Thursday, April 28, 2011

Thursday Night Charting

Markets once again displayed muster today. With the major indexes all closing near intraday highs. A hallmark quality of bull markets are strong action into the close. And they did so again shrugging off disappointing early headlines. GDP of 1.8% and higher than expected jobless claims. Earnings for the most part continued to impress, with leaders CRR AET CTXS PAG MSI VIAB all surging. After the close earnings reports were mixed. EMN ACOM NTGR were powering ahead, while DECK RIMM MSFT MTW fell. More leading stocks broke out during the trading session today including COH KSU. Stocks like R ICON DOW ALTR continue to add to recent gains after breaking out this fortnight. Transports were strong and many theorists point to the recent all time high in the index, as evidence of the power of this rally. Earnings come tomorrow before the bell from CAT CVX WY VFC FLIR. Economic reports Friday are Chicago PMI, consumer sentiment and personal income.

Stocks near specific buy points include: Cup bases are DOV 68.17, AVT 37.26, AVGO 34.69, CY 24.03, MXIM 28.54, XLNX 35.52, CHRW 82.15, UPS 77.10, EBAY 35.45, QCOM 59.94, BUD 64.87, PVH 72.52, ADI 41.76. Cup with handles are APA 132.60, XOM 88.33, NBL 99.09, UPL 50.91, CBS 26.27, FDX 96.60, BEAV 39.59, CBI 42.59, KBR 38.89. Double bottoms are EXPD 55.21, OMC 49.88, TRW 60.40. 3 week tight is IP 31.10, 4 week tight is WCRX 24.43. IL, a recent breakout, retook its 30.41 cup base breakout on 4/20. It retreated to 50 day MA and rallied 6% today. CPX is coming back to its 32.59 cup with handle buy point it took out 4/21.

Stocks which can be bought as they retake their 50 day MAs and their buy stop spots are APC 80.50, ACI 34.30, CHK 33.50, DVN 90, SLB 90, WFT 21.90, GSM 22.40, JPM 46.25, HMC 39.10. ARBA NKE WY all retook their 50 day MAs today. Stocks near 50 day support are HES 82.25, NBR 29, SM 72, HS 38, APH 55, BRKR 19.70, TXN 35, BX 18, PAY 51.75, AAPL 344, CSX 76, DKS 39.80, YUM 51, ARUN 32, F 14.95, RIO 70, CLF 95 (up after bell on earnings). Stocks which enjoyed 50 day support today were CXO EXXI OXY PXD BMC CMG WFMI UA ADM BBD.

Stocks near 200 day support are CAM 48.25, NOG 22.95, SUN 39.80, TCK 50, WFT 20, MON 64, MOS 70, POT 51.25, KLAC 39, LRCX 47.40, NVLS 31.55, JNPR 35, RVBD 30.85, MTL 27.10, AMX 55.20, ABX 49, VALE 32.15. PBR found 200 day support today. RIMM got pummeled after the bell, after finding 200 day resistance during the day. BRCM X, now RIMM giving further examples to the dangers of losing your 200 day MA.

Stocks that can be shorted at 50 day resistance are APC 80, BEXP 34.50, COP 78.35, FTO 28.05, NOV 78.25, SPN 38.50, VLO 28.50, SWK 75.70, AGU 91.25, AMP here, URI 31.50. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are GPOR 31, MRO 51, VPHM 19. Stocks that lost their 50 day MAs today were COP SPN TCK WNR SWK AGU. Stocks that met 50 day resistance today were CLR NUE SLW PAAS CLR FTI FTO IO SLB VSEA. BG ABC both had bearish outside days Thursday.

Good luck.

The author owns TTM RAX F FCX.

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