Saturday, May 28, 2011

Weekend Warrior

Markets rose Friday in light, pre-holiday trade. For the week, both the Nasdaq and S&P 500 fell, although very slightly. Both indexes did manage to reclaim their 50 day MAs for the week. The only missing component has been volume. But we are seeing some leading stocks break out recently. For the week NFLX COH INFA RKT NTAP all broke out of bases. Many stocks have weathered the correction nicely and are setting up valid buy points that we will discuss in the next paragraph. Defensive sectors such as healthcare and utilities have backed off their leadership roles this week, leading the way to the risk trade being back on. The dollar lost about 1% for the week, giving commodities a nice boost. Copper, coal, gold ETFs all rose between 1.5 and 2% for the week. Silver rocketed ahead more than 8%. Oil finished above $100. Economic reports for the week were soft, which has to be construed as positive given the markets decent showing. Durable goods orders and pending home sales were weak. Manufacturing numbers from both China and Europe decelerated. Tuesday brings Case-Schiller, Chicago PMI and consumer confidence. PVH reports earnings after the bell On Tuesday.

Stocks near specific buy points include: 3 week tight patterns ADP 54.96, TWC 78.75, UNH 51.56, ANF 76.86, ERTS 24.15, DTV 50.90, WYNN 151.83, M 30.10, CHRW 81.31, EL 104.10, TPX 66.43, MWV 34.61, CTAS 32.73, SAPE 14.88, QCOM 57.93, WAT 100.04. Square boxes are APD 71.45, WYN 35.60, AGP 71.81, VIAB 52.03, ARBA 35.94, CSX 79.59, UNP 104.87, DHR 55.92, ACN 58.31, MCO 39.58, TDC 56.68. Double bottoms ANR 59.30, APC 81.68, ATW 45.20, CLR 69.72, BTU 68.40, RDC 42.31, FCX 56.59, POT 59.55, MON 74.56. Cup with handles are SYK 64.71, ABB 27.68, ITW 58.89, NSC 75.06, MOLX 28.20, TEL 38.16, PTN 31.89, HK 27.40, HON 62.38, MXIM 28.50. Cup with high handles are APD 96.10, WCRX 26.02, ABV 33.34, VMW 9.29, AVT 38.10, XLNX 36.59. Cup bases are GOT 65.61, AN 36.32, JBL 23.19, IRM 35.60, CY 24.03. Flat bases are PX 108.55, SBUX 38.31, SCSS 17.96, EMC 28.80. Double bottom with handles are NKE 86.63, EXPE 28.19, TRW 59.04. 4 week tight is PKI 28.85.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are VFC 100, FMC 85, CAR 18.20, VPHM 19.50, PAG 20.60, PH 92.40, ORCL 34.25, APH 54.50, TTMI 17.60, IVZ 25.20, KKR 17.70, TROW 64.50, TS 48.50, TKR 52.20, APA 126, CHK 32.45, CVX 106, CXO 101, XOM 84.25, HP 64.25, NOV 75.25, NBL 93.60, SPN 38.15, TCK 53, WMB 31.30, WL 68.40, DD 54.50, ETN 53.30, HON 59.45, MMM 94.30, PAYX 32.30, AAPL 343, ARMH 28.80, TXN 35, AEM 65.50, BHP 96.50, MCP 65.50, RIO 70.75, SCCO 37.45, AGU 88. Stocks that retook their 50 day MAs Friday were SOA DOV GTI CLR DRC SGY WNR TIN JDSU ALV. Stocks near 50 day support are HBI 29.50, CE 47, EMN 101.40, LYB 41.50, ROC 50.30, AET 40, HS 40.20, WLP 74, AMZN 188, COST 78, JWN 46, IR 49, WCN 30.05, CHKP 52.70, TTWO 15.80, A 48, BP 45.25, BHI 72, EXXI 34, HAL 48, MRO 52, NFX 72, SUG 28.55, IFF 62.95, CCK 39, IP 30.10, VCLK 16.10, RVBD 35.75, PCS 17, ALTR 45.25, ADI 39.60, SMTC 26.50. Stocks that found 50 day support Friday were HUN TIBX EXPD ARW COF TYC UTX IBM MCHP.

Stocks near 200 day support are WRC 54.25, DOW 33.95, EBAY 29.50, CBE 58, MDRX 19.60,
RHT 43, VRSN 33.15, FDX 90.15, OMC 45.15, JNPR 36.10, KLAC 40, SPRD 17.55, SLW 34.25, CMI 101, DE 83.75, JPM 42.45. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are BID 43, SUN 40.45, MOS 73, SWC 20.25. Stocks that can be shorted at 200 day resistance are LVS 42.75, RCL 40, MTL 27.55, NUE 42.90, ACI 30.75, CAM 49.80, WFT 20.40, EMR 56, LRCX 48, VALE 32.50. RIG PAAS both found 200 day resistance, while MAR found support there. SWKS lost its 200 day MA Friday.

Stocks that can be shorted at 50 day resistance are RL 127.50, UA 69.50, STJ 52, LULU 93, ANN 30, JCP 37, WFM 63, WSM 41.75, DIS 42.05, GC 43.95, ADSK 43.65, TRN 34.60, UPS 73.60, DFS 24.35, FTI 45.50, HES 80.50, NE 42.75, SU 43.50, FCS 19, NXPI 30.50. Stocks that found 50 day resistance Friday were SCCO GM SLB SE CMCSA BRCM RIO PCLN DKS KO ATI APA ATW. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are DECK 88.50, ABC 40.30, COV 53.70, UNH 47.70, BBBY 53.10, FAST 32.40, LTD 37.70, MKC 48.50. VRSN APKT lost their 50 day MAs Friday.

Please wish every veteran you know a wonderful Memorial Day and any day you see a current serviceman or woman please thank them for their service.

Good luck.

The author owns HK TIBX BTU FCX.

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