS @19.17. PH broke out of a flat base @88.39 today in big volume. WFMI broke out of a 51.85 flat base @51.85 today as well. AGU is backing up toward its 89.79 cup base buy point on 12/29. CLR is backing up toward its 60.08 flat base buy point on 1/11. Both breakouts as always occurred in big volume. Stocks often trace their way back to their original buy points before resuming their uptrends.
Stocks near their 50 day MAs are BWA @66, AVGO @27, TXN @32.50, SCHN @61, X @53, DHR @45.50, ROK @70, HAL @38.60, MUR @70.75, NFX @70, WLL @112.50, OXY @92.30, DECK @78, SQM @54, BID @44, SBUX @31.80, PPG @80.40, INFA @43, SNPS @25.50, CHRW @76.50, UPS @71, ABV here, RHT here, EXPD here. BUD reclaimed its 50 day MA today but volume was timid. AKAM did the same but volume was a bit better but still not strong on AKAM as it took out its 5o day MA. BIDU is holding above its 50 day MA. NFLX is now moving higher again after enjoying recent 50 day support. MIPS had an enormous move higher after finding support at its 50 day MA.
Stocks near their 200 day MA are AEM @67, ABX @46, HPQ @44.30, LOGI @17, RTN @49, DRI @44.50, BAC @14.15. IBN found 200 day support for the second time this week Thursday. MCD joined the ominous group of NEM LO which have all lost their 200 day support now.
Stocks showing weakness and falling further below their 50 day MAs are PTEN COH PAAS NKE ORLY WSM YUM OMC INTU. PX LVS both lost their 50 day MAs today. Stocks that can can be shorted as they move toward their 50 day are ANN @26, KMX @33.10, JWN @42.50.
Portfolio changes today were going long AMTD @20.68 as it broke out of a cup base in big volume.
Good luck.
The author owns DE KKR QCOM JCI NETL TRW NSC UNP AMTD SDS. Short EBAY PAAS FOSL.
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