Saturday, April 16, 2011

Weekend Stock Reflections

Markets performed satisfactorily Friday, especially the Nasdaq which started the weakest of the big 3 indexes. The Nasdaq saw big softness early due to GOOG, after a weak response to earnings late Thursday, but AAPL INFY also displayed sluggish action. The 3 of them combine for over 10% of the Nasdaq. So the fact that the Nasdaq finished up must be interpreted as bullish behavior. For the week the Nasdaq and S&P 500 both gained .6%. Leading stocks continue to demonstrate resilience. HK broke out from a cup with handle, and others broke out as well but trade failed to reach the 40% greater than average daily volume minimum. They include TIF DECK VFC CMG A. But volume can kick in this week. Once again many leading stocks are setting up valid buy points after resting through this recent market weakness. Sectors that outperformed this week were drugs and tobacco. Again defensive related names. Is it the rally signifying a broadening out amongst diverse groups or laggards leading? The SDS VXX can give us clues to that question. For the time being their are being repelled at their 50 day MAs as they continue their secular down trends. Monday kicks off a big week for earnings releases, and the major ones start the holiday shortened week off Tuesday are VMW JNPR INTC GS. Also housing related data is reported on Monday.

Stocks near specific buy points are: Flat bases are COP 81.90, WMB 31.99, SWK 77.57, DOW 39.10, AET 39.33, DHR 53.11, VRSN 37.67, EMC 27.57, EAT 25.94, DKS 41.93, SBUX 38.31. 3 week tight patterns are VIAB 47.97, WAT 90.33, BMC 51.33, TDC 51.47, RAX 44.29, QLIK 27.68, WCRX 24.43, MWV 32.34, TWC 73.33. Cup with handles are NBL 99.09, BG 74.50, CBS 26.27, ADSK 44.60, FDX 96.60, UNP 99.53, JWN 47.38. Double bottoms with handles are RHT 47.98, BLL 37.09, TROW 68.69, AMZN 188.37, AMX 59.50, CMI 113.75, RIO 75.09. Cup bases are PTEN 37.55, BGC 45.75, IL 30.41, PETM 43.49, BUD 64.87, ABV 32.10. Double bottoms are KLAC 48.19, EXPD 55.21, COH 56.81.

Stocks that can be purchased as they retake their 50 day MAs and their buy stop spots are APC 80.75, ACI 34.30, CHK 33.25, BTU 67.50, AGCO 53.80, ATML 13.95, AVGO 32.25, MSCC 21.65, SPRD 20.95, TXN 35.40, AMP 62.50, KSU 53.50, OMC 49.10, GR 86.50, EBAY 32.25, CMCSA 24.90. Stocks that retook their 50 day MAs Friday were BHI XOM HAL PXD SM DD ATI YUM. Stocks near 50 day support are GPOR 30, IO 12, MRO 50.25, RDSA 71.15, SGY 29.25, WLL 66.75, CBE 64.25, JOYG 95, MTW 20.10, ROK 90, LYB 39, PPG 90, ABC 38.05, WLP 67.75, DE 92.50, DTV 45.50, ARW 40.95, CTXS 71, ORCL 32.75, VMW 83.25, ARMH 28.05, ALTR 41.90, SMTC 24, HON 57.25, ADS 81, BX 17.75, PAY 50.10, PLCM 48.40, ACN 53, FAST 63, EL 93, KBR 35, ARUN 30.40, SLW 41.10, ABX 51.10. Stocks which found good 50 day support weekly were CVX OIS EXXI PTEN SPN CAL CLF PLL EMN HS ALTR IP HON URI CSX EXPD. Stocks that found 50 day support Friday were CPX MDR SOA ARBA CTSH BEAV FLIR APKT PAAS.

Stocks near 200 day support are CAM 48, NOG 22, PBR 36.20, TCK 48.30, RIG 68, WFT 19.75, AGU 82, MON 63.25, MOS 68.50, POT 50, APH 50.75, JBL 17, CY 16.05, NVLS 31.10, SWKS 25.50, XLNX 29, HOT 56, AAPL 310, JNPR 34.75, RVBD 30, MTL 27, ADM 32.50, TRW 48, FCX 48.25, VALE 32, IBN 47, BBD 19. Stocks that found 200 day support Friday were MT X F ALV AMT, while NKE GOLD found 200 day resistance. BAC lost its 200 day on earnings Friday.

Stocks showing very good relative strength for the week were VPHM up 13%, TIBX 10%, MCP 10%, CHKP 5%, BUD 4%. Stocks hitting all time highs Friday were BBBY DECK INTU BWLD JBHT K.

Stocks showing weakness and which can be shorted at their 50 day MA are CXO 104.25, BEXP 34, CLR 67, DVN 89, FTI 46.50, NOV 78.75, OXY 101, SLB 90, VLO 28.50, AVT 34.25, LRCX 54, MXIM 26, VSEA 46.10, COF 51, GSM 22.05, WY 24, PAG 20, JPM 46, AEM 68.25. Stocks which can be shorted as they lose their 50 day MAs and their sell stop spots are CAT 104.25, PPO 53.50, UTX 82.40, BRKR 19.10. DVN FTI found 50 day resistance Friday. Recent uptrends which for the time look to have been broken are HES NOV VLO. Relative weakness was witnessed this week from FCX down 11%, RIG 5%, AAPL 2.25%.

Good luck.

The author owns TTM RAX F.

No comments:

Post a Comment