Wednesday, April 27, 2011

Wednesday Recap

Markets moved higher Wednesday with the bulk of the moves coming after the much hyped Big Ben press conference. For the second consecutive day indexes enjoyed solid gains after taking out their resistance levels Tuesday. Volume was mixed and leading stocks continue to breakout. Today AMZN APKT both took out buy points. Others which have recently broke out in the last few days tacked on more gains. They include CMI ALTR R. New all time highs today came from a diverse group including DHR IBM UNP ACN COST TIF PRGO RAX ROC. On the negative side AAPL again failed to participate in the rally for the second straight day. But lets remember it rallied some 35 points from its bottom last week. Stocks that reacted negatively to earnings which has been a rarity of late were COP PH ROK NOV SWK CBG. In a healthy bull stocks frequently can shrug off a bad report. After hours earnings action was mixed. EBAY CTXS NSC XLNX were up, while SBUX AKAM NVLS were lower. BIDU was all over the place, but basically unchanged as we wrote. Tomorrow earnings flood continues with reports before the open from AET ABC APA AVT BLL BWA BG CAM CRUS DOW XOM HS IP IRM KBR MSI NBL OXY PAG HOT TYC VPHM. After the close ACOM CLF CROX DECK EMN MTW MSCC VSEA VRSN report. Economic reports Thursday are jobless claims and GDP estimates.

Stocks near specific buy points include: Cup bases are PVH 72.52, BUD 64.87, QCOM 59.94, CMCSA 26.01, KSY 57.08, CHRW 82.15, HOT 65.61, TXN 36.81, MXIM 28.54, AVGO 34.70, AVT 37.26 (earnings Thur), EBAY 35.45 (had earnings Wed after bell). Cup with handles are APA 132.60 (earnings Thur), XOM 88.33 (earnings Thur), NBL 99.09 (earnings Thur), UPL 50.91, VRSN 37.60 (earnings Thur), FDX 96.60, BEAV 39.59. Double bottoms are KLAC 48.19, EXPD 55.21, OMC 49.88, COH 58.38, WY 25.35, TRW 60.40. Flat bases are DD 56.62, SBUX 38.31 (earnings Wed after bell). IP 31.10 in a 3 weeks tight and RIO 75.09 in a double bottom with handle.

Stocks that can be bought through their 50 day MAs and their buy stop spots are CHK 33.50, SLB 90.50, AFL 54.75, JDSU 21.50, ARBA 31.80, NKE 82.25, AMX 57, WY 24.10, ABX 52.25, JPM 46.15. HES PXD VSEA ADM TRW all retook their 50 day MAs today. Stocks near 50 day support are GPOR 31.50, HES 82.25, NBR 29, SM 72, DOV 65, PLL 56.20, PPG 90.75, HS 38, CBS 24, APH 55, IL 28, BLL 36, DFS 23, DKS 39.75, YUM 51, F 15, SKX 20. Stocks that found 50 day support Wednesday were COP OXY SPN TCK CBG WCRX JBL BMC NFLX PAY CSX CBI KBR CLF (earnings Thur), RKT BSFT.

Stocks near 200 day support are NOG 22.50, PBR 36.25, SUN 39.75, WFT 20, MOS 70, LRCX 47.50, SWKS 26, MT 34.75, MTL 27.05, VALE 32.10, HMC 37.50, ACOM 28 (earnings Thur). RIG bounced nicely off 200 day support Wednesday. NKE faced 200 day resistance today. GOLD can be bought thru its 200 day MA at 88.50. Stocks that can be shorted at their 200 day MAs are CRUS 18 (earnings Thur), RIMM 56.25, MS 27. X is another good example of what happens when 200 day support fails. Had another miserable day today on a strong tape losing its 200 day MA.

Stocks that can be shorted at 50 day resistance are APC 80, ACI 34, MDR 24.05, NOV 78.25, MON 69.50, AMP 62, TROW 66, AEM here. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are COP 78, EXXI 33.20, MRO 51, CMG 261. Stocks that lost their 50 day MAs Wednesday were CLR FTO NOV ROK AGU POT EAT. Stocks that met 50 day resistance today were VLO NUE SLW APC ACI CHK DVN SLB. Weakness was seen today on a benign tape from BEXP APC JNPR.

Good luck.

The author owns TTM F RAX FCX.

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