Thursday, March 24, 2011

Thursday Thoughts

Markets rallied for the fifth time in six days Thursday. Volume was mixed. The Nasdaq which outperformed the S&P 500 again today, still lives below its crucial 50 day MA. The S&P 500 reclaimed that line Thursday. Again you would like to see stronger volume on the move through the 50, but some encouraging signs are developing. Rallies are holding up and closing near highs on the day. A broad, diverse mix of stocks are hitting not just 52 week highs, but all time highs. They include APC ARUN BIDU CAT CSX FOSL SMG TPX EMN PM. Leading stocks which were hibernating are beginning to break out once again. Today OPEN TIBX INFA all broke out of bases. The SMH, a semi ETF and a previous top performing sector, is approaching its 50 day MA rapidly. Will it reclaim it? Among commodity ETFs, SLV reversed lower from an all time high. KOL is forming a cup base pattern with a 49.80 cup base buy point. After hours, three techs reported and as Meatloaf would have said, "2 out of 3 aint bad". ORCL ACN exceeded estimates while RIMM faltered. Tomorrow no earnings to report of and Q4 GDP final estimates and consumer sentiment are revealed.

Stocks near specific buy points are: Flat bases DHR 52.31, TJX 51.21, WYN 32.46, EMC 27.57, AON 53.15. Cup with handles are HON 58.29, ARW 43.00, NOV 82.46, HP 66.00. Cup bases are MCP 62.90, RAX 40.72, AAP 69.61. Double bottoms are MON 74.53, ORLY 59.45.

Stocks that can be purchased as they reclaim their 50 day MAs and their buy stop spots are IBM 161.50, LEN 20.25, CHRW 74.50, FDX 92.25, LAZ 43.50, TTMI 17.45, SOA 23.95, ALV 76, CMI 106.50, ADI 39.50, AVGO 31.50, FCS 18.35, NVLS 38.20, SPRD 21.25, TXN 35.25, MT 36.60, MTL 31.50, BP 47.25, RIG 81.25, WLT 124.25, BHP 92, RIO 70.25, ETN 53.90, SCCO 43.40, BLL 36, AAPL 349, LOGI 19.20, BBBY 48.35, EBAY 32, MCD 75.30, JWN 43.90, FISV 61.95. Stocks that reclaimed their 50 day MAs Thursday were LRCX TKR VSH DECK AGCO DE RTN ROST CE ACN INFY ADSK BMC CTXS KSU RJF WBC AET. Stocks near 50 day support are CHKP 48.10, INTU 49.80, VRSN 35, CNI 71, ASML 42.50, NCR 18.25, MMC 29.05, PAG 19, BWA 73.80, ALTR 40.50, ATI 64, WAT 80.75, CBE 63, PLL 54, APA 121, APC 78.40, BHI 67.75, BEXP 31.90, CAM 57, CHK 31.50, DVN 88, HAL 44.50, MDR 22.85, RDC 38.75, SU 43, VLO 27.10, ATW 42.60, WNR 14.90, OIS 70.25, SM 66, UA 64, ADM 35.50, RAX 36, YUM 50, DD 52.75, PX 96, URI 30, SWK 73, WY 23.80. Stocks that found 50 day support today were KLAC A XOM PXD FLR COF SYK FCX SWC RL GD CMG ABV ADP.

Stocks near 200 day support are MGA 46, MSCC 19.50, WFT 19, VALE 31.25, LDK 10, PAYX 29, GS 156.25, BEAV 33.25. MIPS MAR EXPD BAC all found 200 day support today. CCJ HPQ NTAP CCL VMW all found 200 day resistance today. PVH SNDK both reclaimed their 200 day MA today. Stocks that have had nice moves recently off 200 day support include F LVS IBN GR RHT CRM. AEM had a reversal to the downside after reclaiming both its 50/200 day MAs today.

Stocks which can be shorted at their 50 day MAs are ATML 14, CAVM 42, LLTC 34.50, MCHP 26.35, SWKS 33.25, AVT 34.95, TEL 36, FWLT 36.60, COST 73, AMP 62, TROW 66.25. OXY can be shorted under its 50 day MA at 99. HES SLB WLT AAPL AMTD UNP all found 50 day resistance today.

Good luck.

The author owns FCX TTM.

No comments:

Post a Comment