At the expense of sounding like a broken record markets closed near their highs after showing weakness at the open. Volume was above average but did not exceed Thursdays levels. For the week, constructive action pushed the Nasdaq and S&P 500 ahead by 1.5%. Leading stocks continued to behave wonderfully. Many breakouts are working and more leading stock are setting up bullish buy points. Retail was among the strong groups while energy and miners lagged. Next week is chock full of earnings with WLT A reporting after the close Monday.
Stocks near specific buy points are. Cup with handles are LDK 14.70, CCL 48.24, BK 32.53, AGCO 56.28, CNQ 46.04, ITW 56.46, NUE 48.72. Cup bases (without handles) are DECK 87.98, WAT 81.10, COH 58.65, LTD 35.58, TIF 65.86, JNS 15.82. Flat bases are TRW 63.36, JBL 22.18, APC 80.70, BBBY 51.05, EMN 94.52, CTSH 77.18. Double bottoms are MAR 42.19, PM 60.24, CRM 146.72. SIGM 15.12 in a double bottom with handle and BHI 70.09 in a 3 weeks tight pattern. CMG broke out of 262.87 cup base buy point in enormous volume despite several downgrades. LEN stalling at its 20.80 cup with handle buy point. Look for volume confirmation this week. RIO still holding its 73.10 flat base buy point nicely.
Stocks that can be bought at they reclaim their 50 day MAs are ALV thru 80, MSCC thru 23.60, MIPS thru 15.20, APA thru 120.50, BTU thru 63.30, VALE thru 35.10, ANN thru 25.15, ORLY thru 59.25, BUD thru 57.25, LO thru 79.50, RHT thru 45.70, EXPD thru 54.25, BBD thru 19.75. Stocks that reclaimed their 50 day MAs Friday include NSC ANF BID SQM LVS CRM RAI. Stocks near their 50 day MAs are CMI 110, ALTR 38, MXIM 25, TXN 33.60, MT 37, MTL 30.90, RS 52, X 57, BP here, HES 78.50, NBL 85.25, PBR 36, CLR 60, SLB 85, SU 38.25, RIG 75, WLL 117.50, BHP 91, CLF 83, ICON 20, NKE 85.50, NOC 67, GR 89, SWC 21.10, CCJ 40, COST 72, HD 35.50, MCD here, PETM 40, SBUX 32.60, YUM 49, CE 41.75, HUN 16.60, SOA 23.85, RCL 46.10, FISV 60.20, KKR 14.95, ADP 48, FOE 15.05, ADSK 40.25, CA 24.60, INTU 48.25, ORCL 31.60, ROVI 62, SNPS 27, JBHT 41, ALB 56.40, BLL 70, BEAV 38.
Stocks near their 200 day MAs are MRVL 18, JRCC 19, PUDA 10, ABX 46.30, GFI 15.15, RTN 48, DLTR 48, INFY 65, TGT here. TTM screamed 9% higher Friday after finding recent 200 day support. BBD IBN both retook their 200 day MAs Friday. TAP violated its 200 day Thursday and the selling persisted Friday.
Gap up stocks that have been consolidating for 4 days now are ATW HXL LAZ AET. Holding the gap ups and trading sideways tightly is a bullish sign. Gap ups that are holding and can be bought within the consolidation are DHR 50.25, CAM 55.75, XOM 82. CAT was up 3% today after taking out par recently. Look for UNP AGU to take out par very soon.
Stocks that can be shorted at their 50 day MAs are BRCM 45, CNX 48.25, WLT 125, AEM 74, NEM 58.50, VMW 90, FISV 129.
Good luck.
The author owns LULU BUD FCX.
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