Thursday, May 19, 2011

Thursday Recap

Markets rose Thursday modestly on weak volume for the second consecutive day. A look at the daily charts of the Nasdaq and S&P 500 shows that the indexes are advancing from the lower left to the upper right. The troubling aspect is the emergence of rotation into traditional defensive industries. The stocks of healthcare, consumer staples and utilities have been providing the bulk of stocks hitting 52 wk or all time highs. Thursday, former leading sectors, ags and semis were weak. Another former strong group, retail, saw some big losers today. BKE LTD WSM AAP, all were soft today. ARO GPS were down big after hours on earnings. Today transports and credit cards companies outperformed. After hours CRM rose 7% on earnings. And of course LNKD basically doubled on its first day of trading. ANN reports tomorrow morning before the bell.

Stocks near specific buy points include: 3 week tights are CHKP 56.01, PKI 28.85, MWV 34.61, UTX 90.77, IBM 173.64, ITW 58.89, FAST 67.81, BBBY 58.00, COH 61.54. Cup with handles are PVH 71.91, EBAY 34.75, MOLX 28.20, TEL 38.16, QCOM 58.56, MXIM 28.50, MCO 39.75 (dates back to 9/08), ABB 27.68 (dates back to 6/08). Cup bases are SYK 65.31, UPS 77.10, CY 24.03. Double bottoms are NKE 91.22, EXPE 28.01, POT 61.90. Double bottoms with handles are TRW 59.04, EXPD 55.40. Flat bases are SBUX 38.31, AMP 65.22.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are DOV 65.60, TROW 64.70, GSM 22.25, APA 126, BHI 72, CVX 106, EXXI 34, HAL 47.75, PTEN 28.90, UPL 47.85, WMB 31.25, DD 54.60, AAPL 344, JNPR 39.75, MON 68.25. Stocks that reclaimed their 50 day MAs Thursday were SE CMI TRW KEG MRO SUG HOT RBN CSX. Stocks near 50 day support are HUN 18.50, ROC 50, ABC 40, PAG 20.45, SBUX 36.25, ABV 30, IR 48.75, INFA 52, SAP 62.40, ADS 87.10, COG 52.15, EQT 48.90, NFX 71.95, HON 59, TIN 23, TYC 48, ACN 54.85, IRM 31.95, EMC 27, PLCM 52.20, CMCSA 25, JDSU 20, ALV 74.25. Stocks that found 50 day support today were APD FMC JWN JCP ORCL RHT GTI SWN ADTN TXN.

Stocks near 200 day support are RCL 39.75, VPHM 17, MDRX 19.55, PAY 40, APC 69, CHK 26.90, DO 69.90, EOG 100, FTI 41.20, CTSH 71, KLAC 39.85, NETL 33.90, SWKS 27, RIO 66.15, DE 83. Stocks that found 200 day support today were NUE FTI BTU KLAC SLW F. Stocks that met 200 day resistance today were LVS BID ANR TCK LRCX. BP retook its 200 day. Stocks that can be shorted at 200 day resistance are MTL 27.50, ACI 30.55, CAM 49.30, MUR 68, EMR 56, FCX 50.30, PAAS 34.05, SWC 19.90, TTM 27. Stocks that can be bought if they can reclaim their 200 day MAs and their buy stop spots are MAR 38, RIG 70.50, WFT 20.25.

Stocks that have gapped up recently and holding that gap nicely are FOSL M SCSS N ROVI NTGR DISH. Stocks trading tightly are WYNN WPI IP ADP.

Stocks that can be shorted at 50 day resistance are UA 70, WRC 58.25, DOW 38, PPG 91.75, SOA 24.40, CAR 18, DKS 40.50, WFM 63, DIS 42.05, CAT 108, CBE 65, JOYG 94.75, PLL 57, TRN 34.55, TS 48.05, XOM 83.90, HES 81, SGY 31.70, VLO 28, ETN 3, AA 17, NXPI 30.40. Stocks that met 50 day resistance today were ESV PAYX AAPL AA BHP MCP POT MON LYB CAR AN IVZ KKR GSM BHI. WSM ARBA BKE OXY all lost their 50 day MA today.

Good luck.

The author owns HK BTU IBX.

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