Markets were flat today with the exception of the Nasdaq which was lower on weak chip sector. The SMH has lost its 50 day MA today on 3 times its normal volume. Being a leading sector it speaks volumes. Indexes did again manage to finish off the lows however. Along with semis, fiber optics, ags and miners got hit. The Nasdaq has been tenacious as it stubbornly clings to its 50 day MA. Intraday it fell below it once again only to close right on the line. The more times it hits that moving average the less likely it is to hold. Also the "Monday Effect", seems to have been thrown to the wayside. JJC a copper ETF, fell over 3% in enormous volume today, perhaps suggesting a slowing down of the Chinese economy and housing sector. SDS and VXX are the ETFs I am keeping a close eye on. If they can reclaim their 50 day MAs and change their long term bearish trends then a short term correction can unfold. Tomorrow CMTL PLL report after the close and weekly jobless claims, the trade budget and trade balance are disclosed.
Not much to disclose on the specific buy points except HS 38.85 in a 3 weeks tight pattern. CTSH broke out of a flat base today at 77.84. XLNX is now well below its 34.22 4 weeks tight buy point. Breakouts are now failing and fewer and fewer are breaking out. IBM hit an all time high today on a RBC Capital upgrade.
Stocks near 50 day support are ALTR 39.50, AVGO 30.50, KLAC 45, LRCX 52.75, NVLS 37, DHR 49, VSH 16.95, CAT 98, CXO 97, APC 78, BHI 65, DVN 86, XOM 81, HAL 43.75, HES 82, NBL 88, BTU 64, PXD 95, CLR 63, SPN 36, RIG 79.75, EXXI 30.20, CRZO 34.40, CLF 89.75, SWC 22.90, EMR 59, LOGI 19, RVBD 39, BIDU 115, RAX 35, COST 73, LTD 30.90, PETM 40.50, SBUX 33, DD 52, DOW 36.35, EMN 92, PPG 86, BUD 56.40, ACN 51.25, BMC 48.75, CHKP 47.60, TIBX 23, VRSN 34.50, KSU 52, ARW 38.25, TER 16.50, CRUS QCOM here, APKT 65, ADTN 42.50, NXPI 26, MOLX 26. Stocks that found 50 day support today were TXN JOYG BP RRC SUN BHP LULU CRUS MCD JWN WY INFA ORCL RIMM QCOM. Stocks that can be purchased through their 50 day MAs are HXL 19.30, MAR 40.25, ABV 28.40, UPS 73.80, TTM 26.70, IR 46.90.
Stocks near 200 day support are F 14.20, BRCM 39, LLTC 32, MIPS 10.50, MT 33.50, X 49, SWN 36.95, FCX 46, VALE 31, SCCO 38.25, NTAP 49, FFIV 105.25, ORLY 54, RHT 39, BBD 19, BEAV 33, SNDK 44. AEM fell further below its 200 day MA today. JKS HXL VMW all found 200 day support today.
Stocks that lost their 50 day MA today were ADI FCS MXIM MCHP SWKS ATI RS JBL JRCC AA AGU AMAT XLNX MOS. Stocks that can be shorted at their 50 day MA are NOC 68, SOA 24, GISV 61.50, ALV 77.75, TRW 58, ADI 39.30, MXIM 26.30, SWKS 33, TKR 49.85, AVT 35, JBL 21, TEL 36.50, CCJ 40.66. Stocks that can be shorted under their 50 day MAs and the sell stops prices are ARMH 27, SPRD 21, OXY 99, SLB 88, BHP 92, AGCO 53, ANF 54, AMP 61.50, VSEA 43.75, HON 55.80.
Good luck.
The author remains flat.
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