Markets fell again Monday in heavy volume to finish near session lows. The Nasdaq took the biggest hit, falling 1.6% finding support near its 50 day MA. Tech giants AAPL AMZN GOOG CRM OPEN all for the most part trading poorly. The S&P 500 also is hovering just above its 50 day MA. Utilities, alcohol, tobacco and healthcare outperformed Monday. Healthcare had some winners on a tough tape with BAX AGN AET all up. SYK even finished higher after announcing a takeover. Leading stocks also took a backseat today. DKS PCLN ARBA SBUX all lost their 50 day MAs today. Economic reports this morning were a weak Empire State Manufacturing Index. Tomorrow we get reports on housing starts, industrial production and same store sales from prominent retailers. DKS reports before the bell and ADI after the close.
Again with the market in correction, stock purchases are not really prudent. A few that acted decently today are cup with handles CHRW 81.63, MOLX 28.20. 3 week tight patterns are MWV 34.61, UTX 90.77, ALTR 49.69, MCHP 41.60.
Stocks near 50 day support are EMN 100, HUN 18.50, PPO 58, PX 102, WYN 32.10, WYNN 135, LULU 90, EBAY 32, JWN 45.65, PAG 20.35, WSM 41, YUM 52, CBS 25, IR 48.50, ADSK 43, INFA 51.50, ORCL 33.60, RHT 45, VMW 86, CNI 74.50, EXPD 51, FDX 92.50, EQT 48.50, HON 58, ACN 54.50, ADP 52, RVBD 36, EMC 27, PLCM 52, CMI 108, ALV 74.25. Stocks that found 50 day support today were FMC APD CAR KSU COF GTI TKR ATLS HK SWN JDSU TRW.
Stocks near 200 day support are WRC 54, RCL 39.50, VPHM 16.95, DIS 38.40, CRM 127, TTMI 14, TROW 60, PAY 39.90, GSM 18, APC 68.50, CRZO 30, CPX 26.50, CXO 85, CLR 56.40, DVN 77.25, EOG 100, ESV 51, HES 72, MDR 19.20, NOV 63, NBL 84, RDSA 66, SLB 78, ETN 48.20, CTSH 71, OMC 45, AAPL 319.50, SWKS 26.80, RIO 66. Stocks that found 200 day support today were MDRX NUE DO BTU SLW F. Stocks that lost their 200 day MA today were LVS BID CAM SUN UPL. Stocks that can be shorted at 200 day resistance are MUR 68, RIG 70, WFT 20.10, PAAS 34, TTM 27. Stocks that can be shorted as they lose their 200 day MA and their sell stop spots are HOT 56.50, FTI 40.60.
Stocks that can be shorted as they lose their 50 day MAs and their sell stops spots DECK 87, VFC 98.25, ROC 49.50, NFLX 228, MAR 35.60, FAST 64.20, SAP 62, COG 51.70, IFF 61.60, IBM 164.50, TDC 51.50, APKT 73, FCS 18.50. Stocks that lost their 50 day MAs today were CMCSA ARMH MCP WFM ARBA VRSN OXY PAYX ADTN SBUX PCLN DOW. Stocks that can be shorted at 50 day resistance are SOA 24.45, AN 34, SBUX 36.15, CBE 65, DOV 65.50, PLL 57, EXXI 33.50, MRO 51.60, RRC 54, VLO 28.10, WMB 31, DD 54.40, OMC 48.50, BHP 96, BWA 76. Stocks that met 50 day resistance today were CAT RBN KKR APA HOC JNPR KLAC GM. Stocks that trend looks to have changed, as prior strong uptrends now look to be broken are LYB CSX PAY DRC SGY NXPI. JCP had a terrible reversal on earnings today.
Good luck.
The author owns HK BTU.
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